We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Help with ISA rules

charlie276
charlie276 Posts: 2 Newbie
in ISAs & tax-free savings
Hi,

Can anyone tell me if you can have 1 cash isa balance and transfer it into 2 cash isa's? I cant find any info online.

For example purpose
Lets say I had £500 with LLoyds cash ISA and I wanted to transfer £250 into Santander cash isa and £250 into barclays cash isa. Is that allowed or does it count as opening new Isa's? , are you allowed to split an isa balance, Also as they are transfers I presume it wont affect yearly allowance?

Im not interested in any ISA other than cash


thanks

Comments

  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    Deposits made in the current tax year cannot be split up and must be all transferred together. Deposits from previous tax years can be split up and transferred to different ISAs.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • jimjames
    jimjames Posts: 18,930 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you only have £500 in a cash ISA there are far better places for your money that will earn vastly more interest
    Remember the saying: if it looks too good to be true it almost certainly is.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture