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If you’re an avid, regular saver and enjoy putting money aside for a rainy day, you might have already opened an ISA – a tax free or tax-efficient savings account. If so, great! But it’s important not to just leave your ISAs neglected for years on end – if you do, you could be losing out on better returns or lower fees. Some people forget that you can move your ISAs from one provider to another as frequently as you wish without losing any of the ISA tax benefits in the process.
In order to reach your savings goals quicker, it’s essential to seek out the best ISA products for you and transfer any ISAs that aren’t yielding the returns you’d hoped for to one with a better rate or simply to a company that better suits your needs and wants. There are two main ways of doing this.
Transferring your ISA to another provider
The first way you can change your ISAs is to transfer them from one provider to another. Before doing this, however, it’s essential to do your research to see if the move will be beneficial. You may not want to pay any steep exit penalties, for example – unless it’s still worth your while doing so.
Switching from cash to stocks and shares
In 2014, major changes were made to the ISA world. Not only did the ISA limit rise to £15,000 per person but it became possible to transfer money both ways from a cash ISA into a stocks and shares ISA and vice versa. This extra flexibility has made it easier to save and invest simultaneously and is ideal for anyone looking to split their ISA allowance in to the different ways that suit them. A number of people like to have a fixed rate of interest in a cash ISA and take some risk in an investment ISA at the same time.
That’s the basics covered, so if you’re looking to make an ISA transfer here are three companies that’ll help you ever step of the way…
Nutmeg has bought a breath of fresh air to the investment sector. They can build and manage a professional investment portfolio for you, all within a stocks and shares ISA ‘wrapper’, that’s based on the level of risk you’re comfortable with.
You can start a Nutmeg stocks and shares ISA with just £1,000 and it only takes around 10 minutes to set the whole thing up on-line. After that you can kick back and relax as they manage it all for you, making regular changes to your set of investments as they seek out new opportunities for potential investment gains. If you’re looking for investment management away from ISAs, they’ve also just launched a personal pension service.
Here’s what some of Nutmeg’s customers have said:
- “They give me absolute trust that they’re on top of my finances — as much as I would be if I was managing it.” — Helen, managing director
- “Nutmeg have taken away the burden of managing my money. I feel safe. With Nutmeg, I have an expert investment team.” — Fergus, chartered accountant
- I’d given up ever finding professional support I could have faith in again until I came across Nutmeg.” — Nilmini, senior manager
- “Inspiring, interesting. A good concept to thrash traditional private banking.” — @sumaygia
Established 160 years ago, Nationwide has gone on to become the world’s largest building society offering a wide range of products and services including a range of ISAs. And if you’re looking to transfer old ISAs to Nationwide the process is quick and simple. For cash ISAs it takes up to 15 working days to complete the transfer once your transfer request has been received – although it may take longer if your ISA accounts aren’t free to move or have a notice period. For stocks and shares ISAs, industry guidelines recommend allowing 30 days, however, this can depend on the availability of proceeds from the sale of your stocks and shares ISA.
Here are some reviews from Nationwide’s customers:
- “Sound business. Love the fact that they don’t sting you to make mega bucks or gamble your savings on investment style banking – it’s old fashioned, but it works!”
- “I don’t normally post reviews on-line but I just felt like I needed to write a review because I’m so happy with the service from nationwide! I haven’t been able to fault any aspects of Nationwide and I am an extremely satisfied customer.”
- “The highest rated ethical bank/building society that has a high street presence won it for me.”
Barclays is a British multinational banking and financial services company head quartered in London. It’s a universal bank with operations in retail, wholesale and investment banking as well as wealth management, mortgage lending and credit cards. They offer a wide range of ISA products to suit your needs and as well as making it easy for you to transfer your ISA holdings between an investment and savings account, they also accept transfers from other ISA providers.
Here are what some of Barclays customers had to say:
- “Once you set up an on-line account, you’ll be amazed at how good this bank has become.”
- “My experience of Barclays Bank and the services offered has been exceptionally good.”
- Been with this bank for a year for their on-line savings. Has been pretty good so far, no hiccups or hassles. I like their Security features.”