Rules For Cash ISA Transfers

admin — Tue, 16 Feb 2010 18:53:28 +0000

Since the introduction of ISA’s there have been a number of changes. However, many of the rules still seem fairly complicated. The rules are set not only by the Treasury, but also by the various banks that offer ISA accounts. And, each bank will have it’s own set of rules that you have to follow.

The government allows you to transfer your account as many times as you like. But, you need to make sure that the bank you wish to transfer your account to will accept the ISA account. And, that the bank you have the account with will allow you to transfer the ISA.

Some banks will only approve transfers from potential customers that have a large amount of money in their ISA account. And, some will limit your ability to transfer your savings, or charge you a hefty penalty if you do decide to transfer your ISA to another provider.

In some cases, the penalties that you will have to pay to be allowed to transfer your ISA may only add up to what you’d earn in interest for 30 days. But, other ISA providers may charge higher transfer penalties. The only benefit in transferring your account is to get the best cash ISA rates. So, make sure that the cost of transferring doesn’t out weigh the benefits.

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Rules For Cash ISA Transfers