ISA Transfer - Transferring an ISA

If you have money saved from a previous tax year, you can transfer some or all of the money from your cash ISA to a stocks and shares ISA without this affecting your annual ISA investment allowance.

However, once you have transferred your cash ISA to a stocks and shares ISA it is not possible to transfer it back into cash.

ISAs must always be transferred; you can't close the old one and start a new one, otherwise you will lose the tax advantage. If appropriate, you may wish to consider switching an existing stocks and shares ISA if you feel the rate is not competitive. But if you have a fixed-rate ISA, you should check whether you may have to pay a penalty when transferring.

For more information on the best way to invest in ISAs please speak with our savings advice team