S&S help

[AzureTwist]

I currently have a small Stock and Share ISA that was set up to pay my first mortgage off, which I pay in a small amount each month. Maybe 1k a year.

Am I able to open another Stocks and Share ISA and pay into it? Would like to start saving for Uni costs for children. And would like to have the option of choosing funds, varying the amount I pay in etc. Not that I have a clue where to start as my original one was sorted with the bank for the mortgage.

You cannot pay into more than one S&S Isa a year so if you want another one you will need to wait until April before you pay in if you have added to the existing one this year.

Could you just start to pay into a different fund within your existing ISA? That way the different pots would be visibly ringfenced from one another, but you could still set up direct debits in the amounts you want to contribute each month to each fund (as long as you don’t max out the limit). So, for example, with Vanguard you could have something like Lifestrategy 80 for your normal savings and then use a target retirement fund for the university savings, with a direct debit of say 500/month going to each fund.

Oh thanks.

I will see what I can do. I was hoping to have a different company as well as this one.

If by any chance you have an old cash isa around you can definitely transfer that to a new S&S this year and start to invest but otherwise I think you are limited to next tax year for contributions sorry. Provided that you didn't open your existing ISA this year, you can open one ready for new contributions in April but not contribute to both. This might be helpful www.thisismoney.co.uk/money/isainvesting/article-9455407/Can-open-new-stocks-shares-Isa-continue-paying-one-opened-year.html

I do wish they'd change the rule though, I'd like to do something similar.