split/transfer ISA into two, possible?

sbucci

Hi, I ended up with too much money in a single cash ISA, more than the safe £85000. Also, the interest has now dropped so I'd like to transfer ALL the amount, splitting it into 2 new accounts. Is that possible or am I limited to opening only 1 account this year, leaving part of the money in my old account, at low interest?

eskbanker

As long as all your current year money is in one place, you can split your cash ISA into as many new accounts as you like - there is no limitation about opening multiple accounts per year, just a restriction on how many you can pay new money into.

Edit: postscript to the above - are you sure that keeping over £85K in cash deposit form is appropriate (as opposed to investing, for example)?  If choosing to continue with cash ISAs, make sure that you pick providers who support partial transfers and ensure that you use the new providers' ISA transfer process....