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Frequently Asked Questions

Find answers to our most 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 have not opened and or funded a stocks or shares ISA in the current tax year, then you can open a Stocks and Shares ISA with 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. 

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

You will need to open a Stocks and Shares ISA with us first. Then you can contact our support team on support@clim8.com, state your current ISA provider name and request transfer-in forms. We will take care of the rest.

How do I complete the ISA transfer form?

We have designed our forms to be simple and easy to complete. You must make sure all your details are correct and up to date when completing the forms. To complete the transfer successfully, your details also must match the ones your provider has on file, so please check first if your current provider has your most up to date address and name before completing our form. 

How long does an ISA transfer take?

Transfers normally take up to 4 weeks. However, this depends on your current provider. We always aim to process transfers as quickly as possible but if your transfer is taking longer than expected, it is a good idea to follow up with your current provider as they may be able to help progress the transfer across.   

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

Contact our support team on support@clim8.com and we’ll handle this for you.

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 invest 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?

No, ISA transfers do not count towards your annual 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 transfer as many ISAs as you want over to us. You will need to complete a new ISA transfer form each time by simply by contacting us on 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 

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@clim8.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.

With investing, your capital is at risk. For illustrative purposes only and does not constitute investment advice.
Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.
Past performance is not a reliable indicator of future results.

Customer support

Still need help? Contact our customer support team support@clim8.com