You can transfer ISA subscriptions (money paid in) without losing your tax free benefit.
You can transfer subscriptions in the following ways:
- Between ISA providers.
- Between different Tesco Bank Cash ISA accounts.
- Between Cash ISAs and Stocks and Shares ISAs (Tesco Bank only offers Cash ISAs).
To ensure your interest payments remain tax free, you need to transfer your funds using the ISA transfer process. This process is offered by Tesco Bank and most other providers.
You can transfer:
- All of your current year's subscriptions to a Cash ISA or a Stocks & Shares ISA. You can then make further subscriptions to your new ISA in the same tax year, as long as you don't exceed your annual allowance.
- All or part of any subscription made in previous tax years.
Whilst you can subscribe to multiple Cash ISA’s in the same Tax Year with different providers you may only subscribe to one Tesco Bank Cash ISA (Instant Access and Fixed Rate Cash ISA. In addition, if you have previously subscribed to a Cash ISA in the year but subsequently transferred your money to a stocks and share ISA, you will still be able to use your full cash ISA annual allowance.
Other providers may have restrictions on transfers, so you should always check this with them before transferring money to another provider.
Transferring an existing ISA to Tesco Bank
By phone
- Call our friendly UK based customer service team on 0345 678 5678*
Online
- Existing Tesco Bank Cash ISA customers can download and complete an ISA transfer form from our Online Banking service and send it to us at the address shown on the form. New customers should complete an application either online or by telephone, and we can begin the transfer process during the application.
Remember, if you are making a transfer to our Fixed Rate Cash ISA you must do this within 30 days of account opening.
Please note, you can find out if your Tesco Bank Cash ISA accepts transfers in by referring to your Key Facts Document and/or Terms and Conditions booklet.
*This number may be included as part of any inclusive call minutes provided by your phone operator.
Making a transfer from a Tesco Bank Cash ISA
If you wish to move some or all of the balance of your Tesco Bank Cash ISA to another provider, please contact your new provider directly - they will arrange everything with us. Please note that there is a fee equivalent to 30 days' interest on the account balance for transfers made from a Tesco Bank Fixed Rate Cash ISA.