Transferring to a new ISA with the same provider

2Ronnies

Does anyone know if banks generally allow you to transfer to one of their newer products with a better rate (and also put new money in)? All the 'transfer talk' is of moving to a new provider, but actually all I want to do is move my money to their newer product! Specifically, Cynergy bank new ISA rate is 5% whereas I'm getting 3.2%!

eskbanker

Q. How can I switch my existing Cynergy Bank Online ISA to a new issue of Cynergy Bank Online ISA?

You can switch your existing Online ISA to a new issue that is currently on sale. To do this:

• Log into Online Banking,

• Select ‘fast track apply’ and open the new issue of Online ISA.

• Once this is open, select your existing Cynergy Bank Online ISA and choose the option ‘Internal transfer and close’.

• You will be asked which account you want to transfer to, and you should select your new issue of Online ISA.

• The balance in your existing ISA, including any accrued interest, will be transferred over on the same day and your old ISA will be closed.

https://www.cynergybank.co.uk/support/faqs/online-isa-faqs

PeskyBlunder

I think it's usually possible - you would need to check for the correct procedure with the bank involved. 

(I did an internal transfer with Charter Savings Bank this year and the process didn't even mention the fact that it was an ISA transfer as such - it just involved doing an ordinary transfer from one account to the other. Needless to say, I double checked that the funds wouldn't lose their ISA status.)

2Ronnies

Scratch the above - found it deep in their FAQs! The answer is yes you can and they tell you how to do it. Apologies - will check more thoroughly next time!

Martyn_H

Santander invited me to "upgrade" my ISA but I decided to transfer it for a better rate elsewhere

MilkorplainWS

Hi, 2Ronnies. I've been trying to do exactly the same. I have an ISA that's near maturity, and I simply want to instruct Cynergy to fund a new ISA (opened today with a better rate) using the whole balance of the maturing one. I have searched every corner of the site, every page called 'account details' 'account summary' 'My Accounts' and 'savings and deposits summary' (WHY so many routes in, all slightly different and each lacking something??) and I CANNOT find out how to give this instruction. I am wondering if I need to wait until maturity, but that's odd because all other banks/buildings societies allow me to say "please transfer once the ISA has matured and annual interest has been applied". Can you tell me what you found? What you did? Much thanks.