Frequently asked questions

ISA basics

• What is an ISA?

  An ISA is an Individual Savings Account. It works like a normal savings account, except you don’t pay any UK income or capital gains tax.

  Different types of ISAs offer various ways to save and invest.

  A Cash ISA or a Junior Cash ISA is for saving cash only, without investing.

  With a Stocks and Shares ISA you can buy shares, funds and other types of investments. You can do this on behalf of a child in a Junior Stocks and Shares ISA.

  An Innovative Finance ISA is for investments such as peer-to-peer lending.

  A Lifetime ISA is for saving for your first home or later life, and can be used to hold cash, shares, funds and other investments. You can only open one if you’re between 18 and 39 years old.

  You can have a Stocks and Shares ISA, Junior Stocks and Shares ISA, and a Lifetime ISA with us.

• What is a portfolio?

  A portfolio is a collection of investments. It can include a mix of shares, funds, and other investments.

  With an HL Stocks and Shares ISA, you can make your own portfolio by adding shares, funds and other investments to your ISA.

  Or you can choose a ready-made portfolio to put into your ISA, and leave the choice of investments to us. You'll just need to keep an eye on it to make sure it's still right for you over time.

• What is the ISA allowance?

  Each tax year (6 April to 5 April), there’s a limited amount of money you can put in an ISA. This limit is set by the government and is called the ISA allowance.

  In the 2025/2026 tax year, the allowance is £20,000.

  You can split the ISA allowance across any combination of different types of ISAs, but it’s your responsibility to ensure you stay within the £20,000 limit.

  You can mix and match between Stocks and Shares, Innovative Finance and Cash ISAs but Lifetime ISAs work differently – you can only add money to one Lifetime ISA each tax year - please see our Lifetime ISA section to learn more.

  It’s a good idea to use as much of the ISA allowance as you can, because that way you’ll be making the most of the ISA tax break for your money.

  The deadline for adding money to your ISA each tax year is midnight 5 April.

  Tax rules can change and their benefits depend on your circumstances.

Opening an ISA

• What’s the minimum I need to open an HL Stocks and Shares ISA?
  You can open an ISA with us from £100 or with a Direct Debit from £25 per month.
• How do I set up a Direct Debit for my ISA?

  You can set up a Direct Debit for your ISA from £25 a month. Direct Debits can go into funds, FTSE 350 shares, and selected investment trusts and exchange-traded funds (ETFs).

  To get started, log in to your account and select the ‘Monthly Savings’ tab.

  Direct Debit payments will leave your bank account on the 7th of each month (or the next working day), and be invested on the 10th (or the next working day).

• Can I open an ISA for someone else?

  You can't open a Stocks and Shares ISA for someone else. But you can open a Junior ISA for a child under 18 if you're their parent or guardian. Anyone can gift money into an HL Junior Stocks and Shares ISA.

  Find out more about Junior ISAs

Managing your ISA

• How to withdraw money from your ISA

  Although Stocks and Shares ISAs are designed for long-term investing, there are times you might want to withdraw money from your ISA. You can do this at any time. There's no charge, though there may be charges for selling some investments, depending on which you hold.

  Just remember that if you take money out of your HL Stocks and Shares ISA, you’ll lose that portion of your ISA allowance.

  The most you can withdraw online in a day is £99,999.

  Nominate a bank account

  Before you withdraw money, we need to know which bank account to send your money to. So if you haven’t already, you’ll need to nominate a bank account.

  1. Log in to your account and go to the ‘Account settings’ tab
  2. Choose the ‘Withdrawal, income and loyalty bonus’ tab on the left and follow the instructions

  Withdraw money online

  1. Log in and go to the ‘Cash’ section of your Stocks and Shares ISA
  2. Choose 'Withdraw money' from the quick links box and follow the instructions

  Withdraw money with the HL app

  1. Select the blue 'My accounts' icon at the bottom left of the screen and follow the instructions on the screen to log in
  2. Choose your HL Stocks and Shares ISA
  3. Select the 'Action' menu, choose 'Withdraw money' and follow the instructions

  You can also request a withdrawal by calling 0117 314 6219 and confirming your secure number.

  How long will it take?

  If you’re selling investments first, the trade will need to settle before you can withdraw cash. This usually takes about two working days for shares and four for funds. Then we’ll send your money using Faster Payments.

• What happens to any income from investments in my ISA?

  You can decide what happens to any income your investments make.

  Reinvest your income

  If you’d like any share income reinvested automatically, we’ll place the instruction once your income reaches £10 per holding, or an amount you choose. You won't pay dealing charges but for overseas shares, our normal foreign exchange charges apply.

  Send income to your bank account

  If you’d like any income paid into your bank account, we’ll send it within the first ten working days of each month. You’ll need to nominate a bank account first so we know where to send your money.

  Keep your income in your ISA as cash

  Your income will stay in your account as cash with this option. You can use the cash to pay charges, or reinvest it yourself when you choose.

  Here’s how to change your preferences:

  1. Log in to your account
  2. Select the ‘Account settings’ tab at the top right
  3. Choose the ‘Withdrawals, income and loyalty bonus’ tab
  4. Choose the ‘Edit income instruction’ option
• What is the Additional Permitted Subscription?

  If you were married or in a civil partnership with someone who died on or after 3 December 2014, you can apply for extra ISA allowance, called an Additional Permitted Subscription (APS).

  Find out more about APS

• What happens to my ISA when I die?

  Any cash or investments you hold with HL can be passed on to your loved ones. For anything held outside of a pension, you should plan ahead and make a Will. Options will depend on the type of accounts you have.

  Find out more

• Can I put shares I already own into a HL Stocks and Shares ISA?

  To move shares into a Stocks and Shares ISA, you’ll need to sell the shares in the Fund and Share Account and buy them back in the ISA. This is sometimes called a Bed and ISA.

  HL’s share exchange service lets you do this. And there’s no charge for selling the shares as part of this service, only when buying them back.

  Find out more about our share exchange service.

• What are the interest rates paid on cash held in my ISA?

  You can see the current interest rates paid in our accounts here.

• Can I buy bonds in my ISA?

  Yes, however HM Revenue & Customs rules state that in order to be eligible for holding within an ISA, the bond should be listed on a recognised stock exchange, or the bonds must be issued by a company which is itself listed (or a major subsidiary thereof).

ISA charges

Please see the ISA charges page to view all ISA and dealing charges.

• Where can I see the charges I owe?

  You can view your account charges by logging in to your ISA, choosing the ‘Account Administration’ tab, then selecting ‘View history of fees charged’.

• How do I pay charges?

  You don’t have to worry about remembering to pay charges, because we’ll take them from your account automatically each month.

  We take charges from any cash in your ISA.

  How much cash you’ll need depends on the value of your investments. We’ll suggest an amount for you based on your holdings, which you can see in your ISA when you log in. Just look for suggested minimum balance in your account dashboard.

  What happens if there's not enough cash in your account

  If there’s not enough cash in your ISA to pay charges each month, we’ll take charges from any cash in your HL Fund and Share Account (if you have one). If there’s not enough cash in your account, we’ll sell some of your investments to cover charges. There is no additional charge for this.

  You can set up an alert and we’ll notify you if there’s not enough cash available.

  Paying charges from a different account

  If you’d like to always pay your ISA charges from cash in your HL Fund and Share Account, it’s easy to set this up online.

  1. Log in and go to the 'Account Settings' section of your ISA
  2. Select the ‘Fee and Minimum Cash Balance’ tab
  3. Click on 'Fee collection options' and follow the instructions

Transferring to an HL Stocks and Shares ISA

• How much of my ISA can I transfer?

  Since transferring doesn’t count towards the ISA allowance, you can move as much of your ISA from other providers as you like.

  If you decide to transfer, please check you won't lose any guarantees and that your current provider won't charge you large exit fees.

  If you want to transfer part of your ISA, it’s worth checking first that your current provider allows this.

• How long does it take to transfer?

  Usually it takes between four to six weeks, but transferring online is much quicker. We’ll contact your provider for you, and we’ll let you know when your transfer’s complete.

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

  An ISA transfer does not count as a new ISA subscription, so this has no impact on your ISA allowance for the current tax year.