Transfer of previous ISA funds

badger09

In addition to what eskbanker has said, I would advise against asking Bank D to transfer the remaining £14k currently sitting with Bank B until the transfer to Bank C has completed.

I say that because when I arranged for Virgin to transfer 2 separate amounts from my Santander ISA (£15k into a 1 year fix and £7k into an accessible account leaving approx £700 balance), Santander rejected the 2nd transfer as 'the total balance had changed' following the 1st transfer. The total balance was totally irrelevant , and neither Virgin nor Santander told me about the rejection.

Incidentally I assume the new ISA with Bank C isn't a fixed rate/fixed term account. If I'm wrong, are you sure they will accept the transfer of £14k from the ISA which doesn't mature until June?

avmat

Yes, the priority for me is Bank C which will have close to the 85K FSCS limit (Bank A 75K May 2020 and Bank B 8K June 2020). It is a fixed rate/fixed term account (Shawbrook 2 Year Fixed Rate Cash ISA Bond Issue 37) but they say "You can make deposits into your account until the product has been withdrawn from sale.", so I am hoping that the offer stands till at least June 2020.
I intend to add "new" 2020/21 funds into Bank D, but will be careful to deposit the remaining 14K (June 2020) and 10K (Nov 2020) only after transfer to Bank C. Thanks for the advice.

badger09

avmat said:

Yes, the priority for me is Bank C which will have close to the 85K FSCS limit (Bank A 75K May 2020 and Bank B 8K June 2020). It is a fixed rate/fixed term account (Shawbrook 2 Year Fixed Rate Cash ISA Bond Issue 37) but they say "You can make deposits into your account until the product has been withdrawn from sale.", so I am hoping that the offer stands till at least June 2020.
I intend to add "new" 2020/21 funds into Bank D, but will be careful to deposit the remaining 14K (June 2020) and 10K (Nov 2020) only after transfer to Bank C. Thanks for the advice.

Is the proposed new ISA with Bank D instant/easy access? If so, and assuming you haven't yet paid any new money into any other Cash ISA since 6th April, there is nothing to stop you opening it now and paying in your suggested £5k. Then arrange for xfers of the remains of ISAs in Bank B as previously discussed.

I have to ask, though, are you sure you need/want that sort of amount sitting in cash ISAs?