Signia Invest ISA FAQ

Is the ISA right for me?

If you are looking for an investment account that offers flexibility and the ability to shelter capital growth and income from tax, an ISA could be the right account for you. It involves more risk than a general savings account, however the potential for growth is greater.

As your attitude to risk and financial objectives can change you can switch the investments accordingly to reflect these.

Can the ISA be held jointly?

An ISA can only be held by a single individual. It cannot be held jointly.

Does Signia Invest offer a cash ISA?

No, the Signia Invest does not offer a cash ISA.

What is the minimum investment?

Minimum Lump Sum £500

You can also choose to top up your accounts with regular contributions of as little as £50.

What is the maximum investment?

Maximum Lump Sum £20000 

Subject to HMRC rules, if you are over 18 and the surviving spouse or civil partner of a deceased ISA holder who died on or after 3rd December 2014, you can pay in additional subscriptions in cash on top of the annual subscription limit up to the value of the deceased’s ISA at the date of their death, provided you have not transferred these rights to another ISA Manager. 

Does Signia Invest offer a Flexible ISA?

Yes. Signia Invest Flexible ISA is an ISA whose Terms and Conditions allow the investor to replace cash they have withdrawn, without the replacement counting towards their annual subscription limit. Where a cash withdrawal is made, any subsequent subscriptions in the same tax year that would otherwise count towards the subscription limit will do so only to the extent that previously withdrawn amounts have been fully replaced. For full details see the Signia Invest Platform Terms and Conditions. 

If I open a stocks & shares ISA with Signia Invest can I open another ISA elsewhere?

Yes, providing you do not subscribe/make payments of more than the overall subscription/payment limit in total to a Cash ISA, a Stocks & Shares ISA, an Innovative Finance ISA, and a Lifetime ISA in the same tax year. The tax year runs from 6th April to 5th April the next year. 

Can I transfer an existing ISA to Signia Invest?

Yes. You can transfer your existing Cash and/or Stocks & Shares ISA held with other providers into the ISA. Signia Invest does not charge you for transferring your ISA across however your existing plan manager may apply exit charges (you will need to contact your current product provider to find out what the exit charges may be). 

How can I transfer my existing ISA to Signia Invest?

If you have an existing Stocks & Shares ISA, you can transfer this to the ISA. Your existing investments will need to be sold and the proceeds from the sales transferred as cash for you to invest. There is no loss of tax benefits when doing this however please be aware that: 

You may lose out on income or investment growth while your money is not invested during the transfer period. 

Initial charges may apply when new funds are purchased through the ISA. 

You will not have access to your ISA until the cash transfer is complete. 

Transfers from previous tax years will not count towards your current tax year subscription limit. The transfer of a Cash ISA and/or a Stocks & Shares ISA into which you have subscribed in the current tax year will reduce the amount you can contribute into your ISA. 

How will you keep me informed about my ISA?

The Signia Invest Platform has been designed to make it easy for you to keep track of your investments and ensure you are on course to meet your objectives.

Signia Invest will provide information on the value of your investments, the transactions that have taken place on your account, any income received and cash withdrawn.

Corporate action notifications – the Signia Invest Platform will keep you informed of any corporate actions on investments that you hold within your ISA. 

Can I withdraw money from my ISA?

Yes, withdrawals from your ISA can be requested as a lump sum, or a regular payment can be set up, at any time and can be paid directly into your nominated bank account. 

Is my money guaranteed?

No, the value of your investments in your ISA and any income generated can go down as well as up and you may not get back the original amount invested. It is important to be aware that you will lose any capital guarantees if you transfer from a Cash ISA to a Stocks & Shares ISA. Your personalised Illustration gives examples of what you might get back and the projections shown are based on a range of assumptions about future growth, none of which are guaranteed.

What happens to my Signia Invest ISA if I die?

In the event of your death, your legal personal representatives must provide us with formal notice in the form of the original death certificate or a copy certified by a Solicitor or another regulated professional person.

We will hold the existing investments in the account but will not carry out any transactions. As money will remain invested, the value could go down as well as up during this time and may be worth less than has been invested.

On the date of your death, your ISA Portfolio will become a ‘Continuing Deceased’s Account’. This means that your ISA investments will continue to qualify for preferential tax treatment for a maximum of 3 years from the date of your death.

Your ISA will be closed either when your executor closes it or when the administration of your estate is completed. Otherwise, your ISA portfolio will be closed 3 years and 1 day after your death.

Where can I find out about the charges?

Your personalised Illustration gives you details of the charges made for managing your account and the investments, how they are taken and the effect they could have on the value of your account. The Signia Invest Platform Terms and Conditions and together with the Schedule of Charges and your personalised Illustration, explain the charges and costs involved, how they are calculated and who receives them.

What is the tax treatment of an ISA?

There is no tax to pay on any interest or dividends that is paid on your ISA, and no capital gains on any growth. Where income tax has been deducted, we will reclaim tax from HMRC on your behalf where appropriate, and this will be paid back to your account. You do not have to declare ISA interest, income or capital gains on your tax statements.

The ISA will be subject to Inheritance Tax if the value of your estate is over the current tax-free threshold of £325,000 or £650,000 for a married couple. Thresholds are subject to change without notice by the HMRC.

Can I close or transfer my ISA?

For account closures, once your investments have been sold, we will pay the full amount, minus any charges, directly into your nominated bank account within five business days of when we receive the proceeds. Typically, the whole process may take up to ten days from the time we receive your instruction. If further income distributions are received after the account has closed, these amounts will be paid to you once all distributions have been received.

You can transfer your ISA to another ISA Manager at any time. 

Can I change my mind?

When your application for the Signia Invest ISA has been accepted, you will have 14 days in which you can change your mind and cancel your application. You can do this by contacting Signia Invest

Provided you cancel within the 14-day period, you will have the option of transferring the ISA back to your previous product provider or receiving the value of your ISA as cash. There is no guarantee that your previous product provider will agree to do this.

You may not receive the amount you originally contributed to your ISA if your investments have fallen in value between the date your subscription was invested and the date we receive your cancellation request. 

You will be unable to cancel your ISA after the 14-day period. After this time if you wish to withdraw, charges may apply and any contributions made will count towards your ISA allowance for the current tax year. The amount received will be less any pre-agreed adviser fees.

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