HSBC ISA Transfer

HSBC ISA Transfer

Why Transfer?

Transferring between accounts has been simplified and new rules on ISAs means you can have several ISAs split between Stocks and Shares, Cash and Innovative Finance, up to the maximum limit.

While some people may finding consolidating their different ISAs in to one manageable account useful, others may want to find the best deal available to them.

Switching accounts to the highest rate of interest makes sense and many providers are offering switch bonuses and high rates of interest for new customers. Keeping your money in an account where it may be earning little interest is not the best option when your money could be working for you.

Check our tables for latest interest rates.

HSBC ISA Transfer Review

The HSBC ISA is only available to people who already hold a current account with HSBC so bear this in mind before transferring. Customers will receive a bound loyalty rate for 12 months after each payment in to the ISA so this could be a great option for savers looking to earn a high interest rate.HSBC also offer:

1. The same rates and bonus offer whether you are transferring in or opening an ISA for the first time
2. A minimum deposit of £1, making it more accessible than other accounts.
3. Easy transfer process, simply fill in a form
4. Online banking to manage your account

Overall, this is a great offer if you already hold a HSBC account or plan to shortly. They don’t currently offer any fixed rate accounts or any other ISAs apart from this one but do offer a range of other savings options.

New ISA flexibility has meant that some ISAs will now allow you to withdraw money and return it within the same tax year without it affecting your annual allowance. As long as the account allows withdrawals then this should be fine, HSBC allows this freedom with its Loyalty ISA.

ISA’s are a great way to save large amounts of money tax-free, particularly if you’re likely to go over the current £1000 interest limit (the limit of the Personal Savings Allowance for basic 20% rate taxpayers). They are also a useful way for couples to save as two people can save over £30,000 without paying tax.