ISA 2017: Can I move my ISA money into a different ISA account?

0

If you already experience money in an ISA, you can move it into another ISA account in a bid to get a better return on your tax-free savings. 

Danny Cox, a recognized financial planner at Hargreaves Lansdown, said: “It is very easy and prevailing to transfer ISA money from one to another to get a better return. 

“You can transfer from banknotes to cash, from cash to stocks and shares or from stocks and portions back to cash. 

“The transfer process is very easy, you complete a unassuming form with the ISA provider you want your money transferring to and they do the shelf.” 

The MoneySupermarket.com website says that the transfer process should guide no longer than 15 days if you are moving money between accounts. 

It annexes: “Plenty of cash ISAs accept transfers, but crucially you mustn’t tight down your existing account to transfer the money across, in another manner you’ll lose the tax-free benefits. 

“Instead, you must ask your new provider for an Isa haul form and your new and old ISA providers will arrange for your money to be ployed across. 

“You can move from a cash account to stocks and shares, or from a hoards and shares ISA to a cash account.”

Savers cannot carry the current tax year’s ISA annual remittance over to the next tax year, which begins on April 6 2017. 

This get overs that if you do not take action before the last day of the tax year – April 5 – then your recompense will be gone for good. 

The ISA limit for the current tax year is £15,240. But Britons when one pleases be able to save up to £20,000 in ISAs between April 6 2017 and April 5 2018. 

Leave a Reply

Your email address will not be published. Required fields are marked *