Opening an ISA
Opening an ISA is a quick and simple process, and as with any investment there are numerous questions you may be asking yourself before you begin your savings or investment journey. This guide will answer some frequently asked questions to help you open an ISA.
How to open an ISA
To open an ISA, you can choose between a variety of banks, friendly societies, building societies, credit unions and other investment providers. There are different types of ISA with different providers so it’s important to decide which best suits your needs, whether that’s a stocks and shares ISA or a cash ISA. Different providers may have different processes when opening an ISA, however for each of them you will likely need any personal details, including your National Insurance (NI) number and bank details.
Who can open an ISA?
To be eligible to open an ISA, you must be aged 16+ for a cash ISA or 18+ for a stocks and shares ISA. You must also be a United Kingdom resident for tax purposes. To open a Junior ISA, you must be either the child’s parent or guardian, or if you would like to open a Junior ISA for yourself you must be aged 16-17.
How to open a Stocks and Shares ISA
A Shepherds Friendly Stocks and Shares ISA can be opened in a few easy steps with our online application process. Once you’ve took the time to understand the ISA and decided that it’s right for you, you’ll just need to follow these simple steps:
- Read the Key Information Document (KID) and Important Information Guide (IIG) to make sure you fully understand the product.
- Complete the easy online application form, which will ask for your personal information and payment details. You’ll need to make sure you have your National Insurance (NI) number to hand.
- Review your application to make sure all information is correct
After you’ve completed the application process, you’ll be able to log-in to view and manage your investment. You can do this via the online login area or via the mobile app.
Open a Shepherds Friendly Stocks and Shares ISA.
Does opening an ISA affect credit rating?
No, opening an ISA will not affect your credit rating. There is no borrowing or any potential debt involved when opening an ISA, so it won’t impact your credit score. Furthermore, any deposits or withdrawals you make won’t impact your score either.
How long does opening an ISA take?
Whilst applications can differ between different providers, opening a Stocks and Shares ISA with Shepherds Friendly is a quick and easy process that can be completed in under 10 minutes.
Be sure to read through our Important Information Guides for all the key information about our Stocks and Shares ISA. Remember that when you invest, your capital is at risk.
More information about stocks and shares ISAs
Important things to consider
- Past performance cannot be taken as a guarantee of future returns.
- Bonus rates vary from year to year depending on the performance of our investments and in some years we may not pay out any at all.
- HM Revenue and Customs may change the tax status of an ISA in the future.
- Inflation and making regular withdrawals may affect the purchasing value of your investment in the future.
- If you have been invested through periods of poor investment performance, and you leave the fund, you may get back less than the current value of your plan. This is known as a Market Value Reduction (MVR)
When you take out an investment product with us your capital is at risk and you may get back less than you have put in. All references to taxation are to UK taxation and are based on Shepherds Friendly Society’s understanding of current legislation and H M Revenue and Customs practice which may change in the future. Investment growth is by means of bonuses, the amount of which cannot be guaranteed throughout the term of the contract. Please ensure that you read the full terms and conditions of this plan which are available from your financial adviser or by contacting us directly.
Please note: No advice has been given by Shepherds Friendly, and if you are in any doubt as to whether an investment plan is suited to your needs, then you should contact a financial adviser. There may be a charge for financial advice, and the cost should be confirmed to you before any advice is given.