This article outlines the upcoming changes for Saxo clients with just an ISA and those that have both an ISA & Investment account. We are enhancing our offerings to meet current standards and future regulations, providing a streamlined experience with a single login for all accounts.
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ISA Account Update: Handling Corporate Actions Post-ISA Migration As part of the recent ISA migration process, we have identified some pending and future corporate action events that will be credited to your previous ISA account. These events are a normal part of the migration process and are expected to occur. To ensure a seamless transition, we will periodically transfer these amounts to your new ISA account. This process is automated, and no action is required from you. |
Key Changes:
New Account Setup
- Account Consolidation for Dual Account Holders: Your ISA and investment account will be consolidated, allowing access with a single login. The new ISA will be a sub-account under your main investment account.
- New Account Structure for ISA-Only Clients: Your investments and cash will move to a newly created ISA account. A General Investment Account (GIA)* will also be set up for investments not eligible for an ISA.
*Note: A GIA will not be set up if you already have a GIA with another Saxo entity, such as Saxo Bank A/S or Saxo Capital Markets Pte Ltd.
Login Information
- For Dual Account Holders: Use your existing non-ISA investment account login details for seamless access to all accounts. Under the new setup, your ISA will be categorised as a sub-account and assigned a new account number (Example, 76000/xxxxxxISA).
- For ISA-Only Clients: To ensure seamless access to all your accounts, please use your existing ISA login details. Under the new setup, your ISA will be categorised as a sub-account and assigned a new account number (Example, 76000/xxxxxxISA).
Payment Details
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Payment Reference Update: Important to use your Account ID with the suffix "ISA" (Example, 76000/xxxxxxISA) for ISA payments. Detailed instructions are available in How do I fund my ISA account.
It is crucial to use this new account number when making payments into your ISA account. This ensures that payments are directed to the correct account and that you are investing in the right account.
Important Dates
- Migration Date: On 2nd March 2025, your cash and investments will move to the new ISA account.
- Trading and Subscription Pause: Refrain from making subscriptions or trades from the end of the day on 28th February until Saxo confirms account consolidation.
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Important: Do not add funds or place trades after end of day 28 February 2025, until we confirm the migration is complete
Open Orders and Market Data Subscriptions
- Cancellation: All outstanding Open Orders and Market Data subscriptions will be canceled as they cannot be transferred.
- Reinstatement: After migration, you can reinstate these features. Setup instructions are available for pending open orders and Market Data subscriptions.
Accessing Your Old ISA
- Report Generation: Your old ISA will remain accessible for generating reports until 27th June 2025, but it cannot accept new subscriptions or hold cash.
- Closure Date: After 27th June 2025, access to your old ISA will be disabled, and the account will be closed.
Can I retain my old ISA account number?
- Unfortunately, it is not possible to keep your old ISA account number/ID.
Additional Resources
- Refer to How do I fund my ISA account for funding instructions.
- Remember, you do not need to report ISAs on your annual HMRC tax return.
For any further questions or assistance, please contact our support team. We are committed to ensuring a smooth transition for you.
Updated Terms and Conditions
Our General Business Terms will be updated to reflect these changes. You can find the updated Terms & Conditions here.