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Do Lloyds bank allow cash isa transfer away from them to another bank?

3
Found 6th Apr 2014
And if so it there a fee associated with it or is it free?

Looking to transfer to a better rate paying bank

Cheers

3 Comments

you may have to ask your bank. if cash isa is instant access, you should be able to transfer to another cash isa with another bank.
penalty for transfer normally happens if you have invested in a fixed term isa.

yes they do, I had mine transferred recently

By law all banks MUST allow free and fast transfers to competitor providers.
Firstly you need to check 3 things though:
1. Make you do an official transfer through your new bank/building society. Do not manually move the money, this will remove all your ISA allowance.
2. If your current ISA was a fixed term (e.g 6 months, 1 yr etc), make sure that term has passed or your liable to lose upwards of 180 days of interest that you've accumulated.
3. Check that the new ISA account your moving into allows transfers, a great many won't allow transfers, and in contradiction to my 1st point, you would have to use up this years ISA allowance in order to move the money.

Here's a better guide :
moneysavingexpert.com/sav…ers
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