The start of the new tax year is nearly upon us, which means now may be the time to reassess your financial future.

As the new tax year approaches on April 6, many will begin thinking about whether their money is in the right place, and doing as much as it can for them. That may mean transferring your investments to a new provider who could deliver better terms.

If you have a Stocks and Shares ISA, there is no need to wait until the start of a tax year to transfer it. You can choose a new provider such as anytime.

However, if you are going to switch ISA providers, it is important that you choose the right one for you, and follow all of the rules so that you don't get penalised.

Why invest in an ISA and what types are there?

An Individual Savings Account (ISA) offers tax efficiency, flexibility, and diverse investment options. You won't pay tax on interest in a Cash ISA, dividends from stocks in a Stocks and Shares ISA, or capital gains from investments in a Stocks and Shares ISA. ISAs also provide flexibility, allowing you to open and fund multiple accounts in the same tax year, combine them into one, and choose your own risk level and investment style if you're choosing a Stocks and Shares ISA. Options include saving cash in a Cash ISA and investing in stocks and shares in a Stocks and Shares ISA.

There are various types of ISAs available, including the Stocks and Shares ISA, also known as an Investment ISA. This account lets you invest your money without paying UK income tax or capital gains tax on any profits. investment experts manage your funds, so you don't need to be an investment pro to benefit.

Why transfer an ISA?

Different ISA providers such as offer different terms, meaning you could see your pot grow quicker if you transfer, by moving all of your previous years' subscriptions over, for example. Providing funding remains with the £20,000 ISA allowance, when transferring you can keep contributing before the end of the tax year and beyond. This could allow your money to grow as it currently does while benefiting from potentially better terms, lower fees, and more investment options that a new provider like may offer.

Your funds remain within a tax wrapper, keeping them protected from tax. Additionally, you can transfer an ISA from a previous tax year to a new Stocks and Shares ISA without it counting toward your current year's allowance.

If you find a new provider with better terms than your current one or you feel that your current ISA is underperforming, now may be the time to switch.

Which types of ISA can I transfer?

You have the flexibility to transfer all or part of your ISA savings between different types of ISAs, such as Cash ISAs, Stocks and Shares ISAs, or even within the same type of ISA. Transfers are allowed between various ISA types, including Cash ISAs, Stocks and Shares ISAs, Junior ISAs, Innovative Finance ISAs (IFISAs), and Lifetime ISAs. You can transfer your entire ISA balance or a portion of it from one provider to another at any time, whether it's to a different type of ISA or the same type.

Will I lose any benefits when I transfer an ISA?

No, so long as you follow the process in the right way. When you transfer an ISA to another provider such as , you should always use the official ISA Transfer Form to retain your ISA tax benefits.Transferring an ISA involves moving your funds from one account to another while maintaining its tax-free status. In contrast, withdrawing money from an ISA removes it from the tax-free protection and may result in future contributions being taxed, depending on the circumstances.

It is very important that you follow this process, as if you withdraw the money without doing this, you will not be able to reinvest that part of your tax-free allowance again. If you're an existing customer, simply head to online dashboard and use the 'transfer in' button on your home screen. You can then choose whether you want to transfer your money into an existing plan, or create a new one.

Transferring ISAs from previous tax years doesn't impact your current ISA allowance at all, so you can still put up to £20,000 into an ISA this tax year, if you've not already done so.

What ISA transfer rules do I need to follow?

When switching ISA providers, it's essential to contact the new provider and complete an ISA transfer form. This step is crucial because if you withdraw the funds without transferring them, you'll lose that portion of your tax-free allowance, and it won't be available for reinvestment.

ISA transfers typically take up to 15 working days for cash ISAs and 30 calendar days for investment ISAs, according to HMRC. If your transfer takes longer than expected, reach out to your ISA provider. If you're unsatisfied with their response, you can escalate the issue to the Financial Ombudsman Service.

As long as you follow the proper procedure, the tax benefits of your ISA remain unchanged during the transfer. Transferring a cash ISA is generally free, unless you're moving from a fixed-term product, in which case you may face penalties for early withdrawal. Be sure to check your account's terms and conditions to understand any applicable fees or charges.

How do I transfer an ISA?

Transferring your ISA to is easy and can be done in three simple steps:

With easy-to-use app and team of investment experts managing everything for you, deposit or transfer to a Wealthify Stocks & Shares ISA - and you could earn between

Minimum investment £5,000. Offer registration ends 30/06/25. You'll then have 6 months to make your qualifying deposit(s) or start your transfer(s). You'll need to remain invested for 18 months from the date of registration. Cashback varies by total deposit and/or transfer amount. T&Cs Apply. Capital at risk.

Please remember the value of your investments can go down as well as up, and you could get back less than invested. Your tax treatment will depend on your individual circumstances, and it may be subject to change in the future.

Wealthify does not provide financial advice. Please seek financial advice if you are unsure about investing.

Wealthify Limited is authorised and regulated by the Financial Conduct Authority (No. 662530).