ISA question.

needmorehelp

Hi folks,

Wonder if its possible to do this with an ISA.
Current years ISA allowance is used up.
Amount in ISA is over 85K so want to be covered by FSCS

Current provider permit witthdrawl subject to a penalty.

So my question is, is it possible to open a new ISA for current year with a different provider, put in the excess over £85k?

Wont be any new money going in more just like a Transfer to a different ISA.

Thanks a lot.

xylophone

You have this year's full amount in an ISA with one provider and over £85,000 (previous years' subscriptions) in an ISA with another provider?

You can approach another ISA provider and request a transfer of as much of the "over £85,000" as is required to reduce it below that sum if you are prepared to pay the withdrawal penalty.

MisterMotivated

For how long does the penalty apply? If there's no obvious risk of an impending bank collapse, can you wait until you're outwith the penalty period before transferring?