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 only subscribe to one Cash ISA and one Stocks and Shares ISA in a tax year; however, you can hold multiple Cash ISAs and Stocks and Shares ISAs as long as the subscriptions were made in different tax years. In addition, if you have previously subscribed to a Cash ISA in the year but subsequently transferred your money to a Stocks and Shares 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.
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.
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.