How to transfer a cash ISA?
Hello my name is Rebecca and I am from the Furness Building Society and I am hopefully going to help guide you through the process of transferring your Cash ISA why you may consider this and how to do this.
Thousands of savers set this up years ago and they actually think they are receiving a good interest rate on them so it would be advisable to check what interest rate you are receiving at the moment and find out about ISA transfers.
Firstly you need to find out about your old cash ISA you need to see what interest rate you are getting at the moment, make sure you don’t withdraw any funds out of the ISA if you want to do an ISA transfer as you can lose your tax benefits.
What you need to do is obviously shop round and have a look at interest rates you would need to pop into the branch to complete a form and we would do the ISA transfer for yourselves. You need to ask your new provider to contact the old provider and they would do the ISA transfer for yourself. It can take 15 days for this to be done and you would get interest from the 16th day. The new provider will actually get in touch with your old provider and if they expect any delay they should get in contact with yourself. If for some reason you need the ISA transferring on a certain date you can ask for the ISA to be transferred on that date to ourselves. It is important to remember that you don’t need to add any money to your ISA you basically just transferring your current ISA form the one that it is in at the moment into a better interest rate but by all means if you haven’t added to your ISA for this tax year you can.
• Check your rate
• Shop around for a better rate
• Complete a form with the new provider
• Your new provider contacts your old provider for you
You can pop into the branch and speak to someone like myself, you can either call the sales team or you can visit the website. It is really worth doing to try and get a better interest rate on your money and to make your money work harder for you.
Furness Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Furness Building Society is on the Financial Services Register under registration number 159624
Find out more at any Furness Building Society branch or call Furness Direct on 0800 834 312