Your guide to transferring money from a Stocks & Shares ISA

One of the questions that our colleagues get asked more commonly regarding ISAs, is can you transfer funds from a Stocks & Shares ISA, into a Cumberland Cash ISA?

The answer is yes, you can. Please find the details below.

ISA Allowance

Before you begin making changes to your ISAs, it’s worth making note of your ISA allowance. You are only entitled to one ‘active’ cash ISA each tax year – an active ISA being one that you have deposited money into - if you already have one of those with another provider then you would need to consider transferring that across to us too. Also be aware that the tax year runs from 6th April to 5th April and that your total limit for investment in ISAs is £20,000 in the tax year 2023/24.

Now that you’re sure that you are eligible, how do you proceed?

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 Stocks & Shares ISA to a Cumberland Cash ISA?
  This can be initiated in either branch or over the telephone and you can make an appointment at a time that suits you by using our online appointment booking system.
• 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 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 explain everything that needs to happen, complete the required paperwork and answer any questions that you may have.

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.