Guide to Transferring ISAs
Transferring funds into a Shawbrook Cash ISA is simple. This guide will explain everything you need to know to get moving.
What is an ISA and the Annual ISA Allowance?
An Individual Savings Account, or ISA, allows you to save money without being taxed on the interest earned.
The Annual ISA Allowance is the limit established by the government for tax-free savings on ISAs. Each tax year you can save up to £20,000 across multiple accounts with different providers. You can also transfer funds from other ISAs beyond this limit.
However, at Shawbrook, you can only open one Cash ISA per tax year, and you cannot spread your £20,000 allowance across more than one Shawbrook ISA in the same tax year.
For more information, visit our Cash ISA Allowance page.
Shawbrook Cash ISA Options
Shawbrook offers Easy Access and Fixed Rate Cash ISAs with a minimum balance of £1,000 and a maximum account balance of £250,000.
Fixed Rate Cash ISAs provide a guaranteed interest rate for a fixed term, with withdrawals before maturity subject to an early exit charge.
Easy Access Cash ISAs provide a variable interest rate, adjusting with market conditions, and allow next working day access to funds subject to a minimum withdrawal of £500. You can pay into this account at any time.
To fund a Shawbrook Cash ISA, you can either transfer funds from another ISA or make a deposit from a linked account.
To learn more about Shawbrook Cash ISAs, visit our Cash ISAs page.
Why transfer an ISA?
If you withdraw money from an ISA into a non-ISA, before then placing it into another ISA, the money will lose its tax-free status.
In addition, if the money was deposited in the same tax-year, it may reduce how much money you can pay back into an ISA during that tax-year given the Annual ISA Allowance of £20,000.
Transferring from one ISA to another ISA ensures you maintain ISA tax-free status benefits.
Flexible ISAs are the exception. A flexible ISA allows the withdrawal and replacement of money during the same tax year, without affecting your Annual ISA allowance year. Shawbrook does not offer flexible ISAs.
Please consider your individual circumstances, and if it would be best to undertake the ISA transfer process to ensure your money maintains its tax-free status.
Does transferring an ISA use your allowance?
No. Transferring funds from one ISA to another ISA ensures your money maintains its tax-free status and isn’t included within the £20,000 ISA allowance.
Does transferring an ISA count as opening a new one?
It depends what type of transfer you undertake.
You can transfer into an already opened Shawbrook Cash ISA and this would not count as opening a new one. If you don't already have a Shawbrook Cash ISA, then you would need to open one and transfer in money from another provider's ISA as part of this process.
We break down the Shawbrook transfers options and how to action below.
Best time to transfer an ISA
Key ISA Dates
The ISA year runs parallel to the tax year, which always starts on 6 April and ends on 5 April the following year. The dates for your annual ISA allowances are the same.
It is a good idea to keep these dates in mind if you’re considering opening an ISA or topping up an existing account so you can make the most of the tax-free allowance.
For more information on key ISA dates, visit our ISA Deadline page.
Early Exit Charges
If you are wanting to transfer money out a Fixed Term ISA, you should check if there are any early withdrawal charges first. Charges differ depending on the provider and the terms of your agreement.
Below is a summary of the early exit charges applicable for the Fixed Rate Cash ISAs at Shawbrook.
- 1 Year Fixed Rate Cash ISA: loss of 90 days’ interest on the withdrawn amount
- 2 Year Fixed Rate Cash ISA: loss of 180 days’ interest on the withdrawn amount
- 3 Year Fixed Rate Cash ISA: loss of 270 days’ interest on the withdrawn amount
- 5 Year Fixed Rate Cash ISA: loss of 360 days’ interest on the withdrawn amount
- 7 Year Fixed Rate Cash ISA: loss of 360 days’ interest on the withdrawn amount
Please consider your individual circumstance but it may be best to wait until the end of your current ISAs term before transferring to avoid charges.
How to transfer to a Shawbrook Cash ISA
There are 3 different ways to transfer funds into a Shawbrook ISA.
1. Open to transfer
Complete the online ISA application form. If your provider is not part of the electronic transfer scheme, a separate form is required for a manual transfer. See the 'General ISA FAQs' section below to view the Electronic ISA transfers list.
2. Shawbrook ISA maturity
When a Shawbrook Fixed Rate Cash ISA matures, you have the option to transfer the funds to a new Shawbrook ISA by logging in and following the online maturity process.
3. Transfer funds to a Shawbrook ISA that's already open
For newly opened ISAs and for internal transfers please contact our friendly Savings Team by phone or log in and send us a secure message.
At Shawbrook, we accept transfers from Cash ISAs or Stocks and Shares ISAs. Cash ISA transfers typically take 4 to 5 working days but can take up to 15 working days. Stocks and Shares ISA can take up to 30 calendar days.
Depositing funds into a Cash ISA
If you want to deposit funds into a Shawbrook Easy Access ISA instead of transferring funds, you can make a payment to us via electronic payments only. This includes Faster Payments, BACS and CHAPs.
As we don't take payment from you automatically, you'll need to make any payments from your nominated, or linked, account, using the following details:
Payee: your name
Account number: your eight-digit account number
Sort code: 16-58-73
Reference: your name again
If you're not sure what account number to use, can get help on how to find your account number.
General ISA FAQs
Electronic ISA transfers
The below list details the ISA providers who can transfer your ISA to us online.
|
AA (One Family/Post Office) |
Lloyds Bank |
What kind of ISAs can I transfer to Shawbrook?
At Shawbrook, we only provide cash ISAs. You can transfer or convert the following ISAs to a Cash ISA with Shawbrook:
- Cash ISA
- Stocks and Shares ISA
But you can't transfer or convert:
- Lifetime ISA
- Junior ISA
- Innovative Finance ISA
What you should know before transferring an ISA
The differences between withdrawing and transferring an ISA
There is a difference between withdrawing and transferring. If you withdraw money from an ISA into a non-ISA, before then placing it into another ISA, the money will lose its tax-free status.
In addition, if the money was deposited in the same tax-year, it may reduce how much money you can pay back into an ISA during that tax-year given the Annual ISA Allowance of £20,000.
Transferring from one ISA to another ISA ensures you maintain ISA tax-free status benefits.
Flexible ISAs are the exception. A flexible ISA allows the withdrawal and replacement of money during the same tax year, without affecting your Annual ISA allowance year. Shawbrook does not offer flexible ISAs.
Please consider your individual circumstances, and if it would be best to undertake the ISA transfer process to ensure your money maintains its tax-free status.
For more information, visit our pages below:
Operating multiple ISAs across different providers
In 2024, it became possible to operate more than one ISA in the current tax year. This means you can invest in multiple ISAs with different providers at the same time – spreading your annual allowance across them all. However, at Shawbrook you can only open one Cash ISA per tax year, and you cannot split your allowance across more than one Cash ISA in the same tax year.
For more information, visit our 2024/25 cash ISA allowance page.
How to transfer your ISA
Transferring an ISA is a straightforward process, provided you follow the correct steps to maintain your tax-free benefits. Before proceeding with the transfer, please consult our guidance: What You Should Know About Transferring an ISA.
Transferring an ISA from another provider to a Shawbrook ISA
To transfer an existing ISA from another provider to a new Shawbrook ISA you will need complete the online ISA application form. If your provider is not part of the Electronic Transfer Scheme, a separate form is required for a manual transfer.
As part of your application process, we will capture the details of your current ISA. We will then work with your existing ISA provider to complete the transfer for you, and you'll keep your ISA tax-free status benefits.
To transfer money into a Shawbrook ISA that’s newly opened please contact our friendly Savings Team by phone, or log in and send us a secure message.
At Shawbrook, we accept transfers from Cash ISAs or Stocks and Shares ISAs. Cash ISA transfers typically take 4 to 5 working days but can take up to 15 working days. Stocks and Shares ISA can take up to 30 calendar days.
Transferring from one Shawbrook ISA to another Shawbrook ISA
To transfer your Shawbrook ISA to another Shawbrook ISA please contact our friendly Savings Team by phone, or log in and send us a secure message and we will complete the transfer.
Transferring a Shawbrook ISA to another provider
If you want to transfer your Shawbrook ISA to a new provider, you need to follow their process for transferring ISAs to them. The information your new ISA provider asks for may vary, but in general you will need to provide a sort code and account number of your Shawbrook ISA.
Your account number - You can find your account number by logging in to your account. Your account number is displayed on the home screen next to your account name.
Your sort code - Our sort code is 16-58-73. This is the same sort code used on all Shawbrook savings accounts.
Other references - Your new provider may ask you for information like a roll number or reference number. We don't use role numbers or reference numbers, so you can leave this blank if your new provider asks for it.
What happens next
Your new provider will manage the transfer, confirm next steps and let you know if they have any questions. They'll also confirm when the transfer is complete.
Partial Transfers
We don't offer partial transfers, so if you wish to transfer funds from your Shawbrook ISA to another provider, you’ll need to transfer the whole amount and close your Shawbrook ISA.
How long will my ISA transfer take?
At Shawbrook, we accept transfers from Cash ISAs or Stocks and Shares ISAs. Cash ISA transfers typically take 4 to 5 working days but can take up to 15 working days. Stocks and Shares ISA can take up to 30 calendar days.
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