How To Arrange A Cash ISA Transfer

An ISA provides tax free savings for anyone over the age of 16 that is a resident of the UK. And, many people have already taken advantage of the tax free status and used their yearly ISA allotment. But, in order to make sure that you have the best cash ISA, you may need to transfer your account.

The only real reason that you’d want to transfer your ISA is to earn a higher rate of interest. But, some investors just want to consolidate several cash ISA’s with one provider to make their finances easier to manage. No matter what the reason is for a transfer, there are certain steps you’ll have to take.

To initiate an ISA transfer you will need to complete all of the required forms. Never, under any circumstances withdraw all of the savings to open a new account. If not transferred properly, you will probably lose the tax free status. You can either let your current ISA provider handle the details, or ask the new provider to make the transfer for you.

After all of the proper forms are completed, the transfer should be final within 30 days or less. But, once the process is complete, you will receive a letter confirming that your ISA has been successfully transferred. The process is generally free, but some providers will charge you a transfer fee.