So, you've decided to transfer your ISA. Maybe you've found a better deal, or you want to combine your savings. Making this move could be a smart financial decision but, before you do it, let's look at the ins and outs of ISA transfers.
ISA transfers
Already got a cash ISA with us?
To move your cash ISA from another provider into one of our cash ISAs, please complete our cash ISA Transfer Authority form and post it to:
Customer Services
Leeds Building Society Head Office
26 Sovereign Street
Leeds
West Yorkshire
LS1 4BJ
Cash ISAs are available to individuals aged 18 or over who are resident in the UK for tax purposes.
On this page
ISA transfer information
ISA transfers
Transfer my ISA to Leeds Building Society (from another ISA provider)
Transfer from a non-Leeds Building Society account to my Leeds Building Society cash ISA
Fund my Leeds Building Society cash ISA from an account held with Leeds Building Society
Transfer my Leeds Building Society cash ISA to another Leeds Building Society cash ISA product
Transfer my Leeds Building Society cash ISA to another ISA provider
What's an ISA transfer?
An ISA transfer is the process of moving your savings from your Individual Savings Account (ISA) to another account, or to another provider.
With an ISA transfer you can…
- Transfer some, or all, of your funds from this tax year or previous tax years.
- Switch your ISA to a new type of ISA with your existing provider or a brand new provider.
However, you can't transfer the money yourself because you'd lose your tax-free status. Your ISA provider will move your money for you instead.
Why transfer your ISA?
People typically transfer an ISA to enjoy the benefits of (potentially) better interest rates, or to a preferred provider of their choice.
Transferring or combining your ISAs might give you a clearer idea of how much money you have too, which means less admin for you to deal with in the long term.
ISA transfer rules
There are a few things to bear in mind when transferring an ISA.
Rules
- Withdrawals/transfers to non-ISA accounts: If you withdraw money from an ISA account or transfer money from an ISA to a non-ISA account, the funds you withdraw will lose their tax-free status. This means you won't be able to use that part of your tax-free allowance again.
- ISA transfer process: To transfer your ISA from one provider to another, you'll need to use the new provider's transfer process.
- Types of ISAs you can transfer: cash ISAs, stocks and shares ISAs, lifetime ISAs and innovative finance ISAs (at Leeds Building Society we can't accept innovative finance ISAs or lifetime ISAs) can be transferred. You can transfer to a new type of ISA, or a different one, but there are restrictions, so make sure you check the terms and conditions of the product.
- Transferring all or some of your ISA: You can transfer the entire balance or just part of it. Please note that we can only accept full transfers of stocks and shares ISAs in the current tax year. Some providers might also have minimum transfer amounts or won't allow transfers in. So, make sure you check this before you start.
How to transfer an ISA
To keep the tax-free status during the move, you’ll need to follow the ISA transfer process.
Step 1
Do your research
Start by researching different ISA products and providers to suit your needs. Make sure the new provider lets you transfer in.
Step 2
Contact your new provider
Get in touch with your new provider to start the transfer. They'll guide you through any steps and might give you a transfer form to fill out.
Step 3
Complete the transfer form
Fill out the transfer form with details of your existing ISA and the amount you want to transfer.
Step 4
Transfer process
Your new and old providers will process the transfer. It can take around 15 days for cash ISAs and up to 30 days for other types.
Step 5
Transfer complete
Your new provider will tell you when the transfer is complete. Make sure you check everything has transferred correctly.
Transfer my ISA to Leeds Building Society (from another ISA provider)
Online
Just go online to open the Leeds Building Society cash ISA that you want to transfer your money to. Then, you'll need to complete an ISA transfer form.
You need to do the same thing when transferring a stocks and shares ISA held with another provider to one of our cash ISAs. Remember, you can only transfer the full stocks and shares ISA balance, not a partial amount.
Branch or phone
You can also transfer your ISA by going in to one of our branches or calling us (if it's a cash ISA, an adviser will let you know if this can be done over the phone).
By post
You can also transfer your ISA by printing and filling out:
You’ll just need to pop your form in the post, addressing it to:
Customer Services
Leeds Building Society
Head Office
26 Sovereign Street
Leeds
West Yorkshire
LS1 4BJ
Transfer from a non-Leeds Building Society account to my Leeds Building Society cash ISA
Firstly, check that the ISA you have with us still accepts funds. You can usually find details of this in the Product Terms and Conditions of the account. If you’re still unsure, just get in touch with us and we’ll help you find out.
How to transfer
If you want to send funds electronically, you'll need to use the following details:
- Sort code: 08-61-19
- The first 8 digits of your 10 digit account number
Send cheques to:
Customer Services
Leeds Building Society Head Office
26 Sovereign Street
Leeds
West Yorkshire
LS1 4BJ
Just one thing to note, Leeds Building Society only offers cash ISAs.
Fund my Leeds Building Society cash ISA from an account held with Leeds Building Society
How to transfer
To do this, log into your account and send us a secure message or visit one of our branches if you have a non-online account. Or, you can write to us. In your letter, please include:
- The account number you want to transfer money from.
- The account number you want to transfer money to.
- The amount you want to transfer.
And you’ll need to sign the letter within the withdrawal period on the original account.
Send your letter to
Customer Services
Leeds Building Society Head Office
26 Sovereign Street
Leeds
West Yorkshire
LS1 4BJ
Withdrawals/transfers to non-ISA accounts
If you withdraw money from an ISA account, or transfer money from an ISA to a non-ISA account, the funds you withdraw will lose their tax-free status. In this case, you'll also lose that part of your ISA allowance.
Transfer my Leeds Building Society Cash ISA to another Leeds Building Society ISA product
How to transfer
To do this, log into your account and send us a secure message or visit one of our branches if you have a non-online account. Or, you can write to us. In your letter, please include:
- Information about the cash ISA product you want to transfer to.
- Confirmation that you’ve read and understood the Terms and Conditions of the new product.
You’ll need to sign the letter, and send this to:
Customer Services
Leeds Building Society Head Office
26 Sovereign Street
Leeds
West Yorkshire
LS1 4BJ
Transfer my Leeds Building Society cash ISA to another ISA provider
You'll need to contact the new provider who'll tell you what to do. We'll then transfer the funds to your new provider within five working days of receiving their transfer request.
ISA transfers - Common questions
No, transferring your ISA doesn’t count as opening a new one. Instead, it’s more like giving your savings a change of scenery. The money keeps its tax-free status, and you can continue to build on your existing savings.
You can transfer a fixed rate cash ISA before maturity, but there might be interest charges involved. Usually, this type of ISA fixes your interest rate for a set period, which is normally from one to five years - as long as you don't make withdrawals.
So, before you decide to transfer work out the cost of any potential charges so you understand the likely impact.
No, as long as you use the new provider’s transfer service, transferring your ISA doesn’t use up any of your ISA allowance for the current tax year. Your annual ISA allowance is the amount you can add to an ISA each tax year, and transferring existing savings between providers doesn’t affect this limit.
The maximum you can save each tax year is currently £20,000 (less any amount already invested in a stocks and shares ISA, innovative finance ISA, cash ISA and/or lifetime ISA in the same tax year). You can't exceed the ISA limits in any tax year.
The time it takes to transfer an ISA depends on the providers involved and the type of ISA. Transfers typically take between seven to 30 days to complete, but some might take longer. So, unless you've experienced any problems, you won't need to contact us.
We try to complete all ISA transfers as quickly as possible. The deadline for cash ISAs is 15 days, and up to 30 days for other types.
