You can transfer an ISA from one provider to another provider at any time.
Why transfer to Munnypot?
To keep things simple, you may want to have all your investments under one roof, so they’re easier to manage. Our customer services team are here to support you when transferring your ISA to us, if you ever have any questions. If you are already a Munnypot customer, you can transfer from within your account using the chatbot. If you’re new to Munnypot our regulated investment advice can prove invaluable when setting up your investment plan. Say goodbye to difficult decisions: we will choose the right investment plan for your circumstances.
Which ISAs can you transfer?
You can transfer Cash ISAs, Stocks & Shares ISAs, and Junior ISA’s to us (for Junior ISA transfers please contact our customer services team here).
Transferring a Cash ISA to a Stocks & Shares ISA could be sensible as interest rates on Cash ISAs have been low for years, but with a Stocks & Shares ISA you have the opportunity to grow your money more over the long term. But, just remember unlike cash, investments can rise and fall so you could lose money.
When transferring a Stocks & Shares ISA to us it has to be in cash. This means your investments are sold and moved to your new ISA as cash. We will then buy investments back for you.
In both cases your money stays in a former ISA, so your transfer won’t count towards this year’s ISA allowance, it will remain separate
How much can I transfer?
If you’re new to Munnypot transferring an ISA or JISA works in the same way as a standard investment plan set-up. The minimum amount you can contribute to your pot is £250 (as a transfer-in or standard contribution – the same rules apply).
If you’re an existing customer, the minimum transfer amount is £1.
Please note that if you want to transfer money you’ve invested in an ISA during the current tax year, HMRC rules state that you must transfer all of it to us. Whereas previous years’ ISAs can be partially or fully transferred.
Transferring your ISA to Munnypot as a new customer
The most important question is whether you are transferring a current tax year ISA (in which case you must transfer all of it to us) or old ISA(s) from previous tax years (in which case you can transfer as much or as little as you like of it to us).
We will ask you questions regarding investments you may hold elsewhere in the chatbot. Once your investment plan is set-up we will email you a transfer form which you will need to complete and then return to us using the details provided in the email. It’s important that you use this form to arrange the transfer. If you withdraw the funds yourself, you will lose all your tax benefits on any profit you have made.
If you already invest with us, you can transfer-in from within the ‘details’ section of your account.
How long does a transfer take?
It can take up to 30 days to transfer an ISA/JISA. Once we have received your transfer documentation, we’ll contact your existing provider for you and we’ll let you know when your Munnypot Stocks & Shares ISA/JISA is open.
Will transferring my ISA/JISA cost me any money?
We do not charge for transferring to or away from Munnypot, but your existing provider may apply a charge. Make sure you are aware of any possible charges before you make any decision to transfer.