03 April 2024

There are many reasons for transferring ISAs – and you can move to a new one at any time. Perhaps you want to make it easier to manage your savings by bringing them together in one place. Maybe you want to make some cost-of-living savings by moving to a Stocks and Shares ISA with lower fees or a Cash ISA with a higher interest rate. Or you could have checked your savings goals and realised that it’s time for a change.

Can I transfer my Cash ISA into a Stocks and Shares ISA?

Yes, you can make a Cash ISA transfer into a Stocks and Shares ISA. It could be a good choice if you’re:

  • looking to invest your money for five years or more without locking it in
  • aiming for your savings to grow in line with any stock market growth
  • comfortable that:
    • your investment’s value will go down as well as up
    • you could get back less money than you put in.

How to transfer an ISA?

You’ll usually just fill out a form asking your old provider to make the transfer.

As you already have a Stocks and Shares ISA with us, you can transfer your savings into your ISA. You just need to:

  • log into your MyAccount and go to 'Transfer your ISAs' 
  • double check that you’re making the right choice for you
  • ask your old provider to make the transfer.

ISA transfer rules

Do I have to transfer the full balance of my ISA?

You can make a full or partial ISA transfer, as long as your existing provider allows it.

Is there any upper limit on the amount of money I can transfer between ISAs?

There’s no upper limit on the amount of money you can transfer between ISAs. You can move as much around as you need to.

Will transferring my ISA use up my ISA allowance?

No, transferring an ISA doesn’t use up your ISA allowance. For example, you might have £40,000 saved in one ISA. You can transfer it all into another ISA without affecting your £20,000 annual allowance.

Do I have to follow the ISA transfer process?

It’s very important to follow the transfer process. If you just close down your current ISA, pull your money out and then pay it into another one, you’ll use up some or all of your annual ISA allowance. And your annual ISA allowance limits might stop you paying all of it back into your new ISA.

How many ISAs can I transfer money out of and into?

You can transfer as many ISAs as you need to into as many ISAs as you want to. So for example, you could consolidate five different ISAs into one ISA, or move money from one ISA into five other ones.

Are there any restrictions on the types of ISA I can move money into or out of?

You can’t transfer a Junior ISA into any other type of ISA. Apart from that, it’s easy to transfer money into all types and out of most types of ISAs. Financial penalties or fees sometimes apply and moving cash out of a Lifetime or Innovative Finance ISA can be harder. Check with your provider for details.

What should I watch out for during the transfer?

Check through your old and new providers’ transfer processes. Make sure there aren’t any exit fees or penalties that will take you by surprise. And keep an eye on the transfer period. It can take up to 30 days for your money to move across.

How do I check that I’m making the right choice for me?

Before you make the transfer, make sure you’ve worked through this checklist:

  • Is your new ISA better value or a better fit with your savings goals?
  • Have you taken any transfer or other fees into account?
  • Are you fully aware of your old and new providers’ transfer processes?
  • Will you be ok with not being able to transfer the money back?