Did you invest in an ISA a few years ago? No idea how it’s performed lately? Well, maybe it’s time to carry out a review... If you’re not happy with your existing ISA there are lots of ways you can remedy the situation.
What is an ISA transfer?
Moving an ISA or ISAs, which have been taken out in previous tax years, from one provider / fund manager to another. This means you get the opportunity to change your funds and keep your tax-free wrapper. You still have the use of this tax year's ISA allowance if you transfer funds from a previous tax year.
If you’d like to know more about what you can and can’t do with your existing ISA check out our help section.
Can I transfer a cash ISA to a stocks and shares ISA?
Yes, as of April 6th 2009 any money invested in a cash ISA can be transferred into a stocks and shares ISA. This transfer works in the same way as a stocks and shares ISA transfer.
Why would I consider transferring my ISA?
I’m not happy with its performance
I want to access one of the UK’s largest range of funds
I want to choose new funds
I want access to funds that did not exist before
I want to reduce my annual management fees by choosing funds with lower charges
I want to move my previous years cash ISAs into a new stocks and shares ISA
I want better service. I’m fed up with only getting annual statements and want to be more involved... With smile invest you can monitor your investments 24/7 with our account management tool. You’ll also get loads more tools and news to keep you informed and up to date.
Remember past performance is not a guide to future performance and there are no guarantees that new funds will perform better than your old ones. It’s important to think carefully and weigh up the possible pros and cons before transferring your ISA.
How do I transfer my current ISA?
Just click the pink link that says 'transfer my ISA now' will take you to the Fidelity ISA transfer application form, follow the simple instructions, print it off and post it to Fidelity. Unfortunately, you’ll have to print it, as Fidelity needs to receive your actual signature to complete the transfer on your behalf.
What information do I need to make the transfer?
You will need the details of your existing ISA, such as the contact details of your provider and the approximate current value of the ISA, all this should be contained within your last annual statement, and the names of the new funds you wish to invest in.
How long will it take?
The transfer could take two or more weeks. It depends on how quickly your existing ISA manager completes the paperwork. During this period you will not benefit from any market movements as your money will not be invested until the transfer is complete. This means that your investment will not change in value.
What charges will I pay? smile invest don’t charge you anything for the actual transfer process and some funds have no initial charge either. Please check out the list of funds to see whether your new fund manager will charge you for investing in their fund, and be aware your existing ISA manager may charge an exit fee. For more details on charges please see our ‘charges explained’ page.
The smile invest funds supermarket gives you access to FundsNetwork, an investment supermarket from Fidelity Investments. smile invest and The Co-operative Independent Financial Advisers (CIFA) are trading names of Co-operative Bank Financial Advisers Limited, which is a wholly-owned subsidiary of The Co-operative Bank Plc and is authorised and regulated by the Financial Services Authority.
