ISA Transfers

An ISA, or Individual Savings Account, is just a savings account that’s permanently tax-free. You can save up to £20,000 this tax year in an ISA, but you can also boost rates on old ISAs by transferring them.

• Each tax year (6 April to 5 April), there’s a maximum amount of money you can put in an ISA and this is called your ‘ISA allowance’. For the 2018/2019 tax year, the ISA allowance is £20,000
• There are four types of ISA – cash ISA, stocks and shares ISA, innovative finance ISA and Lifetime ISA
• You can save up to the full ISA allowance in one type of account (apart from the Lifetime ISA, where you can pay in a maximum of £4,000) or split the allowance across some or all of the different types of ISA. So for example, you could save £10,000 in a stocks and shares ISA and £10,000 in a cash ISA
• Each tax year you get a new allowance, so any unused allowance from the previous tax year is lost
• You don’t have to save with the same ISA provider that you saved previous years’ allowances with. Each new tax year’s allowance can be saved with a different provider, so you can shop around for the best rate available

• To switch providers, contact the ISA provider you want to move to and check that the ISA you want to open accepts transfers, as there may be restrictions. Some accounts may only accept transfers of savings from the current year’s allowance and may not allow you to transfer savings from previous tax years
• Once you’ve decided on your new ISA, fill out an ISA transfer form with the new provider to move your account 
  Don’t take the money out yourself, ask the new provider to transfer it. If you withdraw your money, it will lose the tax free status

If you’re ready to get started, take a look at our current interest rates. We offer unlimited transfers of previous and current tax years ISA savings into all of our Fixed Rate and Notice Cash ISAs. We’ll process the transfer electronically if we can, to make sure you get the benefit of our competitive rates as quickly as possible.

Open an account, transfer your ISA and take advantage of a smarter way to save.