Cash ISA transfers

Everything you need to know about transferring your savings from one Cash ISA into another.

Before you get started

What's a Cash ISA transfer?

Transferring a Cash ISA simply means moving your savings from one ISA provider to another, or switching between different types of Cash ISAs - either with the same provider or a new one. You can transfer both your current year’s savings and any money you’ve built up in previous years.

To keep your tax-free benefits, it’s important to use the official Cash ISA transfer process rather than just withdrawing and redepositing the money yourself. This way, your allowance stays protected.

Why would you want to transfer a Cash ISA?

There are a few reasons you might want to transfer a Cash ISA. This could be because you're looking for a better interest rate or because you want to bring all your Cash ISAs together in one place.

Transferring a Cash ISA to first direct

Transferring a Cash ISA to first direct is simple:

  1.  if you want to transfer an existing Cash ISA, you'll need a first direct ISA to transfer into*.
  2. before you transfer an existing Cash ISA, you’ll need to make sure you've checked the terms and conditions for any transfer out restrictions or charges.

*Please note only cash ISAs and stocks and shares ISAs can be transferred into a first direct Cash ISA and only cash ISAs can be transferred into a first direct Fixed Rate Cash ISA.

Before you transfer a Cash ISA

Cash ISAs can be transferred to another Cash ISA, either with the same provider or someone new (but remember not all Cash ISAs accept transfers in and some providers may charge for transferring an ISA out). 

Here's what you need to know:

  • When all or part of an existing ISA is transferred to another ISA, the transfer does not affect how much of your overall ISA allowance for the current tax year has been used
  • previous years' allowances do not need to be transferred in full, they can be split between different providers
  • any amount being transferred into a first direct Cash ISA from the current tax year must be transferred as a whole
  • you can transfer Cash ISA balances to us, held with other providers, from previous or current tax years*
  • you can transfer both Cash ISAs and stocks and shares ISAs into our instant access Cash ISA and our Stocks and Shares ISA. Just so you know, our Fixed Rate Cash ISA only accepts transfers from other cash ISAs - it can’t accept stocks and shares ISA transfers
  • if you want to transfer a stocks and shares ISA into your first direct Cash ISA, your stocks and shares ISA manager will, after receiving the instruction to transfer, sell your shares and make the transfer in cash - and this could mean a loss of income or interest whilst the transfer is being made.

*Please note only cash ISAs and stocks and shares ISAs can be transferred into a first direct Cash ISA and only cash ISAs can be transferred into a first direct Fixed Rate Cash ISA.

Transfers into our Fixed Rate Cash ISA

Transfer into a first direct Fixed Rate Cash ISA in just a few steps:

  1. apply for a Fixed Cash Rate ISA
  2. make sure you select the ‘Cash ISA Transfer in’ option as part of your application (if you wish to both subscribe and transfer select this option)
  3. complete your application
  4. check if the provider you're transferring from is listed here
  5. before you start make sure your personal details are up to date in our App or Online Banking
  6. if your provider is listed, please complete our Transfer in Form.

If the provider isn't listed, print out and complete this form. Follow the instructions, making sure you sign and date the paper form. We must receive your completed form within 30 days of the date of your ISA declaration that you received when you opened your account to accept the transfer request.

These forms can be used to transfer an existing cash ISA including the first direct Cash ISA to our Fixed Rate Cash ISA. Other types of ISAs, such as Stocks and Shares ISAs, cannot be transferred into our Fixed Rate Cash ISA.

You can also use this form if you have an existing instant access first direct Cash ISA and want to transfer it into your new Fixed Rate Cash ISA.

If you wish to transfer more than one cash ISA, please complete a separate form for each one.

Transfers into our instant access Cash ISA

  1. apply for an instant access Cash ISA account
  2. complete your application
  3. print out the Cash ISA Transfer Request Form
  4. follow the instructions, making sure you sign and date it and post it back to us as soon as possible.

Your eligible deposits with HSBC UK Bank plc are protected up to a total of £120,000 or up to £240,000 for joint accounts, 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 following: HSBC UK, HSBC Private Bank, first direct, M&S Bank and M&S Savings and Investments. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Frequently asked questions