Guide to Transferring ISAs
Transferring funds into a Shawbrook Cash ISA is simple. This guide will explain everything you need to know to get moving.
What is an ISA and the Annual ISA Allowance?
An Individual Savings Account, or ISA, allows you to save money without being taxed on the interest earned.
The Annual ISA Allowance is the limit established by the government for tax-free savings on ISAs. Each tax year you can save up to £20,000 across multiple accounts with different providers. You can also transfer funds from other ISAs beyond this limit. If you transfer savings from previous tax years, this will not affect your current year’s ISA allowance. If the transfer includes money you paid in during the current tax year, that amount will still count towards your ISA allowance.
At Shawbrook, you can open multiple cash ISAs per year.
For more information, visit our Cash ISA Allowance page.
Shawbrook Cash ISA Options
Shawbrook offers Easy Access and Fixed Rate Cash ISAs with a minimum balance of £1,000. The maximum account balance for a Fixed Rate Cash ISA is £250,000 and for an Easy Access Cash ISA is £500,000.
Fixed Rate Cash ISAs provide a guaranteed interest rate for a fixed term, with withdrawals before maturity subject to an early exit charge.
Easy Access Cash ISAs provide a variable interest rate, adjusting with market conditions, and allow next working day access to funds subject to a minimum withdrawal of £1. You can pay into this account at any time.
To fund a Shawbrook Cash ISA, you can either transfer funds from another ISA or make a deposit from a linked account.
To learn more about Shawbrook Cash ISAs, visit our Cash ISAs page.
Why transfer an ISA?
If you withdraw money from an ISA into a non-ISA, before then placing it into another ISA, the money will lose its tax-free status.
In addition, if the money was deposited in the same tax-year, it may reduce how much money you can pay back into an ISA during that tax-year given the Annual ISA Allowance of £20,000.
Transferring from one ISA to another ISA ensures you maintain ISA tax-free status benefits.
Flexible ISAs are the exception. A flexible ISA allows the withdrawal and replacement of money during the same tax year, without affecting your Annual ISA allowance year. Shawbrook does not offer flexible ISAs.
Please consider your individual circumstances, and if it would be best to undertake the ISA transfer process to ensure your money maintains its tax-free status.
Does transferring an ISA use your allowance?
No. Transferring funds from one ISA to another ISA ensures your money maintains its tax-free status and isn’t included within the £20,000 ISA allowance.
Does transferring an ISA count as opening a new one?
It depends what type of transfer you undertake.
You can transfer into an already opened Shawbrook Cash ISA and this would not count as opening a new one. If you don't already have a Shawbrook Cash ISA, then you would need to open one and transfer in money from another provider's ISA as part of this process.
We break down the Shawbrook transfers options and how to action below.
Best time to transfer an ISA
Key ISA Dates
The ISA year runs parallel to the tax year, which always starts on 6 April and ends on 5 April the following year. The dates for your annual ISA allowances are the same.
It is a good idea to keep these dates in mind if you’re considering opening an ISA or topping up an existing account so you can make the most of the tax-free allowance.
For more information on key ISA dates, visit our ISA Deadline page.
Early Exit Charges
If you are wanting to transfer money out a Fixed Term ISA, you should check if there are any early withdrawal charges first. Charges differ depending on the provider and the terms of your agreement.
Below is a summary of the early exit charges applicable for the Fixed Rate Cash ISAs at Shawbrook.
- 1 Year Fixed Rate Cash ISA: loss of 90 days’ interest on the withdrawn amount
- 2 Year Fixed Rate Cash ISA: loss of 180 days’ interest on the withdrawn amount
- 3 Year Fixed Rate Cash ISA: loss of 270 days’ interest on the withdrawn amount
- 5 Year Fixed Rate Cash ISA: loss of 360 days’ interest on the withdrawn amount
- 7 Year Fixed Rate Cash ISA: loss of 360 days’ interest on the withdrawn amount
Please consider your individual circumstance but it may be best to wait until the end of your current ISAs term before transferring to avoid charges.
How to transfer to a Shawbrook Cash ISA
There are 3 different ways to transfer funds into a Shawbrook ISA.
1. Open to transfer
Complete the online ISA application form. If your provider is not part of the electronic transfer scheme, a separate form is required for a manual transfer. See the 'General ISA FAQs' section below to view the Electronic ISA transfers list.
2. Shawbrook ISA maturity
When a Shawbrook Fixed Rate Cash ISA matures, you have the option to transfer the funds to a new Shawbrook ISA by logging in and following the online maturity process.
3. Transfer funds to a Shawbrook ISA that's already open
For newly opened ISAs and for internal transfers please contact our friendly Savings Team by phone or log in and send us a secure message.
At Shawbrook, we accept transfers from Cash ISAs or Stocks and Shares ISAs. Cash ISA transfers typically take 4 to 5 working days but can take up to 15 working days. Stocks and Shares ISA can take up to 30 calendar days.
Depositing funds into a Cash ISA
If you want to deposit funds into a Shawbrook Easy Access ISA instead of transferring funds, you can make a payment to us via electronic payments only. This includes Faster Payments, BACS and CHAPs.
As we don't take payment from you automatically, you'll need to make any payments from your nominated, or linked, account, using the following details:
Payee: your name
Account number: your eight-digit account number
Sort code: 16-58-73
Reference: your name again
If you're not sure what account number to use, can get help on how to find your account number.
General ISA FAQs
Electronic ISA transfers
The below list details the ISA providers who can transfer your ISA to us online.
|
Aldermore plc |
Lloyds Bank plc |
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
At Shawbrook you also can't transfer or convert:
- Lifetime ISA
- Junior ISA
- Innovative Finance ISA
Following the Autumn Budget 2025 and an update from HM Revenue & Customs (HMRC), the rules on ISA transfers are changing.
From the 2027/2028 tax year onwards, you will no longer be able to transfer money from a Stocks and Shares ISA or an Innovative Finance ISA into a Cash ISA.
What you should know before transferring an ISA
The differences between withdrawing and transferring an ISA
There is a difference between withdrawing and transferring. If you withdraw money from an ISA and place it into a non-ISA, before paying it into another ISA, the money will lose its tax-free status.
In addition, if the money paid into an ISA during the current tax year, withdrawing it and paying it into another ISA will still count towards your £20,000 annual ISA allowance for that tax year.
Transferring ISA savings from previous tax years from one ISA to another ISA ensures you maintain ISA tax-free status benefits without affecting your current tax-year allowance.
Flexible ISAs are the exception. A flexible ISA allows the withdrawal and replacement of money during the same tax year, without affecting your Annual ISA allowance year. Shawbrook does not offer flexible ISAs.
Please consider your individual circumstances, and if it would be best to undertake the ISA transfer process to ensure your money maintains its tax-free status.
For more information, visit our pages below:
Operating multiple ISAs across different providers
You can invest in more than one ISA in the same tax year. This means you can spread your annual ISA allowance across ISAs with different providers.
At Shawbrook, you can open more than one Shawbrook cash ISA in a tax year. If you're splitting your ISA allowance over several ISAs, the maximum deposit across all of your accounts is £20,000. It’s your responsibility to make sure you do not exceed your annual ISA allowance. This limit applies across all ISA Providers. If you exceed your allowance, HM Revenue & Customs (HMRC) may contact you and you may need to pay tax on any interest earned on the amount above the limit.
For more information, visit our 2026/27 cash ISA allowance page.
How to transfer your ISA
Transferring an ISA is a straightforward process, provided you follow the correct steps to maintain your tax-free benefits. Before proceeding with the transfer, please consult our guidance: What You Should Know About Transferring an ISA.
Transferring an ISA from another provider to a Shawbrook ISA
To transfer an existing ISA from another provider to a new Shawbrook ISA you will need complete the online ISA application form. Requests to transfer funds into an account from another ISA provider can be made at the same time as your initial account application. Transfer requests received after your initial account application may be refused. If your provider is not part of the Electronic Transfer Scheme, a separate form is required for a manual transfer. This form should be used once you’ve opened your Shawbrook Cash ISA to complete the transfer process.
For more information on how to transfer to a Shawbrook cash ISA, visit our Guide to Transferring ISAs.
As part of your application process, we will capture the details of your current ISA. We will then work with your existing ISA provider to complete the transfer for you, and you'll keep your ISA tax-free status benefits.
At Shawbrook, we accept transfers from Cash ISAs or Stocks and Shares ISAs. Cash ISA transfers typically take 4 to 5 working days but can take up to 15 working days. Stocks and Shares ISA can take up to 30 calendar days.
Following the Autumn Budget 2025 and an update from HM Revenue & Customs (HMRC), the rules on ISA transfers are changing. From the 2027/2028 tax year, you will no longer be able to transfer money from a Stocks and Shares ISA or an Innovative Finance ISA into a Cash ISA.
Transferring from one Shawbrook ISA to another Shawbrook ISA
To transfer your Shawbrook ISA to another Shawbrook ISA please contact our friendly Savings Team by phone, or log in and send us a secure message and we will complete the transfer.
If you call us, we’ll aim to process your request as quickly as possible, and in many cases this can be done during the call.
If you send us a secure message, we’ll aim to complete your request within 5 working days.
Under ISA regulations, transfers may take up to 15 working days to complete.
Transferring a Shawbrook ISA to another provider
If you want to transfer your Shawbrook ISA to a new provider, you need to follow their process for transferring ISAs to them. The information your new ISA provider asks for may vary, but in general you will need to provide a sort code and account number of your Shawbrook ISA.
Your account number - You can find your account number by logging in to your account. Your account number is displayed on the home screen next to your account name.
Your sort code - Our sort code is 16-58-73. This is the same sort code used on all Shawbrook savings accounts.
Other references - Your new provider may ask you for information like a roll number or reference number. We don't use role numbers or reference numbers, so you can leave this blank if your new provider asks for it.
If you’re transferring your Shawbrook ISA to another provider and you’ve asked them to wait until your account matures, we can only start the transfer once your ISA has reached maturity. This means the transfer timescales run from the maturity date, not from when you first gave the instruction.
What happens if I ask another provider to transfer my Shawbrook ISA before it matures?
If you ask another provider to transfer your Shawbrook ISA before it matures, the transfer will not begin until your ISA reaches maturity.
Until your ISA reaches its maturity date, your account remains open with Shawbrook. This means:
- you may continue to receive maturity reminders
- when your ISA reaches maturity, it will move into a matured funds cash ISA, even if we’ve received a transfer instruction. It will stay in matured funds until we transfer the money to your new provider. Cash ISA transfers can take up to 15 working days
If we’ve confirmed that your ISA transfer has been accepted, you can safely ignore any automated Shawbrook maturity reminders you receive.
What happens next
Your new provider will manage the transfer, confirm next steps and let you know if they have any questions. They'll also confirm when the transfer is complete.
Partial Transfers
You can make partial transfers of funds that were deposited in previous tax years. Funds deposited in the current tax year must be transferred in full. If your ISA contains both current and previous year contributions, you will need to transfer the current year’s funds in full, but you can leave previous year funds in your Shawbrook ISA or transfer them separately.
How long will my ISA transfer take?
At Shawbrook, we accept transfers from Cash ISAs or Stocks and Shares ISAs. Cash ISA transfers typically take 4 to 5 working days but can take up to 15 working days. Stocks and Shares ISA can take up to 30 calendar days.
Article Author
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Sally Conway - Head of Marketing, Consumer
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