How to start my ISA transfer?
If you are a UK resident, an Individual Savings Account (ISA) is a great way of growing your savings tax free.
At some point, you might want to transfer your ISA into a different type of ISA, or you might want to move your savings to a provider that offers a wider range of funds or lower costs.
The good news is that you can transfer your ISA at any time to another provider, and you can can transfer your savings to a different type of ISA or to the same type of ISA.
Does this work at Charles Stanley Direct?
Yes, you can transfer your ISA to Charles Stanley Direct! It's just a request away!
How can I transfer my ISA or portfolio?
There are some conditions and possible restrictions though to transferring to your ISA. If you want to transfer money you’ve invested in an ISA during the current tax year, you must transfer all of it. For money you invested in previous years, you can choose to transfer all or part of your savings. If you transfer cash and assets from a Lifetime ISA to a different ISA before the age of 60, you'll have to pay a withdrawal fee of 25%. You can transfer cash from your innovative finance ISA to another provider, but you may not be able to transfer other investments from it.
To switch providers, you need to:
- Contact the ISA provider you want to move to
- Fill out an ISA transfer form to move your account
- And keep in mind that if you withdraw the money without transferring your ISA, you will not be able to reinvest that part of your tax-free allowance again.
ISA transfers should take no longer than 15 working days for transfers between cash ISAs, according to the UK government, and 30 calendar days for other types of transfers.
What are the charges of a transfer?
There could be different fees when transferring your ISA out. The provider that takes your ISA in will not charge you, the exiting customer. The fees a provider you leave might charge vary. They could be:
- A percentage of your portfolio could be charged
- Fixed fee per asset in portfolio
- No fee which is rare
We saved hours of research for you and checked which broker offers the best stocks and shares ISAs, see our recommendations here.
You can learn more on how to transfer your ISA in this article.