Transferring previous years' Cash ISAs

sevenonine

Seeking advice here for transferring my 2019-2020 Cash ISA, whose rate has dropped from 0.60% to 0.10%, to a new provider for a better rate without opening a new ISA.  My difficulty is that the funds are over £100K. I also have the previous year's (2018-2019) ISA with another provider, whose rate has dropped to 0.01%. The new provider will take transfers but how can I avoid the safety limit of £85K?  Of course I could chance it but would it be a huge risk?  

xylophone

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html
Split between the best rates you can find.

sevenonine

How does this work?  Can you clarify please.

masonic

You just request a partial transfer instead of the transfer of the full balance. Then transfer the remainder somewhere else.

sevenonine

masonic said:

You just request a partial transfer instead of the transfer of the full balance. Then transfer the remainder somewhere else.

I've made a partial transfer to a new provider without subscribing new money. But I still have the remaining half which is earning a miserable 0.10%. I can transfer this money to an older provider, so as to keep to the safety limit of £85,000 but would this be opening a new ISA?

How many transfers are possible without subscribing to a new Cash ISA?

badger09

sevenonine said:

masonic said:

You just request a partial transfer instead of the transfer of the full balance. Then transfer the remainder somewhere else.

I've made a partial transfer to a new provider without subscribing new money. But I still have the remaining half which is earning a miserable 0.10%. I can transfer this money to an older provider, so as to keep to the safety limit of £85,000 but would this be opening a new ISA?

How many transfers are possible without subscribing to a new Cash ISA?

You can transfer the remainder to any provider which accepts transfers in. You must use the new provider's xfer process.

There is no rule about the number of new ISAs you can open, but you can only subscribe ie pay new money into one (of each type) at a time. 

sevenonine

Many thanks Badger for your useful comments. Yes of course I'm aware of only paying into one ISA, be it cash or Stocks.  My problem though is contacting this bank.  They have a bot, or whatever it is called, who can't understand even  the simplest question. I then have to ring and wait to speak to someone who is probably working from home..  not a satisfactory service.
Thanks again and regards
seven

badger09

sevenonine said:

Many thanks Badger for your useful comments. Yes of course I'm aware of only paying into one ISA, be it cash or Stocks.  My problem though is contacting this bank.  They have a bot, or whatever it is called, who can't understand even  the simplest question. I then have to ring and wait to speak to someone who is probably working from home..  not a satisfactory service.
Thanks again and regards
seven

Who are you trying to transfer to? Most will have a facility to apply online.