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ISA FAQs

Frequently asked Questions About ISAs

What Exactly Is Are ISAs?

ISAs (which stands for Individual Savings Account)are a tax free method of saving.

There are two types of ISAs: Mini Cash ISAs and Maxi ISAs.

With Mini Cash ISAs you can save up to £3,000 each year tax free with a UK building society or bank.

Maxi ISAs enable you to invest up to £7,000 each year tax free. With Maxi ISAs you can invest up to £3,000 in a cash ISA and up to £7,000 in the stock market.

What Is So Special About ISAs?

ISAs enable you to save and invest money without paying tax on what you make.

Is It Necessary To Invest A Certain Amount OF Money In ISAs?

Although you can save up to £3,000 with a Mini Cash ISA and up to £7,000 with a Maxi ISA, there is no minimum amount required to open an ISA.

How Long Do Maxi ISAs have To Be Held For?

If you are using Maxi ISAs to invest in the stock market, you should ideally take a long term view to give your investments time to come to fruition. You might want to think about taking a five year view if possible. However, you can withdraw your funds whenever you want or need to.

When Do You Have To Make Payments Into ISAs?

There is a limit to how much you can invest in an ISA each tax year. You can invest up to £3,000 in Mini Cash ISAs and up to £7,000 in Maxi ISAs. You can make payments as a lump sum or as monthly payments- and you are not obliged to invest up to the ISA limit.

What’s The Advantage of Investing in the Stock Market with ISAs?

Investing in the stock market via Maxi ISAs is an easier and more cost effective method than having to research and buy shares yourself.

The way it works is that you buy into a fund which invests in a range of different shares in order to diversify its portfolio and spread its risk.

Because ISAs are tax free, you don’t need to pay tax on your dividends or on your capital growth.

When Do Cash ISAs Pay Out Interest?

The money in ISAs earns interest on a daily basis which is credited to your account at the beginning of each tax year, or if and when you decide to close your ISA.

What’s The Benefit Of Transferring ISAs?

You might want to transfer your ISA if you think you could make a better return on your investment elsewhere.

We are able to transfer your ISA to the Fidelity Funds Network where you can:

• Choose from over 1,100 funds (so that you’re not restricted to the fund offered by your provider).

• Keep all your investments in one place so that you can see a complete and up to date picture of your portfolio at any time.

• Call up portfolio valuations and reports at the touch of a button

• Switch between funds and fund companies quickly and easily whenever you want to.

Can You Help Me Transfer My ISA?

Yes. Transferring your ISA to Fidelity Funds Network is easy and straightforward.

Simply:

1. Click here to download an ISA transfer application form

2. Complete the form and post it to the address at the top of it.

3. You will then receive a reference number and password so that you can access the Fidelity Funds Network site and choose which funds you want to invest in.

What’s so Special About Fidelity Funds Network?

Fidelity Funds Network is the UK’s leading fund supermarket. It is used by over 296,000 investors and offers 1,100 funds from 54 leading fund companies.

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