It is possible to transfer money from one ISA account to another if the ISA provider allows it, however this is a process that you must complete via the provider (usually a bank or building society).
Do not remove your money from an old ISA and think that you can pay it into your new ISA. If you do this you will lose all tax-free benefits on the money.
In order to make the transfer correctly you must ask your new provider for exact details of how to carry out the transactions.
For most providers this will involve filling out a form and returning it to the provider.
Can I open a brand new account and transfer old ISAs into it?
Yes you can but not all accounts accept transfers.
Some providers, particularly those offering the highest rates will not accept old ISAs as they do not want to pay the high rates on large sums of money.
If you are looking to open a new account and transfer in old ISAs on a higher interest rate then check with the provider to be sure they accept transfers.
Some providers will only accept transfers on certain ISA accounts.
Is there a limit to what I can transfer into my new ISA?
You can only pay £5,340 a year into a cash ISA. This is a very strict figure and the year is considered to be from April 1st – March 31st.
Can I transfer a balance without it using up my yearly limit?
Yes you can. Transferring money saved in previous years will have not affect the amount you can pay in for the current ISA year.
I have many cash ISAs and I’d like to move them all into one account
This is also possible but again you need to speak to the provider of the account you wish to stock pile your money with and ask for the appropriate forms for the transfers.
Can I open several cash ISAs in one year and pay the yearly limit into each one?
This would amount to fraud and HMRC overlooks all ISAs so you would inevitably be caught out. This is certainly not recommended!