What is a Stocks and Shares ISA?

A stocks and shares ISA is a tax-efficient way to invest money as you don't pay tax on any income or capital gains made on your investments.

You choose what to invest your money in from a wide range of ISA qualifying stocks and shares from both the UK (including AIM stocks) and on six international markets.

A Cash ISA (for saving), or a Stocks and Shares ISA (for investing), both provide a tax-efficient way to save or invest your money.

A Cash ISA allows you to save without the worry of paying tax on any interest you earn, whereas the Stocks and Shares ISA will allow you to invest in shares, funds and other investments without having to pay capital gains or personal income tax.

Make sure you understand the following checklist before you apply for an account.

Understand our dealing and admin charges. All stock market investments involve a degree of risk and you might not get back the full amount you invest.

We’re making some changes to our Terms and Conditions from 3rd January 2018. You can read the new Terms and Conditions here.

Apply now

To open an account you must be:

  • 18 years of age or over
  • Tax resident in the UK, not including the Isle of Man or the Channel Islands.

Before you start your application please make sure you have the following information to hand:

  • Your address details for the last three years
  • Your bank sort code and account number
  • The debit card details for the bank account you're registering with us. (Credit cards are not accepted)
  • Your National Insurance Number.

Are you a new Bank of Scotland Share Dealing customer?

We will hold an additional £1 in your bank account as a pre-authorisation check. We will not debit this from your account, however it will be temporally unavailable to spend.

If you meet all our requirements in your online application you'll be able to trade straight away.

We will attempt to verify your identity electronically as part of the registration process, however if this isn’t possible, you’ll need to provide original or certified copies of documents from the below list.

You will need to send us one document from the proof of identity list and one document from the proof of address list.

Proof of identity:

  • Unexpired passport with signature
  • Unexpired UK photo card full driving licence with signature
  • Unexpired UK full paper driving licence with signature
  • Unexpired UK photo card style provisional driving licence with signature
  • Unexpired EU/EEA driving licence with photograph and signature - must be issued by a member state of the EU/EEA
  • Unexpired firearms certificate
  • Unexpired Northern Ireland voters card (aka Electoral Identity Card)
  • Unexpired EEA or equivalent jurisdiction National Identity card with photograph and signature
  • Unexpired blue disabled driver’s pass – UK only, unexpired and needs to bear a passport-sized photograph, name and signature, expiry date and issuer details
  • Unexpired biometric residence permit – issued by the Home Office
  • UK benefits/state pension notification letters – must be from an official source, i.e. Job Centre Plus or Department for Work and Pensions / Local Authority, confirming the rights to a benefit. The letter must be dated within the last 12 months or current benefits period
  • HM Revenue and Customs tax notification – must be an HMRC tax notification e.g. statement of account, notice of coding relating to the current year
  • P45s or P60s are not acceptable as these are not official HMRC documents.

Proof of address:

  • Utility bill dated within the last 3 months – utility bills printed from the internet, mobile phone, broadband or internet provider bills, and any reminders or arrears letters are not acceptable
  • Council tax demand letter or statement – valid for the current year or less than 12 months old. Reminders and arrears letters are not acceptable
  • Unexpired UK photo card full driving licence with signature (only acceptable if it is not being used as your proof of identity)
  • Unexpired UK full paper driving licence with signature (only acceptable if it is not being used as your proof of identity)
  • Unexpired EU/EEA driving licence with photograph and signature - must be issued by a member state of the EU/EEA (only acceptable if it is not being used as your proof of identity)
  • Bank or building society statement – must be issued by a regulated financial sector firm in the UK, EU or equivalent jurisdiction and dated and showing transactions within the last 3 months. Statements showing interest only or carry forward balances are not acceptable – those printed from the internet or ISA statements are not acceptable
  • Mortgage statement - must be issued by a regulated financial sector firm in the UK, EU or equivalent jurisdiction and dated within the last 12 months. Those printed from the internet are not acceptable
  • HM Revenue and Customs correspondence - issued within the last 5 months and including 10 digit tax reference or NI number (only acceptable if it is not being used as your proof of identity). P45s or P60s are not acceptable as these are not official HMRC documents
  • UK Benefits/state pension notification letters – must be from an official source, i.e. Job Centre Plus or Department for Work and Pensions / Local Authority, confirming the rights to a benefit. The letter must be dated within the last 12 months or current benefit period (only acceptable if it is not being used as your proof of identity)
  • Solicitors' correspondence - confirming a house purchase in the last 3 months and dated in that period.

Please note, we will also send you a temporary password to your registered address with full instructions on how to complete the final stage of registration.

  • Unexpired passport with signature
  • Unexpired UK photo card full driving licence with signature.

You can choose from a wide range of investment options, each with their own features and risks. Before deciding where to invest, it’s important to remember that the value of all stock market investments can fall as well as rise so make sure you understand the risks involved.

Our investment options can help you find out about all the different investment options available to you.

You are eligible to trade all investments, which show as ISA eligible, on our free research centre.

Our stocks and shares ISA has a simple flat-rate annual administration charge of just £12.50. Online trades cost £12.50 dealing commission, and our scheduled monthly investment dealing commission charge is £2 per stock.

View our dealing and administration charges.

How do we collect the charges?

When an ISA administration charge applies, we will usually collect this from your nominated bank account.

If you already have our Stocks and Share ISA, you do not need to open a new account. All you need to do is fund your ISA at any point in the existing, or new tax year to subscribe. You can only subscribe into one Stocks and Shares ISA for the tax year.

To fund your Bank of Scotland Stocks and Shares ISA in a few simple steps.

Step 1) Sign into your share dealing account.
Step 2) Click ‘Account Management’ in the right-hand navigation.
Step 3) You will then be taken to our ‘Fund & Withdraw’ page where you can transfer money into your ISA.

Please note, this page will automatically load your default account. If your default account is not your ISA, you will need to click on ‘view another account’ which is found towards the top right-hand corner of the page.

Step 4) Type in the amount you’d like to transfer into your ISA and click continue.

Please note, if you fund your Bank of Scotland Stocks and Shares ISA with a large amount your bank may prevent this transaction. Banks will do this when they believe an individual or multiple transactions are out of character with your usual spending habits - if this happens, please contact your bank.

Can I cancel my application/ISA?

You have the right to cancel the agreement within 30 days of us confirming to you that we have opened your account and that it is available for you to use or of us providing you with the relevant terms, whichever is the later. You also have the right to cancel a transfer of an ISA from another ISA manager within 30 days of the transfer.

Existing customer? We can help with managing your account

To transfer the shares into your Stocks and Shares ISA from your share dealing account, you will need to follow the below steps:

Step 1) Sell your shares by calling us on 0345 606 11 88

Please note, If you are selling stock(s) online you will not be able to transfer settled funds into your Bank of Scotland Stocks and Shares ISA for 2 working days. Selling online or over the phone may also trigger an event for Capital Gains Tax purposes.

Step 2) We will automatically transfer the sale proceeds into your Bank of Scotland Stocks and Shares ISA.
Step 3) You can then invest in any ISA eligible stock.

Please note, telephone dealing commission is £25 per deal. If you are completing a sale and repurchase over the phone we’ll waive the purchase dealing commission. Selling stock may trigger an event for Capital Gains Tax purposes.

To transfer the cash into your Stocks and Shares ISA from another Bank of Scotland share dealing account you will need to contact us to complete this for you.

Already got a Bank of Scotland Share Dealing Account? To open a Self-Select Stocks and Shares ISA all you need to do is sign-in, click on 'Account Management' on the right-hand side and 'Add a Product'.

Log in to apply

Help with transferring

Our dedicated transfer page will guide you through the steps of transferring either your cash and/or stocks and shares ISA to us in a few simple steps.

It isn’t possible to directly transfer a certificate into your ISA unless it has come from an approved HMRC scheme/plan (see Transferring shares from an HMRC approved scheme/plan).

To transfer the shares into your Stocks and Shares ISA, you can:

  • Open a Bank of Scotland Share Dealing Account and a Bank of Scotland Stocks and Shares ISA
  • Deposit the share certificate into a Bank of Scotland Share Dealing Account. This takes approximately 10 working days.

Once the shares are showing in your account, follow the below steps:

Step 1) Sell your shares by calling us on 0345 606 11 88.
Step 2) We will automatically transfer the sale proceeds into your Stocks and Shares ISA.
Step 3) You can then invest in any ISA eligible stock.

Please note, telephone dealing commission is £25 per deal. If you are completing a sale and repurchase over the phone we’ll waive the purchase dealing commission. Selling stock may trigger an event for Capital Gains Tax purposes.

Our dedicated transfer page will guide you through the steps of transferring either your cash and/or stocks and shares ISA to us in a few simple steps.

To transfer shares to someone else please contact one of our agents on 0345 606 11 88. Please ensure you have their account code.

Please note, this can take up to 10 working days to transfer.

ISA rules and the new tax year

An ISA declaration is required by HMRC, this is to ensure that when you apply for an ISA you are aware of the current ISA rules and regulations. This is also required if no subscription has been made to the ISA in the previous tax year.

The tax year runs from 6th April to 5th April every year. On 6th April you will be allocated the new tax year's ISA subscription allowance.

Each year the Government allows you to invest in a tax-efficient product called an ISA, or Individual Savings Account. The maximum amount you can invest in the current tax year is £20,000. You can choose to invest your full allowance into a cash ISA, a stocks and shares ISA, or an innovative finance ISA or any combination of the three.

Alternatively you can split your allowance by investing up to £4,000 in a Lifetime ISA and the remaining allowance between any combination of the other three types of ISA, as long as you don’t exceed £20,000 in total across your ISAs.

For example, if you invest £10,000 into your stocks and shares ISA, you must save no more than £4,000 in your Lifetime ISA and £6,000 within a cash ISA and/or an innovative finance ISA.

Our charges


How to subscribe into the Stocks and Shares ISA

  • Log in
  • Click on ‘Account Management’ in the right-hand navigation
  • Fund your account

Log in to subscribe

Tell me about ISA limits

Each year the Government allows you to invest in a tax-efficient product called an ISA, or Individual Savings Account. The maximum amount you can invest in the current tax year is £20,000.

You can choose whether you invest your full ISA allowance into a stocks and shares ISA, save it in a cash ISA, use it in an innovative finance ISA, or split your allowance in any combination of the three types of ISA.

Alternatively you can split your allowance by investing up to £4,000 in a Lifetime ISA and the remaining allowance between any combination of the other three types of ISA, as long as you don’t exceed £20,000 in total across your ISAs. For example, if you invest £4,000 into your Lifetime ISA, you must save no more than £16,000 in a cash ISA, stocks and shares ISA and/or an innovative finance ISA.