The ISA system allows you to transfer money between different ISA providers. This lets you diversify your savings and investments to help meet your financial goals.
The process of transferring an ISA to Abundance is straightforward. All it requires is that you set up an Abundance account, open an IF ISA portfolio, and then fill out a transfer form, which you can download through your Abundance ISA portfolio. Full details of the process are below.
1. Set up an Abundance account
If you've not already signed up for an Abundance account, you'll need to do this first. It's quick and easy and done entirely online.
2. Open an Innovative Finance ISA portfolio
You need to open an IF ISA portfolio before you request an ISA transfer so that we can process your ISA transfer when it arrives. For more information, take a look at Setting up an Abundance ISA.
3. Decide what you want to transfer
You can transfer money held in any type of ISA to your Abundance IF ISA. If you want to transfer money held in an ISA that was contributed in a previous tax year, you can transfer any amount you want (provided your existing ISA provider allows partial transfers).
If you want to transfer money held in an ISA that was contributed in the current tax year, you must transfer the full current year balance to your Abundance ISA. You can also transfer a combination of money contributed in the current tax year and past tax years at the same time.
Transfers to an Abundance IF ISA are always made in cash, so if you have a Stocks & Shares ISA or another Innovative Finance ISA your investments will need to be sold and the cash proceeds transferred to your Abundance IF ISA. The ISA provider may complete this process on your behalf or you may need to sell your investments yourself. In this instance you will be liquidating existing investments, so you should consider carefully whether this is in your best interests and take advice as necessary.
Some ISA managers may charge to transfer an ISA, so please make sure you check this first.
4. Complete transfer form
Once you are ready to transfer your ISA you need to complete a transfer form for each ISA you wish to transfer. You will need details such as the ISA manager names and account numbers. Return these forms to us and we will do the rest.
Please note that most ISA providers require an original signed copy of the ISA transfer form to process the request so in the majority of cases we can only accept forms sent to us by post. However, in the current coronavirus pandemic, please send us a scanned copy to firstname.lastname@example.org as many providers are currently accepting digital forms, which will speed up your transfer.
5. Processing your transfer request
We will arrange the transfer with your existing ISA provider and let you know once it is completed and the money is available within your Abundance IF ISA. The process of transferring your ISA usually takes between 7 - 30 days, depending on the provider and type of ISA being transferred. This is worth bearing in mind if you would like to invest in a specific project.
A Cash ISA transfer typically takes 5-7 days. A Stocks and Shares ISA or Innovative Finance ISA transfer typically takes 15-30 days.
Your ISA funds will be held as cash in your Abundance IF ISA portfolio, ready for you to invest. It’s up to you to choose exactly which investments you want to make and how much you would like to put in to each as there is only a £5 minimum investment per investment. Please note that cash held in your ISA does not earn any interest.
You can invest in any of the company investments on Abundance from within our IF ISA, however our Community Municipal Investments cannot currently be held in an IF ISA - find out more here.