Does Paragon allow partial transfers out?

GrubbyGirl_2

I have an NS & I ISA that is only giving 0.35%.  Because it's over the FSCS limit I planned on splitting it between 2 other providers however, NS & I have told me I have to transfer all or nothing.  I currently have an Paragon ISA paying 1% so ideally I'd like to transfer the lot to them and then transfer some out to get me below the FSCS limit.  What I don't want to do is find myself in the same position again.  I've messaged Paragon but they are taking around 2 weeks to reply at the moment.  

If they don't allow partial transfers out can, anyone point me in the direction of a bank that does?

I am a higher rate tax payer so a normal savings account won't work and I don't want to fix at the moment as I may need to get access to funds as I'm having work done on my house

Thanks

refluxer

To find out whether or not your current Paragon ISA allows partial transfers out, you'll need to read that particular account's T&C's or get an answer from Paragon themselves. Without knowledge or experience of that exact account, it's unlikely that anyone here will be able to give you a definite answer and, by the sounds of it, you don't want to get this wrong.

If you find you can't do what you want to do with your current Paragon ISA, then I guess you'll just have to look for a suitable easy access ISA elsewhere but just be sure to follow the transfer procedure processes carefully and don't withdraw any money yourself, to avoid losing the ISA status of your funds 

Have you paid any 'new money' into an ISA this tax year ? If so, my understanding is that this money has to stay together which may complicate things. 

GrubbyGirl_2

refluxer said:

Have you paid any 'new money' into an ISA this tax year ? If so, my understanding is that this money has to stay together which may complicate things. 

Hi
Thanks for that.  I'll wait for a response from Paragon.  I opened a new ISA this year with Marcus as that's where my savings account is, but they didn't accept transfers in.  The Paragon ISA is an old 2020/21 one so the transfer won't be going anywhere near new money paid in this year

Rich2808

Of course Paragon allow partial transfers out for prior year funds - I have done it many times.

Why wouldn't they?

masonic

Rich2808 said:

Why wouldn't they?

Most cash ISA providers do, but some don't. It isn't mandatory and they don't have to give a reason why not.

For example, Post Office do not permit partial transfers of their cash ISAs:

https://www.postofficeeisa.co.uk/Account/Mfaq

Rich2808

masonic said:

Rich2808 said:

Why wouldn't they?

Most cash ISA providers do, but some don't. It isn't mandatory and they don't have to give a reason why not.

For example, Post Office do not permit partial transfers of their cash ISAs:

https://www.postofficeeisa.co.uk/Account/Mfaq

Yes - but we are talking about Paragon here and they clearly do.

GrubbyGirl_2

Rich2808 said:

Of course Paragon allow partial transfers out for prior year funds - I have done it many times.

Why wouldn't they?

Good to know thanks.  I don't understand why NS&I don't

masonic

Rich2808 said:

masonic said:

Rich2808 said:

Why wouldn't they?

Most cash ISA providers do, but some don't. It isn't mandatory and they don't have to give a reason why not.

For example, Post Office do not permit partial transfers of their cash ISAs:

https://www.postofficeeisa.co.uk/Account/Mfaq

Yes - but we are talking about Paragon here and they clearly do.

We know now because you've shared your prior personal experience. "Clearly" would be a written statement on their website, rather than anecdotal evidence. It was clear to you, but not to others. I was addressing the specific part of your post I quoted, "why wouldn't they?", by highlighting that you cannot start from the assumption that all providers would. That's a long-winded way of saying GrubbyGirl_2's question was a perfectly reasonable one.