How to transfer an ISA
Are you looking to transfer funds from one ISA account to another? We’ve put together a guide to help you through the process…
Why would I transfer my ISA?
People transfer ISAs for various reasons but usually to take advantage of a better interest rate. You might also be looking to have your accounts with one provider to make them easier to manage.
Your ISA Allowance
Before you begin making changes to your ISAs, it’s worth making note of your ISA allowance. The tax year runs from 6th April to 5th April and your total limit for investment in ISAs is £20,000 in the tax year 2024/25.
Transferring from one ISA provider to another does not affect your annual allowance.
Transferring from a different ISA Provider to The Cumberland
Please speak to us before withdrawing any funds from an existing ISA as the transfer procedure must be followed correctly to avoid losing any tax benefits.
How do I transfer my ISA to the Cumberland?
This can be initiated either in branch or over the telephone and you can make an appointment at a time that suits you by using our online appointment booking system.
If you already have a cash ISA with us then we may be able to transfer the funds directly into that one, depending on the terms and conditions.
If you don’t currently have an ISA with us then we can help you choose one from our range that best suits your needs.
Transferring from a Stocks & Shares ISA to a Cumberland Cash ISA
You are able to transfer funds from a Stocks & Shares ISA with another provider into a Cumberland Cash ISA. Please book an appointment to discuss this using the link above.
What will I need to bring to the appointment?
When visiting our branch, please bring with you some proof of identity (eg a passport or driving licence), your National Insurance number, and the full details of the ISA that you are looking to transfer across to us.
Will there be a fee for transferring?
We don't charge a fee for transferring an ISA to us, however we advise checking with your current provider for any administration fees or charges that they may apply to the transfer.
What happens during the meeting?
In your meeting with us we’ll talk through any accounts you may be interested in, complete the required paperwork and answer any questions that you may have. We’ll then explain the next steps.
We hope that you found our quick guide useful. Further information about our range of ISAs can be found here.
If you have any questions about savings in general, or about ISAs, please feel free to visit your local branch, or give us a call on 01228 403141 where you’ll get through to a member of our customer service team.