Stocks & Shares ISA FAQs

An ISA, or "Individual Savings Account", is a tax-efficient way to save or invest your money. This simply means that you don't pay tax on any growth or interest you earn on money in your ISA.

You can save or invest up to £20,000 in ISAs each tax year.

OneFamily's ISA is a stocks and shares ISA. The money you put into this type of ISA is invested in funds that are used to buy various types of investments: things like shares in companies, property and corporate and government bonds.

Your money increases or decreases as the value of those assets changes. When you withdraw money from your ISA, you're essentially "selling" your shares at their current price – although all you’ll need to do is tell us you want to withdraw money.

This type of investment has good potential to grow, especially over the long-term, but there is a risk that the value could go down and you could get back less than you put in.

The alternative is a cash ISA, which earns interest like a current account does. There’s no risk of a cash ISA losing value, but they so have less potential to grow.

You can find out whether it's best to save or invest your money here.

As this product invests in an element of stocks and shares, you will need to be comfortable taking a degree of risk with your money in return for higher growth potential.

If you have any doubts about whether this product is right for you, then you should contact a qualified financial adviser.

You can open a OneFamily stocks and shares ISA on our website if you:

• Are at least 18 years old;
• Live in the UK and pay tax here. If you're not sure, you can find out on the government website.
• Haven't opened another stocks and shares ISA or paid into another stocks and shares ISA during this tax year (tax year runs 6 April - 5 April)
• Are not a US citizen (including dual nationals).

Please note you can only pay into one stocks and shares ISA during each tax year, tax year runs from 6 April until 5 April the following year.

You can make payments by monthly direct debit, or lump sum payments by debit card. Simply log in or register for an online account.

You can also transfer an ISA that you have with another provider into OneFamily's Stocks and Shares ISA, and you can move money from a matured Child Trust Fund or Junior ISA.

Payments can take a few days to start showing in your account. If you're worried about how long it's taken, log into your online account to send us a secure message. There are details on timescales in the Stocks and Shares ISA terms and conditions.

You can put up to £20,000 in ISAs in your name each tax year, which is a limit set by HMRC. The allowance limit resets when the new tax year starts and could change each year.

You can find out more about ISA limits in our annual ISA allowance article.

To open an ISA with OneFamily, you need to set up a minimum monthly direct debit of £25 or open it with a £250 lump sum. Once your account is open, you can add to it from as little as £25 at a time.

No. As it's an ISA, you won't pay any Income and Capital Gains Tax on any returns.

We charge an Annual Management Fee of 1.1% of the account value.

You can find out more about this fee in the Key Information Document for the fund you choose when you open the ISA.

There are no other regular fees, but you might be a charged small administration fees for canceling and reissuing cheques, or if you need duplicate or additional statements. We will let you know if this is the case when you make the request so you can decide if you want to go ahead.

You can choose between two funds when you open your ISA but if you change your mind later on, you can switch at any time and we won't charge you to do so.

The two funds have different levels of risk. With the lower risk fund, less of your money is invested in stocks and shares. The higher risk fund is invested up to 100% in stocks and shares - this carries a greater risk of losing money but also has a greater potential to grow.

Read the Key Information Documents for the two funds to find out more.

Choose your investment option here.

Yes. As long as the other fund option is available, you can switch at any time.

We won't charge you to do this.

Yes. You can transfer an ISA from another provider to OneFamily and we won't charge you to do this. Please check with your existing provider as they might charge you to transfer out.

You can also transfer a matured Child Trust Fund or Junior ISA, held with us or another provider, to a OneFamily Stocks and Shares ISA.

Yes, you can transfer your ISA to another provider at any time free of charge.

Log in or register for an online account to view your statements, which are uploaded every three months.

You can also find out how much your ISA is currently worth, see fund performance, update your details and make payments and withdrawals through your online account.

You can withdraw some, or all, of your money at any time. However, you need to leave at least £250 in your ISA or close it completely.

If you choose to close it, you might not be able to open an ISA with another provider until the next tax year. If you take money out and then open a new ISA (for example, if you take money out of a stocks and shares ISA and use it to open a cash ISA), this will affect your annual ISA allowance.

You do have the option to transfer your current ISA to another provider. We recommend you contact the new provider and follow their transfer process.

Yes. Once we have accepted your application and your first contribution, you will have 30 days to cancel your account.

When you cancel and your money has already been invested in a fund, the money refunded to you could be less than you paid in if there’s been an investment loss.

If we don’t have details of where to return you money (e.g. a bank account) this may delay the return of your investment to you.

OneFamily is a trading name used by all companies within the Family Assurance Friendly Society group. These companies include:

Family Equity Plan Limited (which provides and manages the ISA); and, Family Investment Management Limited (which is the Fund Manager).

The registered address for both companies is: 16-17 West Street, Brighton BN1 2RL.