Get help with your ISA
Changes in circumstances
To update your personal or contact details please call our customer centre on 0800 027 4675. Call charges will vary.
To close your ISA, please call our customer centre on 0800 027 4675. Call charges will vary. If you have investments, we will need to sell them down to cash before paying the proceeds to your verified bank account. It can take 10-18 working days to complete an account closure from when we receive your instruction.
Closing your account is different from transferring it to another provider. If you would like to transfer your ISA, please see the section on Withdrawals, payments, and transfers.
Charges
The platform charge is calculated monthly, based on the value of your Platform Eligible Assets (PEAs) on the last working day of the previous month.
Your annual platform charge is calculated on a tiered basis and may change as your ISA value increases or decreases – for more information on charges, including product administration and dealing charges, please refer to your Key Features Document
The platform charge is deducted from your account on the 5th of the month.
The platform charge is applied to your ISA but is deducted from your Wrap Cash account. When there are insufficient funds in Wrap Cash, the platform will move cash from within your ISA cash into Wrap cash. If there isn’t enough cash available in your ISA, investments will be sold down to cover the charge. This process is called auto-disinvestment.
You can view your charges being deducted from your account on the Transaction history tab (make sure you have set your view to ‘Cash’). You can also see this on your Statement.
If there has been insufficient cash in Wrap cash to fund your platform charges, you will see the narration: ‘Cash movement to fund Wrap cash’. This is the Wrap platform moving cash from your product cash (ISA) into Wrap cash in order to take the charge as they are not taken directly from the ISA.
Withdrawals, payments and transfers
If you would like to make a withdrawal from your ISA, please call us on 0800 027 4675. Call charges will vary.
To facilitate your withdrawal request, please ensure you have a sufficient cash balance in your ISA to meet your desired withdrawal amount. This may require you to sell some of your investments prior to contacting us.
If you have available funds and an authorised bank account, you will receive your withdrawal within 10 working days from when you give us your instruction.
You can fund your ISA by debit card (to make a single payment) or you may set-up a Direct Debit to make regular contributions.
We do not accept standing order payments. If you would like to contribute regularly into your ISA, please set-up a Direct Debit.
We can update your bank account details over the phone – please call 0800 027 4675. Call charges will vary.
If you are adding a new bank account to take withdrawals, we will need to verify that account. If you have recently made changes to your personal details (such as a change of address) with your bank, the account may fail validation. In this case we will require confirmation of your ownership to verify your details. If this is the case, we will outline at the time how to do this.
It is also important to note that we can only verify bank accounts for withdrawals if the name matches the one on the account. This means we can only use your personal bank account, or a joint account which includes your name, when processing a withdrawal. Third party bank accounts cannot be used for withdrawals. This is for your protection as well as ours.
Yes. You can transfer an ISA from another provider to us. To start this process, please complete our online transfer form.
Yes. If you would like to transfer some or all of your products to another provider, you will need to contact that provider and they will go through the process with you. They will then send the transfer request to us on your behalf.
Buying, selling and switching funds
All funds which are available for investing can be found on the DIY fund list when selecting a fund for purchase. You can also search by fund name to if you have a particular fund in mind.
You can buy and sell investments online. To switch funds, please call the customer centre on 0800 027 4675. Call charges will vary.
Unfortunately, once a deal has been placed, we are not able to cancel it.
You will get the price available at the next Valuation Point after your deal has been placed. These differ for each fund.
Once deals are placed, funds can take 3-5 working days to fully settle. There can only be one deal ongoing at any time per fund. This means you must wait for the sale of a fund to settle before you can sell further units of that fund.
ISA information
The annual allowance for ISA contributions for the current tax year is £20,000. This can be divided over different ISAs, but not two of the same kind. This means you can contribute into a cash ISA and a stocks and shares ISA, but not into two different cash ISAs, or two different stocks and shares ISAs in the same tax year. Find out more about the ISA allowance on HMRC’s website.
Understanding Wrap documents
A Charges Information Document is produced when you are buying or switching into a fund you don’t already hold.
Your contract notes are evidence of the purchases or sales of funds in your ISA. Your contract note shows you which fund(s) were sold, how many units, what that unit price was at the time of sale, and the settlement date of the transaction. By ‘settlement date’ we mean the date that the transaction was completed, or in other words, when the cash from a sale is available to use or the fund you purchased has now been credited to your Wrap account. The settlement date is not the same as the date of the actual purchase or sale of the fund(s).
This is an annual document which will be sent to you around the start of each year. It provides a summary, in monetary and percentage terms, of the charges you paid over the preceeding 12 months. This way you can more easily keep track of how much you are paying in fees.
Your statement provides you with a detailed breakdown of all of the transactions which occurred on your plan within the timeframe stated on the first page. Your statement will show you: charges, money in/out, cash transfers between Wrap products, the purchase and sale of investments, as well as an opening and closing value for the period. We provide statements on a quarterly basis.