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Cash ISA Transfer Rules

Cash ISA Transfer Rules

ISAs are a great way to save to efficiently. Getting the best rate on a cash ISA though may mean you have to consider moving your ISA to a new provider - so what is the process?. Unfortunately, different banks and credit institutions have different interest rates and some are definitely better than others. This therefore means that from time to time, individuals may want to shift the account from one credit institution. While this is allowed, there are rules surrounding how, when and why a transfer can be allowed.


  1. For starters, the individual is required to notify both parties of the transference. More so, this should be done early enough so that the institutions involved have ample time to prepare. Withdrawal of money without notification to either or all of the parties involved voids its transference. It cannot therefore, be re-invested into an Individual Savings Account.
  2. A cash ISA, stock ISA or shares ISA can all be transferred into a cash ISA and the opposite holds true for all the named account types.
  3. If one needs to transfer the money that has been deposited and its benefits, he/she must transfer the entire amount. If however one chooses to transfer money from an account that has been active prior to the current tax year, he or she gets the option to transfer a certain amount of the money or all of it. This is because an individual is required to pay/deposit into one cash ISA at any given time within a tax year. That rule however becomes nullified if the investment and interests gained are from a different tax year. You can therefore open a new ISA account, transfer all the old funds into it and still have another new account from which you deposit a different sum of money.
  4. The duration taken for the transference to be completed varies depending on the institutions involved. However, the transfer of a cash ISA should not take any longer than 15 days while that of a stocks or shares ISA should take no more than thirty days. That said, any complaints on delay can be addressed through the Financial Ombudsman Service.


Transfers may seem a little tricky but once you understand the flow of procedure, they become awfully easy to work around. An individual's freedom to transfer ISAs is only limited by whether or not either of the banks involved has clauses against account transfer. You should therefore always check for such clauses before you commit to an account.

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