Thinking about transferring your ISA? Whether you've found a better rate, want to combine your savings, or you’re simply looking to make the most of your ISA allowance, we’ll walk you through the process - step by step.
ISA transfers explained
On this page
Transferring your ISA
If you'd like to transfer a cash ISA or stocks and shares ISA, we'll explain exactly what you need to do.
Transfers can take up to 15 working days for cash ISAs and 30 calendar days for stocks and shares ISAs.
Cash ISAs are available to individuals aged 18 or over who are resident in the UK for tax purposes.
How to transfer an ISA
Step 1
Make your transfer request
We’ll get the transfer process started.
Step 2
We'll contact your old provider
They’ll need to send us the money from your existing ISA.
Step 3
Your money is sent to us
It can take up to 15 working days for cash ISAs and 30 calendar days for stocks and shares ISAs to transfer.
Step 4
Your ISA is ready!
As soon as we’ve got your funds, we’ll send you an email or letter to confirm the transfer.
Our ISA transfer rules
There are a few things to bear in mind when transferring an ISA to us.
- 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 money you withdraw will lose its tax-free status. You’ll also lose that part of your ISA allowance.
- ISA transfer process: To transfer your ISA to a different provider, you’ll need to use the new provider’s transfer process.
- Types of ISAs you can transfer: We offer cash ISAs. We can accept transfers from a cash or stocks and shares ISA.
- Transferring all or some of your ISA: For transfers from stocks and shares ISAs the full balance must be transferred. For transfers from cash ISAs the full balance saved in this tax year must be transferred, but you can choose to transfer all or part of the savings from previous tax years.
What is an ISA transfer?
An ISA transfer is when you move the savings from your Individual Savings Account (ISA) to another account or provider.
With an ISA transfer…
- You might be able to transfer some, or all, of your funds from this tax year or previous tax years.
- You can move your ISA to a new type of ISA with your existing provider or a brand new provider.
You can't transfer the money yourself because you’ll lose your tax-free status. Your ISA provider will move it for you instead.
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 a charge 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 (minus any amount already invested in any type of 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. It takes up to 15 working days for cash ISAs and up to 30 calendar days for stocks and shares ISAs.
Tax free means that interest payable is exempt from income tax.
