This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

ShareCentre Flexi ISA query

A ShareSoc member has sent in this question. Can anyone help? 

I currently hold an ISA with the Share Centre which is being taken over by Interactive Investor and I was interested to read Roger Lawson’s article “Share Centre: The Future” in Issue 113. 
 
In the past I had made use of the Share Centre’s Flexi ISA and had assumed that the same facility would apply once my account was transferred over to Interactive Investor, but having checked with the Share Centre this will not be the case. Apparently the flexible repayments against that value will be permitted until 5th April 2021.
 
The Share Centre indicate that they do not expect that ii will allow a further flexible withdrawal following migration, or that they will continue to offer the flexible ISA in future tax years. They also suggest that if I choose to transfer to a different ISA provider, then the ISA regulations will not permit any flexible allowance to be migrated. I am not sure that this latter point is entirely correct as my ISA with Investec was transferred to the Share Centre within the last 18 months and was able to make flexi withdrawals subsequently.
 
I would be very interested to know if any other ShareSoc members with Share Centre ISAs have been able to find a stocks and shares platform offering flexi ISA accounts. 

 

If you can help, let us know at info@sharesoc.org and we will forward the information to the member.

Cliff Weight, Director, ShareSoc

3 Comments
  1. Roger Lawson says:

    Charles Stanley offer a Flexible ISA and it is certainly disappointing that Interactive Investor do not include that capability. Although with such low interest rates for deposits at present, taking money out and putting it back in before the year end can be a lot of work for no great benefit. I have no direct experience of the Chas Stanley ISA and have not looked at their charges.

  2. Stephen Burke says:

    The Barclays Smart Investor ISA is a Flexible ISA, but I transferred to HL when they increased the charges – unfortunately HL don’t offer it. It’s also a bit ironic that HL keep bombarding me with information about their active savings account despite it not being available in the ISA so you have to withdraw cash to use it.

  3. Alan J Millar says:

    I have been looking at this issue because I wanted to make use of this flexibility as emergency fall-back funding for a property project without losing tax shelter benefit. I know that neither HL or AJ Bell offer this facility, making the claim that they do not have much demand from clients for this facility. I did find out that all Tilney Best Invest ISAs are flexible however.

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