Should I Switch Isa Provider?

Reader Letters: Does it make sense to switch Isa provider? Probably 

Holly Black 23 June, 2021 | 3:04PM
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Holly Black: A reader this week asks, should I switch ISA provider? Short answer, probably yes. So, many people end up staying with the same company for insurance, banking and whatever else. And all that means is you usually end up with a bad deal. But there are three things to check first. One charges, will the new provider be cheaper? And will there be exit fees for leaving your current provider, it might not be worth doing if it's going to cost you. Second available investments, you need to make sure you're going to be able to access the things you want to invest in. Some providers only offer funds from certain firms, others might not offer ETFs for example. And third, check the new provider accepts transfers in from elsewhere. So if you still want to switch, just open the account with a new provider. Let them know you're switching. They do all the hard work for you. The whole thing should take around four weeks.

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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Holly Black  is Senior Editor,


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