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4th
Nov 2020
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Transferring My ISA: What Do I Need to Know?

Transferring My ISA: What Do I Need to Know?

Your ISA allowance for this tax year is £20,000; and beyond this, there are further limits on how much money you can put into certain ISA accounts. But – what about transferring ISA accounts? We’ve broken down all the key information you’ll need if you want to make a switch. 

Why would I transfer my ISA?

There are a lot of reasons why you might want to transfer your ISA accounts – whether it’s to a different type of ISA or a different provider.

These might include:

  • You’ve found a better rate with another provider
  • You want to change to a different type of ISA
  • You want to make your Cash ISA into an Investment ISA
  • You want to try out a new form of investment

How Do I Transfer My Cash ISA to Another?

When looking to transfer your Cash ISA – you need to know what you’re looking for and you need to know the key stipulations. Luckily, we’ve got what you need to know:

  • You need to ask your providers to switch your account for you – both your current and your desired provider. It’s important to make sure the banks are the ones who do the transferring, as if you withdraw and move the money yourself if looses the tax-free status.
  • Your current bank is required by law to ensure that they accept your request for transfer – but your desired provider is not, so make sure that you check that they will accept a transfer before you start the process.
  • You can transfer any ISA you hold, whether it is from this year or previous years.
  • You can transfer funds from previous ISAs into different accounts, splitting the benefit you can gain.
  • You could be subject to penalties from your current provider for switching – make sure you’ve read the small print to be prepared to know what percentage (if any) of your money they might take as a leaving penalty.
  • You have to transfer your ISA from the current tax year in one lump sum. Previous years’ ISAs can be split when transferred.
  • You can pool all of your money from previous ISAs into one bank account, you are able to do this. But the money will only be protected up to £85,000 as this is the FSCS limit.

How do I Transfer my Investment ISA?

If you are looking to transfer your Investment ISA - whether this is to another Investment ISA account or to a Cash ISA - then you'll need to know the following:

  • You are able to move money from your Investment ISA to your cash ISA – no matter if these are held with the same provider or a different one.
  • Like with Cash ISAs, you need to make sure your providers do the legwork to make the switch for you. Otherwise, you run the risk of loosing the tax free status of your money if you attempt to withdraw and re-invest yourself.
  • Be aware that transferring to Investment ISAs takes longer than Cash ISAs. Cash ISAs often take about 15 days to transfer, but Investment ISAs can take up to 30 days in order to process.
  • You can choose whether you want to transfer your Investment ISA as stock or as cash. Generally this will boil down to whether or not you are happy with your investments. If you are, you should transfer as stock, and if not then cash might be a better option. Transferring your ISA Investments to cash will involve selling the stock your money is invested in.
  • Like with Cash ISAs, there might be exit penalties by certain providers when it comes to transferring to a different supplier. Getting in contact with your new provider might be worth your while here, as some suppliers may agree to cover the cost of these penalties for you because you are transferring to their service.
  • Follow up with your previous provider once it’s been a couple months. Because dividends on investments are usually paid a few months after the investment has been made, you might be due some payments from your last couple months with that supplier. They should forward these to you automatically, but they might not always so it is worth following up. 

Read about ISA Transfers

Read about Cash ISAs

Read about Investment ISAs

Investment Fund Supermarket ISAs

Stocks & Shares ISA

from Fidelity

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Choose from over 4,000 investment options, including one of the widest fund ranges in the UK, plus shares, investment trusts and exchange-traded funds. There’s also expert guidance to help with your investment decisions, which includes a selection of tools and insights from Fidelity’s experts. Capital at risk. Tax and ISA rules apply.
  • Invest From: £25 through regular savings or £1,000 lump sum

Why we like it: Fidelity has lots of investment options, plus an extensive range of guidance tools to help you decide what to invest in. Their award-winning ISA is easy to start and offers great value, their a typical service fee of just 0.35%. Other ongoing charges apply. On top of that, everything is backed by Fidelity’s 50 years of investment experience.

Important: The value of investments can go down as well as up so you may get back less than you invest. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

Tax treatment depends on individual circumstances and all tax rules may change in the future.

Stocks & Shares ISA

from Hargreaves Lansdown

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Choose from over 2,500 funds, shares, investment trusts and more to build your portfolio. UK and overseas shares. Corporate and government bonds. Exchange Traded Funds (ETFs). Ready-made portfolios to suit your goals and attitude to risk from £1,000. Expert research to help make your decisions. Investment trusts and much more. Capital at risk.Tax & ISA rules apply
  • Invest From: £25 pm or from £100 lump sum

Why we like it: Choose your own funds or alternatively a ready made portfolio. Market-beating savings and discounts of up to 5.5%. No charge to buy and sell funds. Low, tiered annual charges for holding funds, with a maximum of just 0.45% per annum. Free fund updates and analysis from experienced research team. Invest with a financially secure, FTSE 100 company.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Stocks & Shares ISA

from Interactive Investor

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Access 40,000+ UK, US and international shares on 17 global exchanges. Choose from over 3,000 funds or select a ready made portfolio. Investment trusts, ETFs, Bonds & Gilts. Option to invest in 6 low cost funds selected by experts to get you started. Capital at risk. Tax & ISA rules apply
  • Invest From: £25 a month or any lump sum

Why we like it: An award-winning ISA that gives you complete control. The second largest platform in the UK with the widest choice of investment options in the market including funds, investment trusts, ETF’s and more. Strong ethical investment proposition with more than 140 investment options. Open online in less than 10 minutes. Access to expert independent ideas and analysis. Low cost fees and trading.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Junior ISAs

Junior ISA

from Nutmeg

  • Investment Options: Invest in one of four expertly designed portfolios depending on your investment style

Why we like it: Open with a lump sum from £100 to £9,000 in the 2021/22 tax year. After initial investment top up any time with no minimum. Simple, transparent - Invest in one of a range of four expertly designed portfolios depending on your investment style. All four Nutmeg investment styles are built by experts and use exchange traded funds to diversify across stocks, bonds, industries, even countries. Choose the one that works for you. No exit fees and you’re free to make adjustments. You can see where your Junior ISA is invested and how it’s performing. Withdrawals possible from age 18. You can also transfer an existing Junior ISA or Child Trust Fund. If you need any help, financial advisers and customer support will answer any questions you have

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Important Risk Information:

The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions. It does not provide personal advice based on your circumstances. If you are unsure of how suitable an investment is for you, please seek personal advice.

High Income ISAs

High income ISA ideas:

ISAs Products

Cash ISAs

Fixed Rate & Instant Access ISAs:

Cash ISAs: 

Stocks & Shares ISAs

Types of Stocks and Shares ISA include: 

Stocks and Shares ISAs

Latest News

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15th March 2021

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