Cash ISA transfer rules

BabblyB

I've already used my £20k ISA allowance for this year. I have an easy access Cash ISA with Tembo (totalling £40k+) which I want to transfer for a better (and possibly fixed term) rate.

Am I right is assuming that transfers are not subject to the £20k allowance limit?? i.e that a transfer does not constitute a new payment - so I could transfer the whole amount in addition to the £20k I've already paid in this year?

I know there are rules re the process of ISA transfers but any other general advice on Cash ISA transfers would be appreciated, as it's not something I've done before. (I already have a Stocks & Shares ISA too).

Thanks. :)

slinger2

You are correct. You can transfer the whole £40k+ including any interest. Transfers have nothing to do with the annual allowance. The time to transfer varies considerably. Can take up to 3 weeks but it usually a lot quicker. Make sure everything matches up: name, address, NI number.

Farway

I know there are rules re the process of ISA transfers but any other general advice on Cash ISA transfers would be appreciated, as it's not something I've done before. (I already have a Stocks & Shares ISA too)

Just in case you, or or others who may be reading thread, are not aware, use the ISA transfer service from you new ISA provider, do not take money out & then deposit it yourself, you will lose the ISA status if you do