Post Office ISA Transfer
Transferring your ISA has never been easier, a process that once took months can now be completed in around 15 days. This means it’s never been simpler for customers to find the best possible ISA deal on the market. There are several reasons why transferring is a good idea:
- You can consolidate your savings – rather than having your money across several accounts, you can transfer it to one manageable source. Many ISA providers now offer online banking to watch your ISA, making it even easier
- You can take advantage of latest interest rates - rates are currently at an all-time low and taking advantage of transfer deals or simply moving to an account that makes your money work harder has never been a better idea
Refer to our comparison tables for latest ISA interest rates.
Review of Post Office
The Post Office accept existing ISAs held with other accounts. There is no upper limit to the value you can transfer but they require a minimum deposit. They offer a range of savings options including several ISAs to transfer to.
- Their fixed rate cash ISA requires a minimum of £500 as a deposit and offers a competitive fixed rate of interest for one year
- Their Premier Cash ISA requires a minimum deposit of £100 and offers a competitive variable rate of interest and two free withdrawals every tax year. This is a great way to avoid penalties
- If you close the fixed rate account early then you will be charged a breakage fee which is 90 days interest for a one year plan and 180 days for a 2 or 3 year plan. Therefore, it's possible you could take out less than you deposited
These ISAs do not have flexible features. This means that once withdrawn, your money will lose the tax advantages of ISAs and cannot be replaced within this ISA without affecting your annual ISA allowance.
Useful to Know
- If you need to make more than two withdrawals in any tax year you’ll need to transfer to another provider or close your ISA, if you close your ISA, your money will no longer benefit from the tax advantages of ISAs in the future
ISA’s are an ideal way to save large amounts of money, 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). ISAs are one of the best way for couples to save as two people can save over £30,000 without paying tax.