How to transfer an ISA

Protecting your tax free savings using ISAs is the best way to maximise your savings - but is this a hassle to arrange? We explain how to transfer your money from an old account to a new one...

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Why transfer your ISA?

ISA rates change frequently – so moving your money ensures you get the highest rate available.

You don’t have to pay more money in when you make the transfer – you can just switch your existing ISA balance from one account to another. 

But if you DO want top up your ISA when making the transfer, you can invest up to your annual tax-free allowance. For the current tax year this is £5,640 in cash. For the new tax year, which starts on April 6, this cash allowance goes up to £5,760. Remember, you won’t be charged tax on interest earned.

How do you transfer your ISA?

It’s really, really, really easy to transfer your old ISA into a new one.

You pick an account with a good rate of interest that allows “transfers in” . You tell your new provider that you have an old ISA you want to transfer across. They will do the rest.

It can take up to a week to transfer your ISA, however in the busy early April period it can take as long as 30 days.  You can transfer as many times as you like within a tax year. You can combine all your old ISAs into one new ISA account


You can’t add more than your maximum annual allowance to any ISA.

You can’t transfer a stocks & shares ISA into a cash ISA but you CAN transfer cash into stocks & shares (The current annual allowance for a stocks & shares ISA is £11,280 and this rises to £11,520 from April 6).

Some accounts don’t allow transfers in, so choose carefully, and some of the accounts that do allow transfers charge a fee.

NEVER EVER EVER close your existing ISA before opening a new one – you will lose the tax free status on your savings – let your new provider handle it.

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