Reasons to transfer your ISA
Is your money locked in the wrong place? Transfer your ISA to Moneyfarm and our stocks and shares ISA can help your money grow.
Protecting your money should be simple, but with so many options available to you it can be difficult knowing you’re doing the right things. There are a few simple ways to spot if your ISA is in the wrong place.
You know it’s time to move if:
- The return on your ISA is lower than inflation. The purchasing power of your savings is shrinking over time.
- You’re missing out on the important things in life because it’s taking you hours to manage your savings or investments. You could be with a provider that does it all for you.
- Your ISA is costing you a small fortune or you can’t work out what you’re paying. Fees should be simple and low-cost.
It’s time to put your future self first. Free up your time and money with a low-cost and fully managed investment portfolio that’s designed to offset the impact of inflation.
Why transfer to Moneyfarm
When you’re a professional priority-juggler, managing your money can be the first ball to drop. We know that when it comes to your finances, you want to secure your future and have peace of mind.
Flexible, low-cost, and fully managed, the Moneyfarm Stocks and Shares ISA can help you get one step closer to your financial goals.
You’ll love how easy it is to transfer your ISA to Moneyfarm. All you need to do is fill in a form, send it back to us, and we’ll do the rest. We’ll also never charge you a fee to transfer in or away from Moneyfarm.
At Moneyfarm, we blend technology and investment wisdom to provide you with a low-cost, hassle-free and fully managed investment portfolio that can help your money grow.
Find out what type of investor you are in a few minutes. Whether you’re new to investing or a seasoned pro, we’ll match you to a portfolio that’s built and managed by a team of experts specifically for your investor profile.
Moneyfarm’s low-cost fee structure means you can keep more of your money invested to benefit from the impact of compounding — where your returns are reinvested and earn their own returns. Compound interest is said to be one of the most powerful forces when investing.
How to transfer your ISA to Moneyfarm
Transferring your ISA to Moneyfarm is easy and we won’t charge you a thing to switch over to us.
1. Sign up
It takes just 10 minutes to open account with Moneyfarm. Don’t forget to select an ISA.
2. Fill out your ISA transfer form
Download your ISA transfer form, fill it in and then send it back to us — that’s it.
3. Sit back and leave the rest to us
We’ll talk to your existing provider, get your account closed, and move your ISA over.
You can find the ISA transfer form in the ‘actions’ section inside the details of your ISA portfolio. Once we have your ISA form, it typically takes between 15-30 days to transfer, although this is up to your provider. It’s really important you transfer your ISA properly, otherwise you could break the tax-free wrapper around your savings.
Why you should invest in a Moneyfarm ISA?
Invest up to £20,000 this financial year and your money can grow tax-free
Rest assured, Moneyfarm won’t charge you a fee to transfer in or away from us
Made for you
Our experts build and manage your portfolio to keep you on the right track
Flexible and hassle-free
Set-up an ISA in 10 minutes and get your money out in five working days
Rest assured, Moneyfarm won’t charge you a fee to transfer in or away from us
See what you’re invested in, how you’re performing and how much you’re paying
Transferring an old stocks and shares ISA to a Moneyfarm Stocks and Shares ISA
It can take a lot of time, knowledge and skill to manage your investments yourself. Whether it’s because you work in finance and want to switch off at home or are busy juggling a career with the school run, you might want a helping hand.
Investing for your future should be as simple and hassle-free as you want it to be. At Moneyfarm, we put you at the heart of your investments. Your personality and financial background helps shape your investor profile, which influences the way you invest.
It can take up to 30 days to transfer your stocks and shares ISA from your existing provider to Moneyfarm. We won’t charge you a thing to transfer in or away from Moneyfarm, but your existing provider might.
The Moneyfarm Stocks and Shares ISA will always be low-cost and flexible, so you can keep more of your money. You’ll also be able to dip in and out as you need throughout the tax year without incurring withdrawal fees.
Tax benefits of an ISA
One of the simplest ways to maximise your returns is through a Moneyfarm Stocks and Shares ISA, as it allows you to build up your investments in a tax-efficient manner.
When you save or invest money, you may be expected to pay tax on the profit you make — whether it’s on growth in the value of your initial investment or on income.
This can unnecessarily dent your long-term returns, and delay how long it takes to achieve your financial goals.
Instead of giving the taxman more money than you have to, invest in a stocks and shares ISA to protect your money. You can invest up to £20,000 in an ISA each year and watch it grow within your tax-free wrapper.
The tax-efficiencies of ISAs can make a real difference to your investment returns over time.
Grow your money the simple way
10 minutes to set-up, then sit back and relax. Once you’ve reached your goals, get your money back in five working days.
Managed for you
Our experts build, manage and rebalance your portfolio to help you keep on track with your financial goals, whatever they are.
We keep our fees simple, so you keep more of your money. You’ll reach your goals quicker — which keeps us both happy.
What is this year tax allowance?
The ISA allowance rose to £20,000 in April 2017. This means you can put up to £20,000 in your ISA each year, and any income or growth in the value of your investment will be protected from tax.
It’s a personal allowance, so couples can invest up to £40,000 in their ISA each year to benefit from the generous tax relief. Over time, these benefits will add up and your stocks and shares ISA could be a welcome addition to your pension.
You don’t have to use all of your £20,000 ISA allowance, just what you’re comfortable with. It’s important to remember that you can’t roll your allowance on into the next year, so it’s a case of use it or lose it. You can spread your £20,000 allowance between the different ISAs, although you can only open one of each type in a single tax year.
Where can I find the ISA transfer form?
The ISA transfer form is provided to you once you have created an ISA portfolio using the ISA transfer option, or if you already have an ISA with us you can access the form inside your account. Go to ‘details’ on your ISA portfolio, and then ‘actions’ to find the form.
Can I withdraw from my ISA?You can take money out of your Moneyfarm ISA whenever you want. When you do this it will not impact your ISA allowance from that tax year. From 6 April 2016 you can take money out of a cash ISA or a stocks and shares ISA and put it back in without losing that part of your allowance, provided you put it back in the same tax year.
What are the requisites to opening an ISA?
To open a stocks and shares ISA you must be at least 18 years old and must be a UK resident for tax purposes.
How long will it take to transfer my ISA to Moneyfarm?
Once we receive your transfer form, Moneyfarm’s investment consultants will work with your current provider to transfer your ISA to our service – safely and securely. This normally takes between 15 and 30 days, but is completely dependent on your current provider.
Can I contribute to my ISA during the transfer period?
Whilst we are transferring your ISA we lock it, which means you can’t contribute to your ISA during this period. Once your Moneyfarm Stocks and Shares ISA has been unlocked and you see trading executions on your account, you can contribute to your ISA again.
Can I transfer part of my ISA to you?
It is possible to transfer all or only part of your ISA allowance to a different provider. However, if you have already made an ISA subscription for the current tax year, and wish to transfer that money to a new provider, you will have to transfer the total ISA.
Can I transfer more than one ISA to you?
Yes you can transfer as many ISAs to Moneyfarm as you like. Remember to fill in a new form for each ISA.
Do I need to open an account before I transfer to you?
Yes you need to open an account before we can transfer your ISA to Moneyfarm.
When can I transfer my ISA?
You can transfer an ISA at any time, and you can transfer as often as you like. Remember, if you have saved into a fixed rate Cash ISA there may be a penalty if you transfer before the end of the fixed term.
Will transferring my ISA cost me any money?
Moneyfarm does not charge for transferring in or away from Moneyfarm, however your existing provider may have charges. Make sure you’re aware of these before you make any decisions.
Will transferring my ISA count towards my annual allowance?
ISA transfers do not count towards your annual ISA allowance. Any additional savings or investments you make within the tax year on top of your existing ISA savings and investments, will count towards your annual allowance for the tax year. An ISA transfer does not count as a new ISA subscription, so if you are transferring ISAs from previous tax years, this has no impact on your ISA allowance for the current tax year.
ISAs are simple and could be just what you need to unlock your family’s future.
If you want to know more, download our free and exclusive guide to ISAs to see how they could help you achieve your goals.