Setting up an ISA account
As well as setting up a new ISA account, you can also transfer any existing ISA accounts to SCM Direct.
Any ISA transfer to an SCM Direct stocks and shares ISA can be whenever you wish. We also accept partial transfers of an ISA (subject to our £10,000 minimum investment level).
BUT – you cannot transfer your ISA by closing it and opening a new stock and shares ISA with us as this will lose you the tax free wrapper.
The ISA rules allow you to transfer between stocks and shares ISA and cash ISAs as you wish. HOWEVER, if you want to transfer the money you have put into your ISA in the current tax year, you must transfer all of it.
Your existing ISA manager cannot stop you transferring, but they may make you pay an exit charge, or make a charge for selling your existing ISA investments; as SCM Direct only accepts cash transfers (you may want to consider this before transferring your ISA).
Any questions about a new or your existing ISAs, please do not hesitate to contact us at firstname.lastname@example.org