Tax-efficient saving has been around for a while. ISAs arrived in 1999 and before that, there were PEPs (Personal Equity Plans) and TESSAs (Tax-Exempt Special Savings Accounts). If you’ve been using your tax-free allowances in past years, your money may well be scattered across numerous providers, and in the case of Cash ISAs, any shiny introductory rate you got has long since expired. So, if your old ISAs have been side-lined, now could be the time for an ISA transfer. Here’s why:
All together now
If you've got multiple investment ISAs with different providers, you could look to transfer your existing ISAs into one place. This could help you organise your money and keep a tighter handle on any costs and fees you pay. Having your money in one place means only signing in once to check or manage your funds, and it'll be easier to keep tabs on its performance.
Vive la différence
Having all your ISAs in one place doesn’t mean you have to compromise on choice. Many online platforms offer access to an extensive range of global investments. If you need help navigating through the options, a service like Wealthify will pick through thousands of potential investments to create a diverse investment ISA that suits your attitude towards risk. Our blog; 5 things you need to know about diversification, explains in a bit more detail how this works.
A potential boost
There’s no guarantee with investing that your money will be better off than it would in a cash ISA, and you could get back less than you put in. Investing does at least give you the chance of better potential returns than cash typically offers though if you’re happy with the accompanying risk.
Choose your own risk
If you choose to invest, it’s important to understand the relationship between investing risk and return, and find a balance that fits with your goals, your timescales, and your circumstances. You’ll be glad to know services like Wealthify have been working hard to make this as simple as possible. We’ve created five investment styles, from Cautious to Adventurous, so you just need to choose the right one for you and our investment team will do the rest.
Free and easy
Transferring an ISA is not as tricky as it might sound. In fact, a quick online ISA transfer form is all it takes to get the ball rolling! Transfers should always be free, and your new provider will usually do all of the running around to arrange it, so you don’t have to.
If you want to know more about transferring an ISA to Wealthify then please get in touch, either by phone on 0800 802 1800, LiveChat on our website, or send us a secure message.
Ready to start your ISA transfer now? Complete our quick online transfer request form to get the ball rolling.
The tax treatment depends on your individual circumstances and may be subject to change in the future.
Please be aware that investments can go down in value, and you could get back less than invested.