ISA transfer essentials
Can you transfer one ISA to another?
Absolutely, you could transfer your savings from one ISA to another.
With an ISA transfer you could either switch providers (moving from one bank or building society to another one) or move your savings between different types of ISAs at your current provider. Withdrawal/closure charges may apply. Check with your provider before making a transfer.
Some key things you might like to know before you get started:
Does transferring your ISA count towards your ISA allowance?
- No, transferring your ISA doesn’t affect your annual ISA allowance – which is £20,000 for the current tax year.
When can you make an ISA transfer?
- You can transfer your ISA savings at any time in the year subject to the terms and conditions of your account.
Does transferring an ISA count as opening a new one?
- It depends. If you haven’t already got an ISA with your new provider, you will need to open a new one. But don’t worry because recent ISA rule changes mean it won’t affect your overall ISA allowance. For example, if you were saving into a Cash ISA and transferred your savings to a new provider in the same tax year, you could still pay into the new ISA.
How long does an ISA transfer take?
The timeline depends on the type of ISA you’re transferring:
- We aim to complete transfers into a Skipton Cash ISA from another Cash ISA where both the other provider and ourselves use the ISA Electronic Transfer System within seven business days. If either of us are unable to use this system and we need to use a paper transfer form, or accept a cheque, this may take up to 15 business days.
- Transfers from a Stocks & Shares ISA, Innovative Finance ISA and Lifetime ISAs are not subject to the above timescales and tend to take 4-6 weeks. We will check with the existing provider after the first 15 business days.
Don’t worry, if you have agreed to text alerts we’ll keep you updated by text when we have requested your transfer from your existing provider. When it’s complete we’ll inform you by letter.
How to transfer an ISA
Transferring from another provider to Skipton
Check the terms and conditions of the Skipton Cash ISA for any restrictions on transfers in.
Here’s how to transfer your ISA from another provider to a Skipton Cash ISA:
- The first thing you’ll need to do is open a Skipton Cash ISA. If you haven't got one, you can do this through Skipton Online, on our app, by post, over the phone, or by visiting your local branch.
- If you open your ISA online, you can request a transfer as part of the setup.
- If you already have a Skipton Cash ISA, simply login to Skipton Online, select the account, and choose the ‘ISA Transfer In’ option.
- If you plan to visit one of our branches to set-up a transfer, you’ll need to fill out a Transfer Authority Form [PDF].
- If you’re transferring from a Stocks and Shares ISA or an Innovative Finance ISA, you’ll need to complete a Stocks & Shares ISA Transfer Form [PDF].
- If you’re transferring from a Lifetime ISA, you will need to complete a Lifetime ISA Transfer Form [PDF].
ISA transfer top tips
- Make sure to consider if there are any charges or restrictions for transferring out of your current ISA.
- Check in with your current provider to find out if there’s any information you need from them – such as bank details or ISA Reference.
- Don’t withdraw the money yourself or it will lose its tax-free status and you won’t be able to reinvest that part of your tax-free allowance again. Let the providers handle the transfer for you.
- Ensure your details match across both providers such as name, date of birth, National Insurance number and address. This will prevent any delays.
Transferring between Skipton Cash ISAs
Already have a Skipton Cash ISA and want to move to another one? Here’s what you need to know:
- To get started, open a new Skipton Cash ISA that allows transfers in. You can do this through Skipton Online, on our app, by post, over the phone or by visiting your local branch.
- If you open your new Skipton Cash ISA online, you can usually request a transfer as part of the setup. If you prefer, you can also call, apply by post or visit your nearest Skipton branch.
- If you plan to visit one of our branches to set-up a transfer, you’ll need to fill out an Application and Transfer Form [PDF].
- Just so you know, if the terms and conditions of the new account allow, and you're transferring an existing Skipton Cash ISA into a new Skipton Cash ISA, we can only transfer the full balance – we are unable to offer to transfer part of your balance.
The tax treatment of savings and investments depends on personal circumstances. Tax rules may change in the future.
ISA transfer rules
Transferring your ISA is a relatively simple process, but here are a few things that are good to know:
The timeline depends on the type of ISA you’re transferring:
- We aim to complete transfers into a Skipton Cash ISA from another Cash ISA where both the other provider and ourselves use the ISA Electronic Transfer System within seven business days. If either of us are unable to use this system and we need to use a paper transfer form, or accept a cheque, this may take up to 15 business days.
- Transfers from a Stocks & Shares ISA, Innovative Finance ISA and Lifetime ISAs are not subject to the above timescales and tend to take 4-6 weeks. We will regularly check with the existing provider throughout this period after the first 15 days.
Don’t worry, if you have agreed to text alerts we’ll keep you updated by text when we have requested your transfer from your existing provider. When it’s complete we’ll inform you by letter.
Cash ISAs: The annual ISA allowance doesn't apply to transfers for Cash ISAs. This means, if the terms and conditions of the account allow it, you can transfer all of your existing Cash ISA balance from your current provider to your new one.
Lifetime ISAs (LISAs): Transfers into LISAs follow different rules. If you transfer the previous tax years' savings into a LISA from a different type of ISA (for example a Cash ISA), it will count towards the annual £4,000 LISA allowance. But transfers from one LISA to another don’t count towards the annual £4,000 LISA limit.
For the majority of Cash ISAs, you won’t lose any interest that’s built-up when transferring an ISA.
Easy Access Cash ISA Transfers: for most types of Cash ISA, your existing provider will typically pay you any interest earned up to the day the transfer takes place. You’ll start earning the rate of interest on your new Cash ISA from the day it transfers over.
Fixed Rate Cash ISA Transfers: some Fixed Rate Cash ISAs may charge an early exit penalty if you transfer or withdraw your savings before the fixed term ends. This penalty could eat into the interest you’ve earned, and you could get back less than you paid in. Always check the account terms and conditions of your Fixed Rate ISA before carrying out a transfer.
Before you begin a transfer, it's important to check the terms and conditions of the accounts.
Can you transfer from a Stocks & Shares ISA into a Skipton Cash ISA?
Yes, you can move money held in a Stocks & Shares ISA into a Skipton Cash ISA. To arrange a transfer from a Stocks & Shares ISA from another provider to Skipton, you need to complete a Stocks & Shares ISA transfer form.
You can also open a Stocks & Shares ISA through Skipton which might be right for you.
Can you transfer a fixed rate ISA before maturity?
You can, but some fixed rate ISAs do have restrictions on early transfers. It’s important to check your account’s terms and conditions.
Can you transfer from a Junior ISA?
Yes, you can request a transfer from a Junior ISA to a different Junior ISA with another provider. The transfer must be for the full balance.
Can you transfer from a Lifetime ISA into another ISA?
You can transfer your Lifetime ISA into another Lifetime ISA without triggering the government withdrawal charge. However, if you transfer into a different type of ISA (Cash ISA, Stocks & Shares ISA or an Innovative Finance ISA) the transfer will be subject to the 25% government withdrawal charge. This means you’ll get back less than you paid in.
You can also transfer savings from a Cash ISA to a Lifetime ISA. The maximum amount you can pay into a Lifetime ISA each tax year is £4,000.
This depends on the type of transfer you're making. It's worth checking the terms and conditions of the account. Your ISA with another provider might have restrictions on full or partial transfers. And some accounts could have restrictions on ISA transfers in.
Transfers into a Skipton Cash ISA:
Current year's ISA subscriptions | |
From a Skipton Cash ISA | From another provider |
Full balance transfers only | Full or partial transfers allowed |
Previous year's ISA subscriptions | |
From a Skipton Cash ISA | From another provider |
Full balance transfers only | Full or partial transfers allowed |
Transfers out of a Skipton fixed rate Cash ISA:
Current year's ISA subscriptions | |
From a Skipton Cash ISA | From another provider |
Full balance transfers only | Full balance transfers only |
Previous year's ISA subscriptions | |
From a Skipton Cash ISA | To another provider |
Full balance transfers only | Full balance transfers only |
Transfers out of a Skipton variable rate Cash ISA:
Current year's ISA subscriptions | |
From a Skipton Cash ISA | To another provider |
Full balance transfers only | Full balance transfers only |
Previous year's ISA subscriptions | |
From a Skipton Cash ISA | To another provider |
Full balance transfers only | Full or partial transfers allowed |
What to do if you want to transfer your Skipton ISA to another provider
If you're thinking of leaving us, we'd be sorry to see you go. Feel free to call us on 0345 608 0783 to chat through your options.
If you would like to transfer your Skipton Cash ISA to another provider, you’ll need to contact your new provider. They’ll handle the process and contact us to carry out the transfer. We aim to process any request to transfer within seven business days from the day we receive the request from the new provider.
You’ll have to pay an interest penalty if you transfer out of a Skipton Fixed Rate Cash ISA during its fixed term. Your account terms and conditions outline this penalty. This may mean you may get back less than you paid in.
We may need to ask you to contact us to provide verbal verification of the transfer to your new provider.
You're likely to need to provide account information to the ISA provider you're transferring to. Here are the details to share:
Account holder name:
Skipton Building Society
Sort code:
20-78-91
Account number:
70798924
Reference number:
your 9-digit Skipton account number
If you withdraw any funds from your Skipton Cash ISA without following the ISA transfer process, these funds will lose their tax-free ISA status.
