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Switch ISA

Compare ISA switch options

Unhappy with your current ISA provider? Perhaps you're no longer getting the best rates, or you want to put all your ISAs from previous years together in one place? Fortunately, switching ISAs is a simple process. Use this page to compare a selection of the latest ISAs accepting transfers.

Fixed Rate Cash ISAs

1 Year Fixed Rate Cash ISA

from Aldermore

Interest Rate (AER) 1.45%
  • Term: 1 Year

Open a 1 Year Fixed Rate Cash ISA with Aldermore Bank to get a great return. 

2 Year Fixed Rate Cash ISA

from Aldermore

Interest Rate (AER) 1.60%
  • Term: 2 Year

'Winner' – ISA Provider of the Year for the 5th year running Consumer Moneyfacts Awards 2011-15

3 Year Fixed Rate Cash ISA

from Aldermore

Interest Rate (AER) 1.70%
  • Term: 3 Years

'Winner' – ISA Provider of the Year for the 5th year running Consumer Moneyfacts Awards 2011-15

  • £1,000 minimum opening balance

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

ISA Switch

Switching your ISA can be a savvy move for savers, especially given the instability of interest rates in the current financial climate.

By keeping a close eye on rates across the spectrum of ISA providers and transferring when your current rate drops, you can make your account work harder for you.

Switching can make sure you’re receiving the best possible rate on offer at the time and ensures you make the most of your hard-earned savings. But before you do consider transferring, make sure you keep in mind the one fundamental rule of ISA transfers:

If you want to switch your ISA, make sure you do it properly - never just withdraw the money or you'll immediately lose all the tax benefits.

Many people have lost out on their tax-free allowance by not following the correct procedure so make sure you follow the procedure explained below.

How do I Switch my ISA?

ISA switches used to take longer than was practical, this left people wondering if it was worth it and not taking advantage of better deals which may have been on offer. However, thanks to recent guidelines, transferring an ISA from one provider to another is now a fairly straightforward process:

Once you have sent off the ISA switch form, your new ISA provider should contact your current ISA provider within five working days. The ISA transfer process should take no longer than 15 working days.

When an ISA is transferred, the old ISA manager must give the new ISA manager a notice in writing containing information and a declaration, known as a transfer history form.

Once the transfer is done, your new ISA provider will be in touch to confirm this.

Can I Switch one ISA and Open Another?

The short answer is yes - you are free to transfer previous years' ISA balances to a better rate, as well as opening a separate account, as long as you only put cash into the latter account.

You can pay into one cash ISA and one investment ISA each tax year, but transfers don't count as 'paying in'. You can switch as many times as you like, and there's no set time in the tax year when you need to transfer.

Is there a Charge for Switching an ISA?

Not necessarily but it is possible, depending on your provider. Your existing ISA manager cannot stop you switching, but they may charge you for it. However, this is becoming less common, particularly with cash ISAs. You should contact your current ISA provider and confirm their policy on this before making a decision.

What to Consider when Choosing an ISA

When choosing an ISA, there are a number of things to consider. We’ve highlighted some of the most important factors below:

Timescale of investment - If you need access to your capital and you are not looking to invest for the long term you should consider a Cash ISA. However, if you are happy to tie up capital for the medium to longer term you may wish to consider a Stocks and Shares ISA which has the potential to provide better returns then a Cash ISA over the longer term

Attitude to investment risk - If you are not prepared to lose capital then a Cash ISA is probably the better option for you. It good to remember that, over the long term, inflation can erode your capital in real terms so getting a good rate of interest on your cash ISA should be a priority. If you are prepared to risk capital to achieve higher potential returns then a stocks and shares ISA may be the best option for you.

Charges - Different ISA plans will have different charges. It is important that you are aware of what these are and how they could affect your ISA performance. Also be aware that some accounts apply account closure charges if you try to switch before the agreed amount of time.

Important Risk Information:

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.

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

How much can I pay into an ISA?

21st March 2019

Each tax year, there's a limit set by the government to the amount you can save and invest in ISAs: your “annual ISA allowance”. The allowances are intended to reward savers and encourage us to invest more to support our future retirements, without creating a tax haven that can be taken advantage of by very wealthy individuals who just want to avoid paying tax.

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