I'm interested in managing my own investments. Do I have to transfer my S&S ISA or can I open another one?

30 July, 2021

Question by Fran

I have a Cash ISA and a stocks and shares ISA with a Robo investor. I'm interested in managing my own investments. Do I have to transfer my S&S ISA or can I open another one? (This seems a straightforward question but I am really confused by this!)

Answered by Mark Russel

Hello Fran

Thank you for your question which I can hopefully answer for you.

You can have more than one S&S ISA provider so you would be fine to have your Robo ISA and a new self managed ISA with a different company. What you are not able to do is to make contributions to two different S&S ISA provider in the same tax year. Therefore as long as your existing Robo S&S ISA was taken out in the 2020/21 tax year or before and you have not made any contributions into it since April 6th 2021, then you are fine to open up a new S&S ISA and you do not need to transfer your Robo ISA if you do not wish to do so.

Just for completeness, you are able to contribute to both a cash ISA and S&S ISA in the same tax year so long as the overall contributions made into both contracts do not exceed the annual ISA allowance of £20,000.

I hope that the above helps to answer your question.

Kind regards

Answered by

Mark Russel

Chartered Independent Financial Planner

I have 22 years’ experience as an Independent Financial Planner, with 8 working for the award-winning firm, True Bearing Chartered Financial Planners. I became a financial planner to help improve the lives of my clients and ensure that by working alongside them that they can achieve their goals and aspirations in life.

My main focus is on retirement and investment planning and all this entails. A favourite saying is ‘Plans are nothing: Planning is Everything’; and I believe that a good financial plan is a road map that shows exactly how the choices we make today will affect our future.

I help my clients put together all the pieces of their financial jigsaw in order to build a picture of where they are now.
From there I help them navigate the best route to where they want to be. I look to improve my client’s financial wellbeing by making sense of what they have got, where they want to get to and how best they can achieve it.

When I’m not working, I enjoy keeping fit, travel, reading, listening to podcasts and spending time with family and friends.

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