Stocks & Shares ISA FAQs
From managing and tracking your account, to general information and transfer options, we explore the most common questions around your stocks & shares ISA.
General information
An ISA – or Individual Savings Account – is a ‘tax-efficient’ way of investing your own money. This means any growth or interest you earn on savings up to your ISA allowance (currently £20,000) are tax-free. Some ISAs can be invested into cash or Stocks & Shares, or a mixture of both.
You can find out more about Stocks & Shares ISA’s in general here.
As this product invests in an element of stocks and shares, you will need to be comfortable taking a degree of risk with your money in return for higher growth potential.
If you have any doubts about whether this product is right for you, then you should contact a qualified financial adviser.
You can open a OneFamily stocks and shares ISA on our website if you are:
- At least 18 years old;
- Resident (and ordinarily resident) in the UK for tax purposes. If you’re not sure please visit https://www.gov.uk/individual-savings-accounts;
- Not paying into another stocks and shares ISA with us or any other provider in the current tax year;
- Not a US citizen (including dual nationals).
You can only pay into one stocks and shares ISA during each Tax Year.
You can make payments by monthly direct debit, or lump sum payments by debit card.
You may also be able to transfer into your ISA from an ISA or Matured Child Trust Fund, held with us or another provider (please check our website for transfer options available).
Payments will take time to clear and invest in you fund, for details of these timescales see the Terms and Conditions.
You can start your ISA with a £25 per month direct debit, or a lump sum of £250. Once your account is open, you can add to it from as little as £25.
You can pay up to the annual allowance set by the Government for ISAs. You can view allowances for the current tax year on the HMRC website.
We also need you to retain a minimum balance of £250 in your ISA account.
No. As this account is an ISA growth is free from Income and Capital Gains Tax.
Yes. We have tried to keep this simple and transparent with a single charge that reflects the cost of managing your account and funds.
This will take the form of an Annual Management Charge which will be a percentage of your investment value. This charge may vary by fund. You can find details of these charges in the Key Information Document for the fund you are invested in.
We may also charge a small administration fee for cancelling and reissuing cheques or issuing duplicate or additional statements. You will be told whether we will make a charge and how much it will be when you make a request.
We will provide a simple choice of funds when you set up your ISA. The choice you will need to make will be based on your attitude towards risk – lower risk funds will have a lower stocks and shares content, whilst higher risk funds will be invested up to 100% in stocks and shares.
All our ISA funds will be invested responsibly aiming to make a positive impact on our climate whilst still focussing on optimising growth for our customers.
For more information on the fund options see our website and the Key Information Documents for each fund available.
Did you know? We assess companies on 5 key factors before we invest into them, including their green revenues and carbon intensity. Find out more about our climate friendly investments.
Yes, you can switch your money between funds, subject to other fund options being available in our ISA at the time of the switch.
We will not charge you for this.
Yes, you may be able to transfer another provider’s ISA or Matured Child Trust Fund to us, please see our website, or contact us, for available transfer options.
Yes, you can transfer your ISA to another provider at any time free of charge.
Our ISA account is managed via our online service. You will be required to sign up for this service as part of the application process.
Using this service, you can access your account information and up to date valuation at any time 24/7, we will also upload quarterly statements. We will email you when statements are available.
It is important that you ensure your details (in particular your email address) are kept up to date so we can continue to provide you with this service.
You can withdraw some, or all, your money at any time. If you would like to withdraw some of your money you will be required to leave the minimum account balance of £250 within your account.
If you take all of your money, we will close the account and you may not be able to open another stocks and shares ISA with another provider until the next tax year.
If you would like to move your ISA to an ISA with another provider, we recommend you use the transfer process by contacting the new provider.
Yes. Once we have accepted your application and your first contribution, you will have 30 days to cancel your account.
When you cancel and your money has already been invested in a fund, the money refunded to you could be less than you paid in if there’s been an investment loss.
If we don’t have details of where to return you money (e.g. a bank account) this may delay the return of your investment to you.
OneFamily is a trading name used by all companies within the Family Assurance Friendly Society group. These companies include:
Family Equity Plan Limited (which provides and manages the ISA); and, Family Investment Management Limited (which is the Fund Manager).
The registered address for both companies is: 16-17 West Street, Brighton BN1 2RL.