Transfer an existing ISA

You can diversify your existing ISA portfolio by transferring ISAs from previous tax years to an Abundance ISA.

The ISA system allows you to transfer savings and investments from previous ISA years to a different provider. This lets you diversify your portfolio and take advantage of changes in the ISA rules — such as the launch of the Innovative Finance ISA — to create a diversified portfolio to help meet your financial goals.

The process of transferring an ISA to Abundance is straightforward. All it requires is that you set up an Abundance ISA account and then fill out a transfer form, which you can download through your Abundance ISA portfolio.

Full details of the process are below. If you want to switch your current tax year IF ISA to Abundance, you can also do this using the same process.

  1. Set up an Abundance ISA

    You need to set up 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. You can find out how to do this here.

  2. Choose ISAs to transfer

    You can transfer any amount from your existing ISAs to your Abundance ISA, providing it is from a previous tax year (2015/16 or earlier). Transfers to an Abundance ISA are always made in cash, so if you have a Stocks & Shares ISA your previous ISA manager must sell these on your behalf and transfer the cash to your Abundance ISA. 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.

    If you want to transfer money that you have subscribed to an ISA in the current tax year, you must transfer the full amount that you have subscribed in that year (plus any income earned) to your Abundance ISA.

    Some ISA managers may charge to transfer an ISA, so please make sure you check this first.

  3. 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 can download a transfer form from within your Abundance ISA portfolio. You will need details such as the ISA manager names and account numbers. Return these forms to us and we will do the rest.

  4. Transfer funds

    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.

  5. 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.

  6. Invest

    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.

* 2% AER (Annual Equivalent Rate) return will be paid by Abundance on the cash balance of your Abundance ISA from 21 February 2017 until 31 May 2017. Returns will be calculated on your daily cash balance from 21 February until 31 May 2017, and will be paid into your Abundance ISA as a single payment within 3 working days of 31 May 2017.

Funds are held by the Client Money Service Provider in accordance with the Abundance Service Terms & Conditions and the ISA Terms & Conditions. Abundance may withdraw or change the 2% AER return offer at any time so that it is no longer available or it is limited to a maximum number of new subscribers. The opening of an ISA is subject to the Abundance ISA Terms & Conditions.

As with any investment product there are risks. Part or all of your original invested capital may be at risk and any return on your investment depends on the success of the project invested in. You should be prepared to hold Abundance investments for their full term (and many will have terms of more than 15 years). Abundance investments may not be readily realisable (and their value can rise or fall). They may be secured or unsecured, and where they are secured this does not ensure repayment. Estimated rates of return can be variable and estimates are no guarantee of actual return. Specific risks will apply in relation to each product. Consider all risks before investing and read the Offer Document for each investment.