How to transfer an ISA to Shawbrook Bank
Whether you’re after a better rate, great customer service or want to move from stocks and shares to cash, transferring an ISA to Shawbrook Bank is headache-free. This guide will explain everything you need to know to get moving.
What is an ISA transfer?
An ISA transfer allows you to move savings you have with one ISA provider to another – without losing any of your £20,000 tax-free allowance. This is because your money is not withdrawn from your existing ISA and then deposited with your new one, which would count towards your allowance as a new subscription.
Important rules of transferring
There are a number of rules to consider before you transfer an ISA:
Move everything from this tax year
You must move all of your savings that you have deposited into your existing Cash ISA in the current tax year; you cannot just transfer part of it. This is because you can only have one ‘active’ Cash ISA in a single tax year.
Choose how much to transfer from previous tax years
You can move part or all of your savings that you deposited in previous tax years.
Check for charges
Some ISA providers charge a penalty or fee for transferring to a different provider. Make sure you understand any costs you may incur before transferring.
Don’t move the money yourself
Make sure you ask Shawbrook Bank to transfer the money for you. If you withdraw the money from your existing provider yourself and deposit into a new Cash ISA, you will be subject to the rules around new deposits – which only allows you to deposit up to £20,000 in the current tax year.
Transferring an ISA
Transferring is simple. Our team will process your transfer based on who your current ISA provider is. This is because some are subscribed to an electronic ISA transfer scheme meaning you can transfer online, and some are not, which means we’ll need to contact them directly through telephone, email and post. If your provider is not a member of the electronic ISA transfer scheme, you’ll need to fill out a separate form in addition to your application.
To get started, just follow the below steps.
Step 1
Work out if your ISA needs to be transferred electronically or manually. If your current ISA provider is in the below list, we can transfer electronically. If not, we will process it manually.
Step 2
Complete an ISA application. You can find a full range of our rates on our Cash ISA page. If you are transferring your ISA electronically, you will need to complete the ‘ISA transfer’ section of the application. If your transfer is manual, you do not need to complete this section but ensure you send us this completed form by email or post.
Step 3
Sit back and let us do the hard work. If we need some additional information, one of our team will be in touch.
General ISA FAQs
How long does an ISA transfer take?
The length of time it takes to transfer depends on the type of ISA you’re transferring.
- Cash ISA – within 15 working days
- Stocks and shares ISA – within 30 working days
What kind of ISAs can I transfer to Shawbrook?
At Shawbrook, we only provide cash ISAs. You can transfer or convert the following ISAs to a Cash ISA with Shawbrook:
- Cash ISA
- Stocks and Shares ISA
But you can't transfer or convert:
- Lifetime ISA
- Junior ISA
- Innovative Finance ISA
Electronic ISA transfers
The below list details the ISA providers who can transfer your ISA to us online.
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AA (One Family/Post Office) |
Lloyds Bank |