Can I transfer my ISA – if so, how?
Your ISA (NISA) can be made up of a mixture of cash and shares or investments under the NISA rules introduced in July 2014.
The ISA/NISA allowance increased to £15,240 on 1 April 2015.
The most recent budget provided increased flexibility for savers, so that you can now withdraw cash from your ISA and, so long as you replace the cash within the same financial year, this will not reduce or affect your annual ISA allowance subscription.
If you are considering transferring your I S A, it is important to do it the right way. Encashment and then transferring the monies will cause you to lose the tax benefits of your I S A. So it is important to transfer between ISA providers.
You need to consider the charges of the existing provider and your new selected I S A provider.
However, it is probably more important to ask yourself why you are considering transferring your I S A – is it simply because you are disappointed with the investment returns from your existing provider, or are you doing so because you are changing your overall investment strategy?
We have a guide to I S A investing which you can download for free by filling out the details below.