Switching Providers

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Switching Providers

Consumers can switch providers for cash, stocks and shares or life insurance ISAs, but it is important to note that simply withdrawing the cash or investment will cancel the ISA allocation.

To avoid this, consumers can ask their new choice of provider to move the money for them. Some Cash ISA providers will charge transfer penalties for anyone moving an ISA, and/or transferring a stocks and shares ISA, therefore consumers may be required to pay another initial charge.

Consumers can freely transfer money from cash ISAs to stocks and shares ISAs without influencing annual ISA investment allowances, although these transfers depend on the individual provider.

Consumers wishing to transfer money from a cash ISA to a stocks and shares ISA need to select their ISA provider. Consumers can choose either their existing provider, or look for a new provider. The new provider can arrange this transfer in a similar way to transferring you ISA to another provider. If the consumer withdrew the money and invested it themselves, this could count towards annual ISA investment allowance.

Consumers are not able to transfer money saved in a stocks and shares ISA into a cash ISA. However, transferring cash or stocks and shares ISAs to another provider is permissible.