If you’ve had ISAs in previous years it might be worth your while to transfer them. You can transfer cash ISAs to stocks and shares ISAs and vice versa. Here at Nutmeg, we only do stocks and shares ISAs and Lifetime ISAs. You can transfer any stocks and shares ISA to us, as well as innovative finance ISAs and cash ISAs.
By transferring all of your ISAs to one provider and consolidating your money, you could save money on fees. You should check whether your existing provider charges any exit fees, and be aware of the costs involved when you trade in and out investments.
By consolidating your ISAs in one place, you can save time as well as money. With Nutmeg, all your previous ISAs are held within one portfolio, so you can see all of your ISA wealth under one account. They all retain their tax benefits, and we automatically refresh your new ISA allowance each year, so you don’t have to worry about opening more accounts, just keep paying in as normal.
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For many ISA providers we're able to conduct the whole ISA transfer process online. If your provider doesn't yet support electronic ISA transfers there's a simple form to sign and pop in the post to your existing provider.
Once your ISA transfer details are received, we'll work with your current provider to transfer your ISA to us — safely and securely. This normally takes between 15 and 30 days, depending on your provider.
You can transfer both Cash ISAs and Stocks and Shares ISAs to Nutmeg. In both cases, they will be managed as Stocks and Shares ISAs.
Any Stocks and Shares ISA that is transferred won't hold the same investments as before. We instruct the current ISA manager to sell the investments and transfer the ISA as cash for us to invest. This preserves your ISA's tax-efficient status and allows us to manage it in the most appropriate way for your goals, timeframe and attitude to risk.
Cash ISAs are better for short-term savings, although with low interest rates and inflation the real value of your money might go down. Stocks and shares ISAs offer the possibility of better returns over the longer term, although, as with all investing, there is a risk that you may lose some money.
Tracking down and transferring your old ISAs might seem like too much of a hassle, but there are some very good reasons for doing so. Check out our 5 top reasons to transfer your ISA.