You can transfer money between different ISAs that you hold with different ISA providers. This lets you diversify your savings and investments to help meet your financial goals.
The process of transferring money in an ISA over to your Abundance IF ISA 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 IF 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 IF 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 IF 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 the Abundance IF ISA transfer form
Once you are ready to transfer your ISA you need to complete our transfer form. You will need details about the ISA you are transferring from, such as the ISA manager name and your account number with them. Return the completed form to us and we will do the rest.
You can download an IF ISA transfer form here, or by selecting Manage in the top menu when you are signed in to your Abundance account and navigating to ISA Transfer under the Money section.
Please send us a digital copy (a scan or a clear photograph) of your completed and signed form to firstname.lastname@example.org or through the messenger on the Abundance website — this is the quickest way to get your transfer underway. In some rare cases, your ISA provider may require an original hard copy of your signed form, but we’ll let you know if that’s the case and ask you to post it to us.
5. Processing your transfer request
Once we have your completed transfer form 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 direct investment on Abundance.
An ISA transfer from a Cash ISA typically takes 5-7 days. A transfer from a Stocks and Shares ISA or Innovative Finance ISA typically takes 15-30 days.
Once we've received the transfer we'll add the money to your Abundance IF ISA. Your ISA funds will be held as cash in your Abundance IF ISA portfolio, ready for you to invest. Please remember that you need to choose the investments you want to make yourself and cash held in your ISA does not earn any interest.
You can choose to invest in any of the direct investments on Abundance from within your Abundance IF ISA (apart from two specific investments - find out more here).
Please remember, holding your investments in an IFISA does not reduce the risk of the investment or protect you from losses, so you can still lose all your money. It only means that any potential gains from your investment will be tax free. The tax treatment of your investment will depend on your individual circumstances and may change in the future.