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    • Offworld
    • By Offworld 7th Mar 18, 10:27 AM
    • 3Posts
    • 1Thanks
    Money in 2 cash ISA's (1 with limited withdrawals)
    • #1
    • 7th Mar 18, 10:27 AM
    Money in 2 cash ISA's (1 with limited withdrawals) 7th Mar 18 at 10:27 AM
    Example : Let's say I have £25,000 in a cash ISA that allows unlimited withdrawals. Can I transfer £20,000 into a cash ISA that has a higher interest but limited or no withdrawals per year. Therefore leaving the remainder (£5,000 in this example) in the original ISA?

    This would mean I have the maximum yearly allowance earning the higher interest and a few thousand in the older ISA that I can withdraw from & pay into as I wish.

    Another example : Let's say that during the same year I have to withdraw money from the more restrictive ISA and therefore the interest rate drops to a much lower rate. Would I be allowed to just transfer the remaining money back into the more flexible ISA account? In other words, can you make more than one transfer between ISA's in the same year?
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    • AirlieBird
    • By AirlieBird 7th Mar 18, 11:52 AM
    • 850 Posts
    • 663 Thanks
    • #2
    • 7th Mar 18, 11:52 AM
    • #2
    • 7th Mar 18, 11:52 AM
    You can transfer ISAs as many times as you want and you can transfer as much as you want. The only condition is that if you are transferring money put into an ISA during the current tax year it must all be transferred together.
    Challenge Cup champions 2016 & 2017
    • Plus
    • By Plus 8th Mar 18, 12:12 AM
    • 317 Posts
    • 231 Thanks
    • #3
    • 8th Mar 18, 12:12 AM
    • #3
    • 8th Mar 18, 12:12 AM
    Technically I think all ISAs must allow instant access - however the provider is free to apply a penalty to make that unpalatable.

    Some providers will not allow partial transfers out, and some won't allow partial transfers in. So you would have to check the T&C of your specific accounts.

    Taken together, I don't think there is a limit on the number of transfers in or out, assuming your providers allow partial transfers at all, though it may do bad things to your rate. The only requirement is that all current year's contributions are transferred together, so you can't split those up.
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