Individual Savings Accounts (ISAs)

Switching from one ISA manager to another

You can transfer your ISA to another ISA manager whenever you want. You can usually transfer simply by asking the new ISA manager to arrange the transfer. Your existing ISA manager cannot stop you transferring, but they may make you pay a charge, or insist that you sell any existing ISA investments and transfer cash (this will be specified in the ISA manager’s terms and conditions). You may want to consider this when taking out an ISA.

Your ISA must be transferred directly between the two managers. You cannot transfer your ISA by closing it and opening a new ISA with the new ISA manager.

ISA cash, savings and investments must always remain in the same component. You cannot move funds from, say, a cash ISA with one manager to a stocks and shares ISA with another. A particular ISA may only allow certain types of savings or investments. If you want to include savings and investments that are not available for your ISA, you may have to transfer to another manager.

You can only put money into one Maxi ISA or one Mini ISA of each type in a tax year. So, if you want to transfer the money you have put into your ISA in the current tax year, you must transfer all of it. Any more money you want to put in this year must go into the new ISA.

You can transfer all of the money you put into your ISA in earlier years or only some of it, if you wish. However, some managers may not allow you to transfer part of your ISA (this will be in the terms and conditions). Your existing ISA manager will be able to tell you how much you can transfer.

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