ISA transfer essentials
Can you transfer one ISA to another?
Absolutely, you can transfer your savings from one ISA to another.
With an ISA transfer you can 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 both the 2024/25 and 2025/26 tax years.
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 to transfer an ISA
Transferring from another provider to Skipton
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, you’ll need to complete a Stocks & Shares 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.
- 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.
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 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 a Application and Transfer Form [PDF].
- Just so you know, if 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:
- ·Transfers into a Skipton Cash ISA from another Cash ISA usually take around one week.
- Transfers from Stocks & Shares ISAs, Innovative Finances ISAs and Lifetime ISAs tend to take around one month.
Don’t worry, we’ll keep you updated throughout the process.
Cash ISAs: The annual ISA allowance doesn’t apply to transfers for Cash ISAs. This means you can transfer all of your existing Cash ISA balance from your current provider to your new one, if they’re offering a better deal.
Lifetime ISAs (LISAs): Transfers into LISAs follow different rules. If you transfer the previous tax year’s 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.
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:
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 |
* Your ISA with another provider might have restrictions on full or partial transfers. It’s worth checking the terms and conditions first.
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.
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.
