Switching ISAs made simple

A quick overview

You can transfer your Cash ISA to a new provider without losing its tax-free benefits. The video explains why you might transfer your ISA, how to make the transfer correctly and what to avoid.

Transcript

Is it possible to move your Cash ISA from one provider to another – without losing your tax-free benefits?

Yes! But there’s a specific way to do it.

There’s lots of reasons you might switch providers. Maybe you’ve found a better interest rate. Or discovered a new savings provider you want to try. 

Whatever your reason for switching, if you’re going to move your Cash ISA from one provider to another, there’s one really important thing to remember: do not withdraw the money yourself. 

If you do that, your savings will lose all the tax-free advantages of an ISA.

Instead – leave your money where it is. Open an ISA with your new provider, then ask them to arrange the transfer for you.

That way your money moves seamlessly from one ISA to another. It never leaves the protective wrapper of an ISA. And your tax-free benefits stay intact.

Every provider has their own official ISA transfer process. When you join Principality, we’ll simply ask you if you want to make any transfers when you’re setting up your new ISA with us. 

And if you’re already a Principality member, you can manage ISA transfers through your online profile or by chatting to a member of our team.

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