Set up an Abundance ISA
You need to open an Abundance ISA account before you request an ISA transfer, as we need your authority to request the transfer from the existing ISA manager on your behalf.
To set up an Abundance ISA you will first need to create an Abundance account, which is free and only takes a few minutes. If you are an existing Abundance customer you can create an Abundance ISA by following the links after signing in to your Abundance account.
Choose ISAs to transfer
You can transfer money held in any type of ISA to your Abundance ISA. If you want to transfer money held in an ISA that was contributed in a previous tax year, you can transfer any amount you want (provided your existing ISA provider allows partial transfers).
If you want to transfer money held in an ISA that was contributed in the current tax year, you must transfer the full current year balance to your Abundance ISA. You can also transfer a combination of money contributed in the current tax year and past tax years at the same time.
Transfers to an Abundance ISA are always made in cash, so if you have a Stocks & Shares ISA or another Innovative Finance ISA your investments will need to be sold and the cash proceeds transferred to your Abundance ISA. The ISA provider will usually complete this process on your behalf. In this instance you will be liquidating existing investments, so you should consider carefully whether this is in your best interests and take advice as necessary.
Some ISA managers may charge to transfer an ISA, so please make sure you check this first.
Complete transfer form
Once you are ready to transfer your ISAs you need to complete a transfer form for each ISA you wish to transfer. You will need details such as the ISA manager names and account numbers. Return these forms to us and we will do the rest.
You can download an ISA transfer form from within the Money section of your Abundance ISA portfolio.
The process of transferring your ISA usually takes between 15 - 30 days, depending on the provider and type of ISA being transferred. This is worth bearing in mind if you would like to invest in a specific project.
Any uninvested cash in your Abundance ISA is held in a trust account with HSBC, so you benefit from the FSCS Deposit Protection Scheme until you invest your money into projects. Learn more.
Get a 2% AER return on your ISA cash
Until 31 May 2017 we are offering a 2% AER (Annual Equivalent Rate) return on the cash balance of your Abundance ISA*. This means you can start earning a tax free return on your ISA cash before you invest it into projects.
We have a range of projects launching over the coming months for you invest in before the promotional period ends. But you are free to keep your cash in your Abundance ISA once it has been subscribed, which means you can build your portfolio of ISA investments with us over a timescale that suits you. Learn more.
Your ISA funds will be held as cash in your Abundance ISA account, ready for you to invest in projects. It’s up to you exactly which projects you invest in and how much you would like to put in to each as there is only a £5 minimum investment per project. You can view our current open projects here.