Transfer an Innovative Finance ISA
Important Information: This isn’t personal advice. Investments can fall as well as rise in value, so you could get back less than you put in. If you’re not sure which investments are right for you, speak to a financial adviser. If you decide to transfer, please check you won't lose any guarantees or benefits, and that your current provider won't charge you large exit fees
It’s free and easy to transfer cash in your Innovative Finance ISA (also known as a Peer-to-Peer ISA) to an HL Stocks and Shares ISA. Transferring won’t affect your ISA allowance.
The HL Stocks and Shares ISA allows you to invest your money in funds, shares, bonds, ETFs and investment trusts, free from UK income tax and capital gains tax.
All you need to do is send us a completed transfer form. You can leave the rest to us.
Tax rules for ISAs can change and their benefits depend on your circumstances.
It's free to transfer to us
Your current provider may charge exit fees though, so it’s worth checking with them first.
Our annual charge for holding investments is never more than 0.45%. But some investments will have their own charges. See our full list of charges, including dealing fees.
What is the transfer process?
Step 1 - Start your transfer
Download and complete a transfer form, before sending it to us by post. You’ll need the client number you have with your current provider, your National Insurance number, as well as the approximate transfer value.Before transferring, please check if your provider charges exit fees, or if you'll lose any benefits or guarantees by transferring. You can only transfer cash held in your Innovative Finance ISA.Should you wish to close your Innovative Finance ISA, you should discuss this with your provider before requesting a transfer.You can either transfer to an existing HL Stocks and Shares ISA or open one as part of your transfer. There’s more information on this below.
Step 2 - We work with your current provider
We’ll receive a valuation of your account, so we know how much is coming.
Step 3 - Your transfer is completed
If you already have an account with us, you’ll receive either a secure online message or a letter through the post, depending on your contact preference, letting you know that your cash has been transferred to your account. If you’ve had to open a new HL account as part of the transfer, we’ll contact you by post.
Innovative Finance ISA transfer FAQs
Transfer timeframes vary considerably between providers and can also depend on the assets held in your portfolio. We expect transfers to take anywhere between 2-6 weeks although some transfers can be complex and take longer.
Differences between personal details on the form submitted and what is registered with your current provider. For example, name, date of birth, address or National Insurance number.
Not providing your full account/reference number.
Trading on your account whilst your transfer is in progress can cause your transfer to take longer.
Any outstanding fees on the account need to be settled before a transfer can proceed.
We don’t charge anything to transfer to us, however some providers may charge to transfer out so make sure you check with your current provider first.
Our annual charge for holding investments is never more than 0.45%. But some investments will have their own charges. See our full list of charges, including dealing fees.
Transferring doesn’t count towards your ISA allowance and you can transfer an ISA at any time in the tax year. You can find out what the current ISA allowance is for this tax year here.
It may be possible to request a partial transfer of your Innovative Finance ISA to HL instead of transferring your account in full. This will leave your existing account open. However, not all providers allow partial transfers, so we’d recommend checking with your current provider first. Any ISA subscriptions from the current tax year must be transferred in full.
You cannot transfer investments from an Innovative Finance ISA into an HL Stocks and Shares ISA, only cash.
The security of your accounts is really important to us. We have invested in multiple measures to help protect you and your money. Read more about how we look after your savings and investments here.