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ISA FAQs

Here are some of the commonly asked questions about ISAs

ISA FAQs

Opening an ISA

How do I open an ISA with you?

The quickest and easiest way to do this is online using our secure service. But if you prefer you can also apply by post, using an application form. It’s much cheaper to buy and sell investments online than by post. One of many reasons it makes sense to manage your account online.

Who can open an ISA?

If you are 18 or over and resident in the UK you can apply for a Stocks & Shares ISA.

If you are not a UK resident you can still open an ISA if you are performing duties as a Crown servant overseas (for example, serving in the armed forces or a diplomat) or married to / in a civil partnership with someone who is.

We don’t accept applications from US Persons.

You must hold your ISA in your own name and you can only pay in to one Stocks & Shares ISA, one Innovative Finance ISA or one Cash ISA each tax year.

What happens to my ISA if I move outside the UK?

You can keep your ISA open, but you won’t be able to invest any more money to it until you’re resident in the UK again.

Can I have more than one ISA?

Yes, you can have a Stocks and Shares ISA, an Innovative Finance ISA and a Cash ISA in the same tax year as long as you don’t go over your ISA allowance overall. But you can’t open two Cash ISAs or two Stocks and Shares ISAs in the same tax year. We only offer a Stocks and Shares ISA.

Can I set up an ISA for a friend or relative?

No, you can only set up an ISA for yourself.

Do I need to open a new ISA every year with Alliance Trust Savings?

No. If you’ve made investments in the previous tax year, there’s no need to open a new ISA to invest in the new tax year.

The ISA Allowance

What is the ISA allowance?

For the 2016/17 tax year, you can pay a total of £15,240 in to all types of ISAs. You can split the full amount between a Stocks and Shares ISA, an Innovative Finance ISA and a Cash ISA.

How do I find out my remaining ISA allowance for this tax year?

Once you’ve opened an ISA account with us you can do this easily online through our secure service.

Paying in to your ISA

How can I pay in to my ISA?

Once you open an ISA with us, we’ll send you a password and Personal ID to use on our secure service, where you can manage your account and make online payments. You can make payments using a debit card, by direct debit or by sending us a cheque.

Can I set up a regular savings into my ISA?

Yes, you can set up regular monthly or quarterly payments online by direct debit at any time. Or by sending us a form.

Transferring other ISAs to us

Can I transfer an ISA from another provider to Alliance Trust Savings?

Yes, you can transfer your Cash ISA or Stocks & Shares ISA into a Stocks & Shares ISA with Alliance Trust Savings. Your current manager might charge you for transferring and your investment may not be available. This means that you may be out of the market for the time it takes to complete the transfer.

If I transfer an ISA to you will it count towards my ISA allowance?

Transfers of ISAs from previous tax years won’t count towards your ISA allowance. But if you are transferring an ISA that you opened this tax year the amount you’ve already paid in to it does still count.

Investing through your ISA

How do I choose where to invest?

We can’t give you advice, but our Investing Hub is packed with research tools, ideas and information to help you when you’re making investment decisions.

Are there restrictions on what investments I can hold in my ISA?

The rules regarding the investments you can hold in an ISA have been relaxed. In particular, "retail bonds" that have less than five years to run will be eligible for the first time. The new Innovative Finance ISA has been set up to hold peer to peer loans. This is not currently on our product list. Please visit our Investment Options page to check what investments Alliance Trust Savings offer.

What if the fund I want to buy isn’t available?

We regularly review the funds we offer and make changes based on customer demand. So if a fund you’re interested in investing in isn’t available please do let us know the details.

How often will I get valuations and statements?

We send out valuation statements for all our accounts twice a year. We post statements to you unless you ask us to send it to you through our secure service. In that case we email you to let you know when it’s ready to view.

One off the main benefits of managing your account online is that you login and get a valuation at any time, and print if off for your files if you need to.

Please visit our Investment Options page to check what investments Alliance Trust Savings offer.


Important information

Please remember the value of your investments and any income from them can go down as well as up and you may get back less than the amount you originally invested.

All investments carry an element of risk which may differ significantly.

If you are unsure as to the suitability of any particular investment or product, you should seek professional financial advice. We can’t give you financial advice. Tax rules may change in the future and taxation will depend on your personal circumstances. Charges may be subject to change in the future.

Related documents

Visit our dedicated ISA literature page.
literature

important

It’s much cheaper to buy and sell investments online than by post.


One of many reasons it makes sense to manage your account online.

Charges that don’t grow with your investment.


Find out how you could potentially benefit from moving your ISAs to Alliance Trust Savings.

Alliance Trust Savings Limited is a subsidiary of Alliance Trust PLC and is registered in Scotland No. SC 98767, registered office, PO Box 164, 8 West Marketgait, Dundee DD1 9YP; is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 116115. Alliance Trust Savings gives no financial or investment advice.