How to transfer your ISA

Top marks if you’ve accumulated an ISA balance as your interest will be paid tax-free. But unless your cash is also in the best-paying account, you’re still only halfway there. Here’s how to transfer your ISA!

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ISA rates change all the time, so it makes sense to transfer your old ISA into a new one!

You can transfer your existing ISA balance as many times as you like within a tax year, so it's easy to combine all your old accounts into one new ISA.

You DON’T have to pay more money in when you make the transfer – but if you DO want to top up your ISA, you can invest up to your annual tax-free allowance.

For the current tax year this allowance is £15,240. You can put the lot in a cash or stocks and shares ISA or split it however you like.

So, here's how to do it. Pick an account with a good rate of interest that allows ‘transfers in’. 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, or even longer in early April. 

But beware: you can't add more than your maximum annual allowance to any ISA. Not all ISA accounts allow transfers in. If they do, the minimum opening deposit can be high – up to £15,000 for example!

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

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