General Investment Account
What is General Investment Account?
This account does not carry the tax reliefs of investing as is the case with an Individual Savings Account (ISA) or a Junior ISA. If appropriate, investors and savers may therefore look to maximise their ISA allowance or Junior ISA allowance (in terms of saving for children) for any given tax year, before they use General Investment Account.
Is General Investment Account right for me?
The General Investment Account could be right for you if you:
- Have used your £20,000 ISA allowance this tax year (2020/21) and you are interested in investing more
- You do not want to lock your money away in a pension until the age of 55
- Want to invest without annual or lifetime limits
- Understand that investment growth is not guaranteed
- Are willing to accept that your money is at greater risk and are prepared to invest for at least five years
Who can set up General Investment Account?
You can set up General Investment Account, if you are resident in the UK and are aged 18 or over.
What are the charges?
Click here to view our charges.
What is the minimum and maximum amount that can be invested in the General Investment Account?
The minimum investment to open an account is £1000 and £50 per month. There is no maximum limit to the amount you can invest.
How do you deal with the cash I hold within General Investment Account?
Any cash within your account is held on deposit by the appointed custodian Winterflood. No interest is paid on cash.
How can I make payments into my General Investment Account?
Once you have completed the account signup process, you can make a deposit through your secure customer dashboard.
How do I make withdrawals?
To may instruct a withdrawl from your account through customer dashboard. There is no charge for withdrawal and it take 3 to 6 business days for your money to reach your nominated bank account.
Where are withdrawals made to?
For security reasons, we only make withdrawal payments to your nominated bank account. We do not pay withdrawals to third parties other than to your estate in the event of your death.
Can I transfer existing investments that I hold into the General Investment Account?
No, we only accept transfer in the form of cash.
Cash transfer means that your current investments will be sold and the cash transferred to your account with us.
Please be aware that a cash transfer means:
- You may lose out on investment growth while your investment is not invested during the transfer period.
- You may incur charges when you purchase new investments to be held within your account with us.
- You will not have access to your account until such time as the transfer is complete.
What about tax?
Please remember that the tax benefits of any investment depend upon your personal circumstances and tax laws may change; so you should always refer either to your financial adviser or a specialist tax adviser for up to date tax advice.
Do I pay tax on any dividends or gains within my General Investment Account?
All income and capital gains from your account will be subject to capital gains tax and income tax, in accordance with your individual tax position.
What might I get back?
The amount you get back is not guaranteed and depends on a number of factors, such as:
- How much you invested
- The length of time you invested for
- The performance of the investments
- How much our charges are
- The amount of any withdrawals you have taken
Can I change my mind?
You have up to 14 days beginning from the date your account is opened to cancel your account. We will sell any investments on your behalf but will not be responsible for any market loss that you may incur as a result.