Yes. There is no limit on the value of existing ISAs that you transfer across, nor is there any deadline. Existing ISAs using previous years’ allowances can be transferred to a Downing IFISA at any time.
Please note, however, that you cannot hold stocks and shares in an Innovative Finance ISA, so we cannot accept ‘in specie transfers’.
When transferring funds from a Stocks and Shares ISA you will first need to sell those stocks and shares so your current ISA is only holding cash, and then transfer this to your Downing IFISA. You should consider whether it is the right time to liquidate your portfolio and if doing so might lead to any fees or penalties with your current ISA provider.
To transfer cash into your IFISA account, you will need to complete an online transfer form. We will then liaise with your ISA manager to complete the transfer.
When transferring existing ISA funds you need to ensure you do so directly from one ISA manager to another, and not by withdrawing your money, as this money will lose its ISA tax advantages.