- What is an ISA?
ISA stands for ‘Individual Savings Account’. An ISA allows you to save money without having to pay any tax on your returns. There are two types of ISA – cash ISA and stocks & shares ISA.
Cash ISAs are available from The Co-operative Bank and Britannia and our stocks & shares ISA is available from The Co-operative Investments.
- How much can I invest in a unit trust or stocks & shares ISA?
Our unit trusts have a minimum investment amount of £1000 if you invest a lump sum, or £50 per month for a regular monthly investment. You can invest using a combination of lump sum and regular payments.
There is no maximum limit for investment in our unit trusts, but for the current tax year you can ‘wrap’ a maximum of £11,520 as a stocks & shares ISA.
- Can I transfer my ISAs from previous tax years?
Yes. You can transfer both cash ISAs and stocks & shares ISAs from previous tax years to our stocks & shares ISA. It’s simple, once you instruct us to do so, we’ll arrange the transfer with your current ISA provider for you.
Just call us on 08457 46 46 46 and we’ll explain how.
You should remember that if you transfer a cash ISA into a stocks & shares ISA, you can’t change it back into a cash ISA again. £1000 minimum transfer limit applies on the Stocks & Shares ISA.
- How can I find out how my investment is performing?
- How long will my money be invested for?
Unit Trusts have no fixed investment term, so you can invest for as long as you like. They should be seen as medium to long-term investments (at least 5 years or more).
- Where will my money be invested?
It depends on which unit trust (or trusts) you choose. They’re all different and each Fund Manager frequently adjusts the investments in the fund, when they find the best opportunities.
- Can I take money out?
A unit trust is a medium to long-term investment, not a savings account, so you should intend to leave your money in for as long as possible, to give it the best chance to grow. But you can make withdrawals, or take a regular income from most unit trusts, though remember this will reduce the amount you get back when you cash in your investment.
- How do I receive my income?
There are three ways to receive your income:
- You can choose to add the income back to the fund for greater capital growth
- You can receive the money directly into your bank account by using the following form
- You can receive a cheque through the post when your income is paid-out
- Is The Co-operative Investments covered by the Financial Services Compensation Scheme?
Yes. We are covered by the Scheme, which is designed to protect investors should a financial services company become insolvent and not be able to meet its obligations to you. The maximum amount which you are covered for under the Scheme for unit trust investments is £50,000 per person.
- Why have I recently received a letter and form asking me to confirm my address details?
Sometimes mail is returned to us for a number of different reasons. We have recently carried out a review of all of our customer records so that we can make sure that our communications reach the right person, at the right address. We have worked with address tracing specialists and we want to confirm that the address we hold for you is where you are living now.
In order for us to confirm your current details, we need you to complete the form you have received, and return it to us in the pre-paid envelope as soon as possible. If you have any concerns then call us on 0800 917 1674.
