With the start of the new financial year approaching fast, it may be a good time to consider transferring your existing ISA allowance to new products or areas of investment. There are a number of reasons to consider transferring your ISA, including to get a better rate of interest, and to consolidate your funds into one place for ease of management.
If you do decide to transfer your ISA, there are a number of things you should be aware of. You can transfer your Individual Savings Account (ISA) from one provider to another at any time, and from one type of ISA to another (or to the same type of ISA). For money you invested in previous years, you can choose to transfer all or part of your investments, however if you want to transfer money you’ve invested during the current year, you must transfer all of it rather than just a part.
To begin transferring your ISA, and switching providers, contact the ISA provider you want to move to and fill out an ISA transfer form to move your account. If you withdraw the money without doing this, you will not be able to reinvest that part of your tax-free* allowance again.
Government guidance states that ISA transfers should take no longer than 15 working days for a cash ISA and a cash Lifetime ISA or; 30 working days for a stocks and shares ISA, investments held in an innovative finance ISA and stocks and shares in a Lifetime ISA. If your transfer takes longer than this, contact your ISA provider.
To start your journey with Just, follow these simple steps:
While a bond investment through an ISA may offer a higher rate of interest than some other ISA’s you are making an investment and Your Capital Is At Risk. It will be to be harder to transfer or sell your investment than when using a Stocks and Shares or Cash ISA and there is no FSCS protection. You should review our offering in full before making any decision and read the risk section fully before proceeding any further.
*Tax treatment depends on the individual circumstances of each client and may be subject to change in the future