How do I Transfer an ISA?

All ISAs have to allow you to transfer to another provider, but they may impose a penalty for doing so. 

However providers do not have to allow transfers in.

Once you have found an ISA you would like to switch to and checked that it permits transfers then you will need to complete and send the ISA transfer form.

Your  new and previous ISA providers will then arrange for the ISA transfer to happen; once transferred the previous ISA manager will give the new ISA manager a written notice containing information and a declaration which is known as a transfer history form; Your new provider will contact you once the transfer is complete.

Transferring between ISA types

It is now possible to transfer from between different ISA types for example from a Cash ISA into a Stocks and Shares ISA or vice versa. 

When transferring between from a Cash ISA into another Cash ISA the process should be completed within 15 working days.

Industry guidelines currently recommend that the transfer process when involving Stocks and Shares ISAs should take 30 days from start to finish.

But as this kind of ISA can include a range of different investments each potentially taking different amounts of time to close or sell it could take longer than 30 days for a provider to prepare the money within the account to be transferred.

Before you transfer,

It is a good idea to shop around to try and find the best product for needs.

If your current ISA provider would impose a penalty for transferring and you are moving to another provider to achieve a better rate of interest on your savings then you may wish to first work out if the penalty would negate the potential benefits of changing provider.