Transferring an ISA

What is an ISA transfer? 

An ISA (Individual Savings Account) transfer is where you move your money from one ISA to another. You can only transfer to another ISA in your name. If you don’t use an ISA transfer to move money between ISAs, you risk losing the tax-free* status. 

Why would I want to transfer my ISA? 

Reasons to transfer your ISA include: 

• to get a better interest rate 
• to change to a different type of ISA 
• to combine your ISAs into one, making them easier to manage 

Transferring a cash ISA 

To transfer you’ll need to: 

1. check the terms and conditions of your current ISA, to understand whether there are any charges to transfer out 
2. find the new ISA you’d like to transfer your money into and check that it accepts transfers in 
3. contact the provider of the new ISA 
4. complete the ISA transfer form they provide you 

Here's how to transfer your cash ISA to Principality. 

Transferring to a different type of ISA 

There are different types of ISAs that you can open and transfer into. This means you can: 

• transfer your ISA into another ISA of the same type, for example – transferring a cash ISA into a different cash ISA 
• transfer your ISA into another ISA of a different type, for example - transferring a Stocks and Shares ISA into a cash ISA  

The cost of transferring an ISA 

There may be charges when you transfer your ISA. This depends on: 

• your current ISA provider – some providers charge a fee to transfer 
• your current ISA product – check your terms and conditions for any loss of interest or charges for early withdrawal/closure 

Work out any fees and charges or loss of interest to see if it’s worth transferring your ISA. 

How long does an ISA transfer take? 

It should take around: 

• 15 business days if you’re transferring a cash ISA 
• 30 business days if you’re transferring a different type of ISA, like a Stocks and Shares ISA 

Can I transfer part of my ISA? 

When transferring money from one ISA to another, you must transfer the full amount of what you’ve paid into an ISA this tax year. But you can transfer all or part of what you’ve paid in previous years. 

If you’re transferring from a Principality ISA to another Principality ISA, the amount in the ISA must be transferred in full. 

Does an ISA transfer affect my ISA allowance? 

If you're transferring an old ISA, that you haven’t paid into in the current tax year, your ISA allowance won’t be affected. You must use the ISA transfer process to complete the transfer. 

If you close your ISA and withdraw the money to pay into a different ISA, you’ll lose your ISA allowance. You’ll also lose the tax-free* status on the ISA you closed. 

The information in this guide was accurate when published.  

*Tax-free means the interest you earn isn't subject to UK Income Tax and Captial Gains Tax. Tax treatment depends on your individual circumstances and could change in the future.