FAQs - ISAs

What is the ISA allowance?

You can contribute £20,000 each tax year across all ISAs and can contribute to multiple ISAs each tax year. With a Lifetime ISA you can only contribute £4,000 per tax year and with a Junior ISA you can only contribute £9,000 per tax year.
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There is no lifetime limits on what you can contribute to ISA accounts.

Am I eligible for an ISA with mynestegg?

To open a Stocks & Shares ISA with mynestegg, you must be at least 18 years of age and be both a UK resident and UK citizen for tax purposes.

What are the different types of ISA products?

There are four main types of ISA in the UK:
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1) Stocks & Shares ISA: this is where your money is invested to try and achieve a growth that outperforms cash and inflation each year.
2) Cash ISA: you get a guaranteed interest rate in return for depositing your money into this type of ISA.
3) Junior ISA: these are used for children up to the age of 18 and can be either cash or stocks & shares with an annual allowance of £9,000.
4) Lifetime ISA: this product is used to either purchase your first home or for retirement purposes and your contributions received a 25% top up from the government up to £4,000 worth of contributions (£5,000 including the bonus). You can only open a Lifetime ISA between the age of 18 and 40 and if you want to access the funds for any purpose other than buying your first home or retirement, you will be subject to a 25% penalty.

How do ISA withdrawals work?

You can withdraw money from your ISA at any time without any fees. To initiate a withdrawal, simply click 'Withdraw Funds' on your ISA dashboard. You will be able to specify the amount you wish to withdraw and track the progress of your withdrawal through your mynestegg portal and/or mobile app. The withdrawal will appear in your bank account under 'Seccl Tech,' which is our custodian provider.

What are the tax benefits of an ISA?

ISAs are exempt from income tax and capital gains tax. This means that you don't have to pay tax on any income or profits on your account. You can withdraw money from your ISA at any time with no tax penalty.

What happens to my ISA when I die?

If you were to pass away, your ISA would form part of your estate and would be distributed to your beneficiaries as requested. If your spouse or civil partner dies, you can inherit their ISA allowance. This is done by adding a tax-free amount to your ISA up to the value they held in their ISA when they died or the value of their ISA when it's closed. If this could be relevant to you please contact one of our team to discuss further.

How can I cancel my mynestegg ISA and what is the 'cooling off' period?

Please refer to the ISA Key Features Document in your mynestegg Document Store.
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With the mynestegg ISA you have 14 days as a 'cooling off' period where you can cancel the contract with us once money has been added to your account and have your contribution returned. Please note that the money paid back to you will be the same as the value it is at the time of cancellation.
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To cancel your ISA please email help@mynestegg.com.

How do I setup a new ISA?

To create a new ISA account, the key bits of information you need to have to hand are:
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- National Insurance number
- Home address
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What are the tax benefits of an ISA?

ISAs are exempt from income tax and capital gains tax. This means that you don't have to pay tax on any income or profits on your account. You can withdraw money from your ISA at any time with no tax penalty.

What are the ISA fees?

mynestegg have a very competitive and simple charging structure. As a client you will pay the following:
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Annual Account Fee: 0.45%
Annual Fund Fee: 0.12% - 0.23% (depending on your risk level)
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Total Yearly Fee: 0.57% - 0.68%
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We don't charge any initial or exit fees.

How has my ISA performed?

Here's how our other risk profile funds would've performed over the last 5 years:
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Cautious: 11.50%
Balanced: 38.10%
Adventurous: 79.00%
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Figures as at 1st November 2024.

How do I withdraw money from my ISA?

You can withdraw money from your ISA at any time and there are no fees for doing so. To initiate a withdrawal, please click 'withdrawal request' on your ISA dashboard. You will be able to tell us how much money you want to withdraw and track the progress of your withdrawal through your mynestegg portal and/or mobile app.

Can I set up an ISA and a pension?

Absolutely. Once you have setup an ISA with mynestegg you can then open a pension product. This can be done through your web portal or mobile app.

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How long does it take to transfer existing ISAs to mynestegg?

The majority of ISA transfers at mynestegg are completed using Equisoft and Origo. This means that we don't require paper based forms and can use technology to connect directly with your existing ISA provider. These transfers take on average 15 calendar days but this can vary between providers.
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Some ISA providers are not on Equisoft and Origo and therefore require a digital signature on a transfer form which we will email to you once you have completed the sign up journey. These transfers typically take up to 30 calendar days but again vary depending on the provider.

What are the next steps I need to complete to transfer my existing ISAs?

To complete the ISA transfer process, you need to go through the following steps:
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- Complete the ISA calculator
- Tell us the names of your existing ISA providers
- Create your mynestegg account by providing us with the necessary personal information
- Sign any digital transfer forms if needed
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We will then do the hard work in the background to transfer your existing ISAs to mynestegg. You can track the progress of your transfers at all times through your mynestegg portal and/or mobile app.

How do I setup my account to transfer my existing ISAs?

To create an ISA account and transfer existing ISAs, you need to have the following information to hand:
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- Existing ISA provider name(s)
- Existing ISA policy number(s)
- Your National Insurance number
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We will also ask you for some personal information such as home address and date of birth.

Why should I transfer my existing ISAs to mynestegg?

There are many potential benefits of transferring your existing ISAs to mynestegg. These include the following:
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- We have one of the most competitive charging structures in the industry so you can keep more of your returns
- We invest your money with the biggest asset managers in the world using a passive investment strategy
- If you are moving from a Cash ISA into a Stocks & Shares ISA you could potentially get higher returns over the longer term
- You can track your account at any time through the mynestegg app
- You can reduce your paperwork and increase the ease of managing your ISAs if you have everything in one place

What are the fees for transferring my existing ISAs?

mynestegg has a very competitive and simple charging structure. As a client you will pay the following:
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Yearly Account Fee: 0.45%
Fund Fee: 0.12% - 0.23% (varies with risk)
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Total Yearly Fee: 0.57% - 0.68%
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We don't charge any initial fees for transferring ISAs and do not charge any transfer out or exit fees.

I can't find my ISA provider

If your provider name is not on our list you will have the option to manually type your provider name.

Is there a minimum ISA transfer value?

There is no minimum transfer value when moving existing ISA policies to mynestegg.