Partial Transfers Allowed?

MoneySaver2011_2

Can't seem to find this answer anywhere.

Currently have a cash Principality ISA. I want to transfer about half of this cash into a Stocks and Shares ISA (most likely Hargreaves and Lansdown)

Both accept transfers. However, the transfer form from HL only seems to give you the option to transfer ALL the cash. Very annoying.

If partial transfer can't be done, what's the best way forward? Should I just withdraw half the cash from the cash ISA, and deposit it into the S&S ISA? I understand that this means I lose my tax free wrapper for this withdrawn cash, but tbh, the tax year is about to end anyway and I'll get a new allowance?

Sanchsoot49

I wanted to do the same thing recently.

As it was so near the end of the tax year I just withdrew the percentage of money (earning didly squat) from the cash ISA and then paid it into my S and S ISA.

I dont intend to put any more money in the cash ISA for the foreseeable preferring to pay into a 4% regular saver and then maybe after 12 months open a new cash ISA with the regular saver money accrued if rates have improved.

I had already transferred my cash ISA to another provider in the current tax year in an attempt to get a better interest rate but rates in the new one dropped shortly afterwards. I figured that a percentage of the money was better off in my S and S working for me.

MoneySaver2011_2

Yeah another problem is that if I withdraw, I won't earn the interest I'll be saving up all year for. Very annoying.

I don't want to transfer all the money to a S&S ISA. I want to leave some cash savings behind just in case.

vickssinex

I asked the same question of another provider - not HL. They told me just to write on the transfer form 'Partial transfer of £xx required' or similar and they would act on that.

The moral is, ask HL what they need you to do. You should be able to do a partial transfer.

innovate

You could perhaps transfer in 2 steps:

1. to the HL cash ISA (partial transfers allowed on their form)
2. once the money is there, transfer into the S&S ISA (asap, their cash interest rate is awful)

thenudeone

Deleted_User wrote: »

Yeah another problem is that if I withdraw, I won't earn the interest I'll be saving up all year for. Very annoying.

Not sure what you mean. Unless the account is a fixed-term account with penalties for early withdrawal, you always earn interest for every day the money is deposited. You don't lose the interest just because the account is closed before a year is up. Whatever interest is due will be added to the account immediately before closure.