ISA tranfer questions

gutarrak

Hi All,

I was wondering if there's any restriction to the number of times you can transfer an ISA within the same tax year. Even if the ISA has no interest penalty, does anyone know how many days of interest you lose?

Thanks in advance.

10_66

Theoretically, you can transfer as often as you like, providing the new provider you choose permits transfers in. However, you may lose interest during the transfer period, depending on who you transfer to, as some providers don't start your new account on the same date or the date after that on the transfer cheque. Some do this. So you'd have to weigh up whether the extra interest gained from the move's worth it. Also you'd need to check on whether or not your existing ISA has any transfer penalties.