Can I open a second Stocks and Shares ISA?
28 September 2021
Question by Sue
I have a Moneybox Stocks and Shares ISA which takes 'round ups' each week. Can I open a new Stocks and Shares ISA (I haven't opened any kind of ISA this tax year so far) and put £50 a month into that too? Thanks for your help.
Answered by Jeannie Boyle
You can only pay into one Stocks & Shares ISA each tax year. The weekly 'round ups' will count as part of your annual ISA allowance so you will not be able to pay into an additional Stocks & Shares ISA this year. The only way around this is to open a new ISA and transfer the payments you have already made to Moneybox this tax year.
You need to make sure the new ISA provider gets in touch with Moneybox to request the transfer. This ensures the payments you have made stay within the tax-free ISA wrapper - don't ask for the money to be sent to you personally.
Answered by
Jeannie Boyle
Chartered Financial Planner
I'm a Chartered Financial Planner & Fellow of the Personal Finance Society. I work with people in Brighton, London & anywhere in between. My specialism is helping people align their money with their values. Many of my clients share my commitment to protecting the environment and investing to create a better future for our planet. My company, EQ Investors, has won multiple awards for our Positive Impact Portfolios and I have personally been recognised as a leading adviser in this sector.