There are a number of reasons a person may want to transfer an ISA. Firstly, it's much easier to manage your money if you consolidate the amounts in to one account. Customers can also achieve a better interest rate with a different provider, many banks offer variable rates of interest so the rate you signed up with may not be what you’re receiving now. See latest rates on our comparison charts.
However it is important to try and ensure you follow the correct transfer process, rather than withdrawing the money yourself, so as not to miss out on some of your annual ISA allowance.
Santander offer a simple switching service as well as:
Some form of penalty is usually applied if you want to end the contact early, particularly if you’re switching from a fixed term ISA so it’s good to check your providers conditions as well any transfer minimums or conditions your new provider may have.
Before you switch, make sure you’re able to meet these requirements otherwise you could leave with less money than you started.
The rules regarding ISAs have changed dramatically since last year and many people have been left confused about how best to open or use an ISA.
However, 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). They are also a sensible way for couples to save as, between you, you can save over £30,000 without paying tax.
Santander offer a simple switching service but do not offer the transfer guarantees that some other banks do and they don’t start paying interest until the money has arrived in your new account. Their rate of interest is competitive, particularly if you’re a Santander customer.
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.
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15th March 2021
You've decided to invest your savings into a Stocks and Shares ISA. You'll be using your tax-free ISA allowance for this year before the deadline, while also investing your money for your future. But what do you need to consider before opening an account? We've put together a list of our top five considerations for you to think about before you click "apply".
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ISA can be confusing at first and this site includes a useful and helpful introduction into the world of ISAs