If you are an existing customer you can set up an Abundance ISA with just a few clicks once you are signed in to your account. If you don’t already have an account with us you will need to sign up first, but this doesn’t take long either and is totally free. We have laid out the process for you below.
1. Check eligibility
You must be a UK resident to set up an Abundance ISA. To check this, we will ask for your National Insurance number as part of the setup process.
2. Set up your ISA Portfolio
Once you are signed in to your account you will see the option to set up an Abundance ISA. If you don't see this then you can find the option on your Portfolios page (hover over your name in the top right corner). If you don’t already have an Abundance account it’s free to set one up and get started.
3. Make subscriptions
Once your Abundance ISA is set up you can start making subscriptions up to the maximum annual allowance of £20,000 via debit card or bank deposit. If you have opened other ISAs in the same tax year (for example a Cash ISA, Stocks & Shares ISA, or another Innovative Finance ISA), you need to make sure your annual subscriptions across all of your ISAs do not exceed the limit for the 2019/20 tax year.
You can only subscribe to one IF ISA in each tax year – but there is nothing to stop you transferring existing ISA savings from previous tax years into an Abundance ISA. For details of how to do this see our Help Centre article on how to Transfer an ISA to Abundance.
Your ISA funds will be held as cash in your Abundance ISA account, ready for you to invest in projects. It’s up to you exactly which projects you invest in and how much you would like to put in to each as there is only a £5 minimum investment per project.
Please note that cash held in your ISA does not earn any interest.