How long does it take to transfer an ISA?
The ISA transfer timescales depend on the type of ISA:
- Transfers into a Skipton Cash ISA from another Cash ISA usually take up to 7 working days.
- Transfers from Stocks and Shares ISAs, Innovative Finance ISAs and Lifetime ISAs take approximately 30 calendar days.
Please note: if you intend transferring money out of a Lifetime ISA into another type of ISA before the age of 60, you will normally have to pay a 25% government withdrawal charge, which would mean you would get back less than you paid in.
How much can you transfer from one ISA to another?
For Cash ISAs the £20,000 annual allowance doesn’t apply to ISA transfers so you can transfer as much as you like. However, the rules are a little different for transfers into LISAs. If you transfer previous tax year’s savings into a LISA from a different type of ISA, it will count towards the annual LISA allowance.