Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ Follow Us on Pinterest Follow Us on Tumblr Visit our YouTube Channel Subscribe to our Feed Subscribe via FriendFeed

Connect With Us

Are There Charges for Transferring an ISA

by Jim ONeil on May 15, 2011

in ISA's Individual Saving Accounts

An ISA offers residents the opportunity to increase their savings. There are several types of ISAs available, and it would depend which type a person is contributing to in order to figure out if there will be any fees or not.

An easy access ISA will more than likely have not fees when the funds are transferred. However, if the ISA has a variable rate, there may be some fees associated with the transfer. Some variable rate ISAs require a notice period for withdrawals.

In this case, there would be a transfer out fee along with losing any interest that would have been accumulated during the waiting period.

Fixed rate ISA accounts present two different scenarios. If the ISA is still in the middle of its term, there is generally a penalty to switch the account. However, if it is at its conclusion, the account can be changed without incurring any penalty.

Because there are so many variables, it is recommended that you look into the term rules of the ISA before signing up. This will prevent any issues moving forward. Penalties range from non-existent to the loss of a full year’s interest earnings.

Comments on this entry are closed.

Previous post:

Next post: