Transferring ISAs simply boils down to whether you want to save time or money. Investigating the pros and cons of switching from one specific account to another needs to be thoroughly considered before you make a decision. If you are confused as to the right option for you it is best to seek advice from a financial adviser.
Can I transfer a cash ISA?
Cash ISAs can be transferred to a different type of account or between providers. A cash ISA can also be transferred to a stocks and shares ISA.
Can I transfer a stocks and shares ISA?
Stocks and shares ISAs can be switched to a cash ISA. Stocks and shares ISAs can also be transferred between providers.
Can I transfer part of an ISA?
If you want to transfer money you’ve invested in an ISA during the current year, you must transfer all of it.
For money deposited in previous years, you can choose to transfer all or part of your savings.
How often can I transfer my ISAs?
You can transfer between products and providers as many times as you wish during any tax year.
Does transferring ISAs affect my tax year allowance?
No, ISA transfers do not affect your pay-in limit.
How long does it take to transfer an ISA?
ISA transfers often take between 15 and 30 working days dependent upon the sequence of accounts.
Are there any fees for transferring an ISA?
Some providers charge exit payments, but rarely do providers issue a joining fee. It is best to research your options so that you are not stung by any fees.
How do I transfer my ISA
Transferring an ISA is easy and simple. All of the logistics is taken care of by your previous and new provider. Usually, you will be required to complete an ISA transfer form provided by the new provider and the rest is completed by both parties.
However, be aware of the following pitfalls:
- Not all cash ISAS allow inbound transfers
- Make sure your new provider allows for transfers between cash and stocks and shares ISAs
- Some providers will only accept ‘new money’ transfers – this means some providers will now let you move money between ISA products in their range
- You can only have one active Cash ISA per tax year
Your capital is at risk and interest payments are not guaranteed. If you are unsure which ISA is most suitable for your circumstances, we would highly recommend that you contacting a financial adviser prior to investing.