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.

  1. 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.

  2. 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.

  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 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.

  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.