How do I transfer my ISA to or from Tesco Bank?
Learn about how ISA transfers work, how they affect your ISA limit and how to request one.
What is an ISA Transfer?
An ISA transfer is the process of moving your savings from an existing ISA account to a new ISA account whilst making sure the transferred funds remain tax-free. This can be done between different types of ISAs, such as from a cash ISA to a stocks and shares ISA, or you can move money between the same type of ISA but with different providers.
When should I use an ISA Transfer?
You should use the ISA Transfer process when you’d like to move funds you’ve saved in previous tax years to a new ISA. This will prevent the transferred funds from counting towards your ISA limit for the current year (£20,000 across all ISA accounts you hold plus an an additional £9,000 across all Junior ISA accounts held in your child’s name).
However, if the transferred funds have been saved in the same tax year as you transfer them, it’ll count towards your combined annual ISA limit as the money has been added within the current tax-year. In this case, you could move the money yourself.
It’s important for the providers to handle the transfer of previous tax-year savings via the ‘ISA Transfer process’ and not to withdraw and move the funds yourself. Doing so would lose it’s tax-free status and the transferred funds would contribute to your combined ISA limit for the current tax-year of £20,000, or £9,000 for Junior ISAs.
When can I request to transfer my ISA?
If your provider allows transfers, you can typically transfer an ISA at anytime. Though it’s important to check if there are any fee’s involved, particularly for Fixed Rate accounts.
If you have a Fixed Rate Cash ISA with us and wish to transfer it to another provider during its fixed term, you’ll be charged a fee equal to 90 days interest on the balance of your account. You can only withdraw or transfer the full balance and your account will be closed - you can’t make any partial withdrawals or transfers.
How long does an ISA transfer take?
The time it takes to transfer an ISA varies depending on the account type and method:
- Cash ISA transfers: These typically take up to 15 working days
- Cash to stocks and shares ISA transfers: These can take around 30 days
- Stocks and shares to cash ISA transfers: Also allow up to 30 days, but this can depend on the types of investments you hold
How do I transfer my existing ISA to Tesco Bank?
- Open a new account - you can do this online, or by giving us a call
- During the application you’ll be asked if you’d like to transfer from another ISA provider
- If you choose this option we’ll include an ISA Transfer Form with your Welcome Pack which we’ll send to you in the post. If you didn’t request this in your application and already have an account with us, you can still transfer to your existing Tesco Bank ISA.
- Return the ISA Transfer Form to us
- We’ll handle the transfer with your current ISA provider on your behalf. It's important not to withdraw and move the funds yourself, as doing so would lose it’s tax free status and contribute to your £20,000 ISA limit for this tax year
Once we receive your form, within 5 business days we’ll ask your existing Cash ISA provider to arrange for your funds to be transferred to your Tesco Bank Cash ISA. Your provider will have 5 business days from receiving the request to do this and the transfer should be completed within 15 business days of us receiving your form.
We’ll start paying interest from the day your existing Cash ISA provider sends us your money or 16 business days after we receive your form (if this is earlier). Transfers from ISAs other than Cash ISAs may take up to 30 days.
If you’re looking to move funds from an existing Tesco Bank ISA, take a look at how to move your funds from one Tesco Bank ISA to another.
If you already have a Tesco Bank Cash ISA and didn’t request to transfer your existing ISA during the application, don’t worry, you can transfer at anytime by submitting an ISA Transfer Form.
To get an ISA Transfer Form you have two options:
- Download and print the ISA Transfer Form using the links below. Once you’ve filled out the ISA transfer form, post it back to Tesco Bank, PO Box 27039, Glasgow, G2 9GB.
- Or, you can give us a call. We’ll send out the ISA Transfer Form to your address (which can take 5 - 7 days), for you to fill in and post back. This form will be specific to you and will have some of your details pre-filled.
Yes. Here’s how it works depending on the ISA you have:
If you have an Instant Access Cash ISA and would like to change to a Fixed Rate Cash ISA
If you had a Fixed Rate Cash ISA that’s switched to an Instant Access Cash ISA, or if it’s always been an Instant Access Cash ISA, you can change it to a Fixed Rate Cash ISA with a new 12 month rate. There’s no need to open a new account - just call us and we’ll update your account to the new rate while keeping the same details. Any deposits from previous tax years won’t count towards this year’s ISA limit.
It’s important you call us to do this rather than moving the money yourself as the transferred funds will contribute to your ISA limit for the current tax year, affecting how much you can save tax-free.
If you have an Instant Access Cash ISA and you’d like to move your funds to a new Instant Access ISA with us, you’ll need to:
- Apply for a new account online
- Call us on 0345 678 5678 to transfer the funds from your existing account. It’s important you call us to do this so your transferred funds don’t contribute to your ISA limit for the current tax year.
If you’re looking to transfer your Fixed Rate Cash ISA to a new ISA with us before your term ends, you’ll incur a charge of 90 days’ interest which will be deducted from the account balance. Instant Access Cash ISA account can be moved at anytime.
Please bear in mind that although new ISA rules allow you to pay into more than one cash ISA in each tax year, you can only deposit into one Cash ISA with us per tax year.
How do I transfer my Tesco Bank ISA to a new provider?
If you wish to move some or all of the balance of your Tesco Bank Cash ISA to another provider, please contact your new provider directly - they will arrange everything with us.
Learn more about ISAs and how they work
To get the most from your ISA it’s good to know a thing or two about how they work. That’s why our ISA guide is packed with the most important things to know.
Contact us - we’re here to help
Have a question or need help applying? Our friendly, UK-based customer service team is here to help.