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Can I Transfer My ISA Myself to Avoid Delays

by Jim ONeil on May 16, 2011

in ISA's Individual Saving Accounts

The only way for a person to make the transfer themselves would be to actually withdrawal the money and then open a new account. If this is done, the investor will lose the tax-free status of the investment and have to pay taxes on the money that has been taken out of the ISA accounts.

There are better options so this does not happen.

While it can be frustrating, unfortunately, waiting is part of the process. Instead of taking the money out, transfer the money over to a new provider to take advantage of the better interest rate offered.

You may also qualify for a bonus, increasing your interest rate even further if the terms to the bonus are met fully.

It is also notable that new regulations are in place to keep the waiting process to a minimum. If you are going off reviews that are outdated, that information is no longer pertinent as the new rules stipulate that all transfers must take place within 15 working days.

You may also want to check with different providers as some of them are offering much shorter terms of transfer to stimulate business in this market.

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