Why Transfer Your Investment ISA?
If you have existing investment ISA plans and you are unhappy with the investment performance you are getting then transferring to a new ISA provider is a simple process.
If you have existing investment or stocks and shares ISAs you may be unhappy with the investment performance or your objectives may have changed e.g. you may require income rather than capital growth. You can transfer existing investment ISAs to a new provider without losing valuable tax relief.
In making a decision to transfer your investment ISAs you should have a clear objective of what you are trying to achieve. It may be that you require income, or you want to move to an investment with clearer investment objectives. Your existing investment ISAs may have performed badly, and you wish to transfer to an investment manager with a better investment track record, or lower charges.
How to Transfer Your Investment ISA?
Transferring your existing investment ISA (s) is straightforward and only requires some of your time.
1. Firstly you need to decide on where to transfer your Investment ISAs. Use our website to help find a selection of investment ideas for your ISAs.
2. Once you have decided on the new home(s) for your ISAs the new ISA manager will provide within the application pack a “ISA Transfer” form. In completing this you are authorising the new ISA provider to do all the work in transferring your existing ISAs over. If you have a number of investment ISAs with different ISA providers the transfer form should cater for this.
3. On receipt of the completed ISA transfer forms from you, the new ISA provider will contact your existing ISA providers and arrange transfers with each of them. The ISA transfer process should take no longer than 3 weeks (15 business days).
4. When a ISA is transferred the old ISA manager is required to give the new ISA provider a transfer history form which contains information and a declaration.
5. Once the transfers have been completed your new investment ISA provider (s) will confirm this to you in writing.
Top ISA Transfer Tips for 2016/17
- If you are unhappy with your existing investment ISAs and you want to transfer to a new provider make sure you do not cash in your existing ISAs. If you do you may lose ISA tax relief you currently enjoy. The transfer process needs to be left to the new prospective ISA manager.
- Before transferring to a new ISA manager research what investment options are available. Our website provides a range of investment ideas which can be used for ISA investment. If you are unsure what to do you should seek independent financial advice.
- You can transfer all or part of previous years' ISA subscriptions, while if only the current tax year's subscription is being transferred then the full amount will need to be transferred to the new provider.
- Make sure you understand the charges that the new ISA manager will apply to your money.
- If you need access to your capital quickly some investment ISA plans may apply charges for early withdrawal.
- If you require regular income a number of investment ISA managers can pay income monthly, quarterly or annually. See our investment tables for options.
Investment ISA Transfer Information Service
If you are interested in an Investment ISA plan featured on our website but you are unsure how the ISA transfer process works, call our helpdesk for more information. If you wish to invest in a new ISA plan offered through our site which we administer we will check the transfer forms when you send them back to us and call you if we need any further information.
Make more of your existing ISAs
Here is our selection of current plans to help you make more of your existing ISA investments. Firstly, we offer a variety of the investment plans that are suitable for investment ISA transfers and secondly a variety of fund choices which are available via our fund supermarket. Whether you our looking for greater income or better growth opportunities from your ISA, we hope you will find the right option.