Transferring an ISA is easy and it could make things simpler for you and save you money. We explain some of the potential benefits and answer some of the questions people have around ISA transfers.
What are the advantages of transferring an ISA?
- Simpler: It’s easier to manage your ISA when they are all in one place
- Great tools: you can take advantage of all Beanstalk’s features such as Round Ups which many ISA providers don’t offer
- Potentially save money: it could be cheaper if our fees are lower than your existing provider
Which ISAs can I transfer?
You can transfer Cash ISAs, Stocks and Shares ISAs and Innovative Finance ISAs. Transfers need to be made in cash which we will take care of with your existing provider.
Do ISA transfers count towards my ISA allowance?
No, an ISA transfer does not count towards your ISA allowance so you don't need to worry about this if you're looking to switch to us.
How long do ISA transfers take?
Once you’ve told us that you would like to transfer an ISA to us, we contact your old provider who is responsible for sending the money across to us in a timely manner. Under government guidelines, ISA transfers should take no more than 30 days for Stocks and Shares ISAs and 15 days for Cash ISAs.
How much does it cost to transfer an ISA?
It is free to transfer ISAs to us but you should check that there are no exit fees charged by your existing provider.
How do I make an ISA transfer?
All you need do is apply for an ISA with us and then complete this form and send it to us via email or in the post to FREEPOST KIDSTART.
I've taken advantage of doing an ISA transfer myself! When we started Beanstalk, I had an old ISA with another provider that had been set up for me through an IFA a few years ago. I only received paper statements once a quarter and when I checked I was surprised by the fees that I was paying and was slightly disappointed with the performance. Switching it to Beanstalk saved me money on fees but also meant I can see how it’s doing every day through the app.