If you want to move money between ISAs there are some rules you should be aware of.
Some rules on transferring your ISA (including the deadlines for providers to complete them) are set by the Government. Read more on the Government's website.
Withdrawing the money yourself means it will lose any tax-free status, even if you transfer it directly into another cash ISA.
Your current provider has to let you transfer your money to another provider.
You can transfer some or all of your deposits from any tax year, whenever you want (as long as your provider and account terms allows it).
If you hold one of our cash ISAs and want to transfer money from another cash ISA (held with us or another provider), you need to:
We’ll then get in touch with your existing ISA provider and complete the transfer on your behalf.
You need to complete the transfer within 30 calendar days of the account opening. Check your welcome letter or contact us if you’re not sure of the date.
If you'd like to transfer more than one ISA into a Co-operative Bank Cash ISA or Fixed Rate Cash ISA, you'll need to complete a Cash ISA Transfer Authority form (PDF) for each ISA you want to transfer.
To do this, you'll need to:
You can transfer out all or part of the money in your Co-operative Bank cash ISA.
Some of our cash ISAs have restrictions which may mean you incur a charge or loss of interest when you transfer out – the withdrawal arrangements are in the terms and conditions.
You will not lose the tax benefits as long as you ask your provider to do an ISA Transfer. You must not withdraw the funds yourself to transfer as they will lose any tax-free status.
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Business day is usually Monday to Friday excluding bank holidays.
Calendar month means from midnight on the first day of a month to 11.59:59pm on the last day of the month.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline or accept any application and/or deposit.
Your eligible deposits held by a UK establishment of The Co-operative Bank p.l.c. are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with The Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.
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