Can I have more than one ISA?

Yes, you can have a Stocks & Shares ISA, an Innovative Finance ISA, a Lifetime ISA and a Cash ISA in the same tax year as long as you don’t go over your ISA allowance overall. But you can’t open two Cash ISAs or two Stocks & Shares ISAs in the same tax year. We only offer a Stocks & Shares ISA.

How do I open an ISA with you?

The quickest and easiest way to do this is online using our secure service. But if you prefer you can also apply by post, using an application form. It’s much cheaper to buy and sell investments online than by post. One of many reasons it makes sense to manage your Account online. For details on our charges, please read our Charges Guide.

Who can open an ISA?

If you are 18 or over and resident in the UK you can apply for a Stocks & Shares ISA.

If you are not a UK resident you can still open an ISA if you are performing duties as a Crown servant overseas (for example, serving in the armed forces or a diplomat) or married to / in a civil partnership with someone who is.

You must hold your ISA in your own name and you can only pay in to one Stocks & Shares ISA, one Innovative Finance ISA, one Lifetime ISA or one Cash ISA each tax year.

What happens to my ISA if I move outside the UK?

You can keep your ISA open, but you won’t be able to invest any more money to it until you’re resident in the UK again.

Can I set up an ISA for a friend or relative?

No, you can only set up an ISA for yourself.

Do I need to open a new ISA every year with Best Sun Credit Union?

No. If you’ve contributed in the previous tax year, there’s no need to open a new ISA to invest in the new tax year.

What is the ISA allowance?

For the 2018/19 tax year, you can pay a total of $20,000 in to all types of ISAs. You can split the full amount between a Stocks & Shares ISA, an Innovative Finance ISA, a Lifetime ISA and a Cash ISA.

How do I find out my remaining ISA allowance for this tax year?

Once you’ve opened an ISA account with us you can do this easily online through our secure service.

How can I pay in to my ISA?

Once you open an ISA with us, we’ll send you a password and Personal ID to use on our secure service, where you can manage your account and make online payments. You can make payments using a debit card, by direct debit or by sending us a cheque.

Can I set up a regular savings into my ISA?

Yes, you can set up regular monthly or quarterly payments online by direct debit at any time. Or by sending us a form.

Can I transfer an ISA from another provider to Best Sun Credit Union?

Yes, you can transfer your Cash ISA or Stocks & Shares ISA into a Stocks & Shares ISA with Best Sun Credit Union. Your current manager might charge you for transferring and your investment may not be available. This means that you may be out of the market for the time it takes to complete the transfer.

If I transfer an ISA to you will it count towards my ISA allowance?

Transfers of ISAs from previous tax years won’t count towards your ISA allowance. But if you are transferring an ISA that you opened this tax year the amount you’ve already paid in to it does still count.

How do I choose where to invest?

We can’t give you advice, but our Investing Hub is packed with research tools, ideas and information to help you when you’re making investment decisions.

Are there restrictions on what investments I can hold in my ISA?

The rules regarding the investments you can hold in an ISA have been relaxed. In particular, "retail bonds" that have less than five years to run will be eligible for the first time. The new Innovative Finance ISA has been set up to hold peer to peer loans. This is not currently on our product list.

What if the fund I want to buy isn’t available?

We regularly review the funds we offer and make changes based on customer demand. So if a fund you’re interested in investing in isn’t available please do let us know the details.

How often will I get valuations and statements?

We send out valuation statements for all our accounts twice a year. We post statements to you unless you ask us to send it to you through our secure service. In that case we email you to let you know when it’s ready to view.

One off the main benefits of managing your account online is that you login and get a valuation at any time, and print if off for your files if you need to.