Clydesdale 40 Day Notice ISA 2% (£24k+)

gwapenut wrote: »

Because if I need to withdraw without notice, I lose interest on the whole balance

Not so - you lose interest on the whole amount you withdraw. If you need a tenner you take a tenner out and they give you a charge on the tenner - on the "withdrawal amount". Not on £25,000 or whatever total amount that was sitting next to it untouched in the account.

Terms applicable to a Cash ISA – 40 Day Notice only:
(vii)
If you wish to close or transfer all or part of your Cash ISA to another ISA provider,
you must provide us with 40 days notice. Transfers instructed without giving 40
days notice will be subject to the following terms:
(a)
a charge will be made that is equivalent to 40 days gross interest on the
withdrawal amount.
(b)
the charge will be deducted first from any accrued interest, but where there is
insufficient accrued interest to meet the charge in full, any additional sum will
be deducted from the capital in your Cash ISA – 40 Day Notice account.
(c)
subject to the timeframe set out in Clause 12(ii), the transfer to the new ISA
Manager will occur; and
(d)
if the balance of your Cash ISA – 40 Day Notice account is zero, it will be
closed.

Yes, because they have to give you at least 2 months notice of changes to the rates (unless the rate change is favourable to you). So, if they said the rates are dropping to 1% and you didn't like that, you could arrange to go elsewhere with time to spare, without ever being exposed to the 1% rate which you didn't want.

Has anyone done a partial transfer out of the Clydesdale 40-day ISA?

I have more than the new £75K FSCS limit in one of these accounts so was going to transfer out enough to take the balance down to maybe £70K. It's a little unclear what the process is though, as on their website it simply says to contact the receiving provider & let them handle it, but in other places it states you need to give Clydesdale 40-days notice. Just wondered if anyone had done it?

ta