Frequently Asked Questions

What is an ISA?

An ISA is an Individual Savings Account which is a tax efficient wrapper that allows you not to pay tax on any growth or income you’ve made in investing or saving while your savings or investments remain within the ISA wrapper. The government allows every tax resident in the UK a set amount of tax-free allowance within each tax year – this tax year (2022/23) it’s £20,000. If you don’t use all your tax-free allowance for that year, it doesn’t roll over to the next year. 

You can read more about ISAs in our dedicated product page.

I already have an ISA, can I open another with you?

Provided you haven’t opened or funded a Stocks or Shares ISA in the current tax year, you can open an additional Stocks and Shares ISA with Clim8. If not, you can still open a new Stocks and Shares ISA with Clim8 but you will need to transfer over the whole of your existing ISA for the current tax year.

If you’ve paid into a Stocks and Shares ISA in a previous tax year you can keep your existing previous years ISA account and complete a partial transfer or transfer the full ISA amount to Clim8. 

If you have a cash ISA with another provider, you can open a Stocks & Shares ISA with Clim8, and you can split your tax-free allowance of £20,000 between the two (this applies for the 2022/23 tax year and future tax years may differ).

What is an ISA transfer?

In the UK, adults can open ISAs (Independent Savings Accounts) in order to create a “tax-free” wrapper around their investments below the ISA allowance (currently £20,000 for tax year 2022/23).

There are 4 types of ISAs: Stocks and Shares ISAs (the type Clim8 offers), cash ISAs, lifetime ISAs and IFISA. You can have one of each type and make contributions to each in one given tax year.

If you have an existing Stocks and Shares ISA, which you have opened or paid into in this financial year, and wish to open a new Stocks and Shares ISA with Clim8, you will need to transfer the full amount across to the new one when you open it.

If you’ve paid into a Stocks and Shares ISA in a previous tax year you can keep your existing previous years ISA account and complete a partial transfer or transfer the full ISA amount to Clim8.

If you have a cash ISA you can transfer the full current tax year’s amount as well as previous years to Clim8 in a full transfer- this will convert this to a stocks and shares, alternatively you can complete a partial transfer. However, once opened you can only add funds to your new stocks and shares Clim8 Stocks and Shares ISA in the current financial year, not your previous year’s ISA.

How do I transfer my current Stocks and Shares ISA to Clim8?

Once you’ve started opening your new Stocks and Shares ISA in-app, you can easily tell us you want to transfer your existing ISA with just a few taps. 

For help with your ISA transfer, please contact our customer service team at support@clim8.com for more information.

How do I complete the ISA transfer form?

We’ve designed our transfer form to be simple and easy to complete. It’s worth checking with your current ISA provider what details they have on file as these will need to match the details you give us on the form for your transfer to go through successfully.

How long does an ISA transfer take?

Transfers normally take up to 4 weeks depending on your current provider. We always aim to process transfers as quickly as possible but if your transfer is taking longer than expected, you may want to follow up with your current provider to check progress. 

How do I cancel my Stocks and Shares ISA transfer request?

If you want to cancel your transfer request, please tell your current provider as soon as possible as well as our customer service team at support@clim8.com.

What types of ISA transfers does Clim8 accept?

We accept the following types of ISA transfers, below:

• Cash ISA
• Stocks and Shares ISA 
• Innovative Finance ISA (IFISA)

Please note Clim8 only offers Stocks and Shares ISAs, therefore non Stocks and Shares ISAs transferred to Clim8 will convert into a Stocks and Shares ISA. If you are thinking about transferring an ISA to Clim8, please check with your current provider about exit fees and timelines, as losses might occur during the transfer process e.g. from being “out of the market”. Please note, the risks associated with Stocks and Shares ISA are different from IFISAs and Cash ISAs. If unsure whether an ISA transfer is suitable for you,speak with an independent financial adviser.

Why is my transfer taking longer than expected?

While we always work hard on making sure your transfer goes through as quickly as possible, every now and then unforeseen delays can happen. These are the most common reasons for why your transfer might be taking longer than expected:

• Your current provider might accept transfers in different ways, some accept electronic transfers while others require to receive your forms by post. If that is the case we forward your forms via recorded delivery (the securest method) but occasionally things can get lost in the mail.
• If your current providers send funds via cheque and they don’t opt to send it via recorded delivery (securest method), this can take 3-5 business days to clear.
• Your current provider may also be experiencing a backlog of high inbound or transfer-out requests, which can delay the processing of your transfer
• Your details may not be updated with your provider and they have to get in touch with you first or ask us to get in touch with you to update your information 

Does transferring my ISA count towards my annual allowance?

If you are transferring contributions from this current tax year to an ISA, they count towards your annual allowance. For money you invested in previous years, this is not counted towards your annual tax allowance. Further contributions into your Clim8 ISA will count towards your tax-free annual ISA allowance.

How much does it cost to transfer an ISA?

The process of transferring an ISA itself is free of charge and we do not charge for supporting your transfer process. Please check with your current provider in case they have exit fees, as we would not know this information.Once transferred, your ISA will become a Clim8 ISA with our transparent fee structure.

Do I need to open an account before I transfer my ISA to Clim8?

Yes, you will need to open a Stocks and Shares ISA portfolio account first, before transferring an ISA to us. 

How many ISAs can I transfer?

You can make as many ISA transfer requests as you want in-app, whenever you’re topping up or opening a new ISA. If you need any help with this process you can contact our customer service team at: support@clim8.com. 

What is a full and partial transfer?

A full transfer is the whole of your current portfolio value transferred over to a new ISA provider. Partial transfer is where you want to only transfer a certain amount of your current portfolio value. Our transfer forms are clear, easy and simple; if partial, simply state the amount you would like to transfer over in the forms by contacting us on support@clim8.com 

A full transfer is the total value of your current ISA transferred over to a new ISA provider. If you’ve paid into your Stocks and Shares ISA this financial year you’ll need to transfer the full amount to Clim8.

A partial transfer is where you want to only transfer a certain amount of your previous year’s ISA. If you have an existing cash ISA or an existing Stocks and Shares ISA and you haven’t put any money in it this tax year.

Our transfer forms are clear, easy and simple – and you can start the process in-app.

Can I make a deposit into my Clim8 portfolio whilst transferring an ISA?

Yes, you can still make deposits (subject to annual allowance) into your Clim8 portfolio whilst your ISA transfer is in progress. 

How do I transfer-out my ISA?

If you want to transfer your Clim8 ISA to another provider, your new provider will need to email transfers@wealthkernel.com. Please note, we do only accept electronic requests and not paper forms.

How do I ask my IFA to get in touch with you about my portfolio?

Your IFA will need to contact operations@clim8.com.