Stocks & Shares ISA​ 

There is no limit to how many ISAs you can have in your lifetime. And as of 6 April 2024, the ISA rules have changed meaning you're no longer limited to only being able to pay money into one type of ISA in a tax year (except for Lifetime ISAs and Junior ISAs which is still limited to one).

The main types of ISA are:

• Cash ISAs which are like regular cash saving accounts, but any interest you earn is tax-free. 
• Stocks and Shares ISAs which allow you to invest your money in the stock market. Any gains on your investments are tax-free. 
• Lifetime ISAs which are for saving towards buying your first home or retirement. The government adds a 25% bonus to any money you contribute to a Lifetime ISA (or LISA). However, you cannot access the money until you are 60 unless you are buying your first house. 
• Junior ISAs which are savings accounts for a parent or guardian can set up for under 18s. The child can access the money once they turn 18 (when it turns into a regular Cash ISA or Stocks and Shares ISA). 

If you don't already have another ISA, to transfer you will need to open a new one. But the ISA rules have changed as of 6 April 2024. You can now have - and contribute - to as many ISAs as you want (except for Lifetime ISAs and Junior ISAs). Provided you don't contribute more than your £20,000 ISA allowance across them all.

For example, if you contribute to a Stocks and Shares ISA and transfer to a new provider in, you can now keep your old ISA open and still pay into both.

The 2024/25 ISA allowance is £20,000. This is the total amount you can pay into ISAs during this tax year. 

You can split your allowance between different types of ISA. For example, you could pay into a cash ISA and a Stocks and Shares ISA in the same tax year. But the total can’t exceed £20,000.

The current tax year runs from 6 April 2024 to 5 April 2025. 

You can transfer a Cash ISA or a Stocks & Shares ISA to us.

You can also transfer a Lifetime ISA. However, you will have to pay a 20% government withdrawal charge.

Make sure you transfer using our online ISA transfer process – either during account opening, or by logging in to your online account.

If you choose to withdraw and transfer the cash yourself, you will use up additional ISA allowance – the online transfer process ensures this doesn’t happen.

Yes, transferring an ISA does not count as opening an ISA. There is no limit to how many ISAs you can have in your lifetime. And as of 6 April 2024, the ISA rules have changed meaning you're no longer limited to only being able to pay money into one type of ISA in a tax year (except for Lifetime ISAs and Junior ISAs which is still limited to one).

An ISA transfer can take up to four weeks. We will update you regularly about the transfer’s progress. 

The transfer could take longer if there are delays from your current provider. Part of the transfer process is reliant on them and their timeframes can vary. Some Cash ISAs cannot be transferred electronically. If that is the case, we will send you a transfer authority form to print, sign and return to us.  

ISA transfers do not count towards your annual allowance. 

For example, you could transfer an ISA worth over £20,000 at the beginning of a tax year. You could then contribute up to £20,000 to your new ISA in that year (unless it is a Lifetime ISA as they have a maximum annual allowance of £4,000).