Yes, you can transfer an ISA from one provider to another (as long as they accept transfers). You can also choose to transfer to the same type of ISA, or to a different type.
There are some rules in regards to transferring an ISA;
- If you want to transfer money invested in an ISA during the current tax year, you must transfer all of it.
- If you want to transfer money invested in an ISA in a previous year, you can choose to transfer all or only part of it.
- You can transfer ISAs as many times as you like.
- You can transfer as much as you like - transfers are not governed by the annual ISA allowance.
- You cannot hold stocks and shares in an IFISA, so you would need to sell those stocks and shares - so that your ISA is only holding cash - before transferring it into an IFISA.
There are steps that you must take when transferring an ISA in order to ensure your savings don’t lose their tax free benefits, so it’s important that you contact your provider to find out the best way to go about transferring.
MAVEN Bonds are an IFISA provider specialising in fixed term property bonds.
Against a backdrop of low interest rates and a volatile stock market, the IFISA can provide an attractive investment opportunity for experienced investors.
With the ability to hold peer-to-peer loans and debt-based securities, IFISA investments have the potential to generate higher rates of return than more traditional investment routes for investors with a greater appetite for risk.
To find out more, download our free IFISA guide.