Challenges with moving ISA

sultan123

I am with skipton but have hit 85k mark in my ISA.

I want to do a partial transfer to another provider but skipton do not allow partial transfers.

Does anyone have any tips on best approach so I can get below 85k level.

eskbanker

Transfer it all to a provider that does support partial transfers, and then distribute it from there - if you want to stick with Skipton then you could make the full transfer to provider A, partial transfer the excess to provider B and then (full-)transfer the residual £85K (or whatever) back to Skipton....

sultan123

eskbanker said:

Transfer it all to a provider that does support partial transfers, and then distribute it from there - if you want to stick with Skipton then you could make the full transfer to provider A, partial transfer the excess to provider B and then (full-)transfer the residual £85K (or whatever) back to Skipton....

Thanks good idea.
Should i wait till start of new tax year then?

eskbanker

sultan123 said:

eskbanker said:

Transfer it all to a provider that does support partial transfers, and then distribute it from there - if you want to stick with Skipton then you could make the full transfer to provider A, partial transfer the excess to provider B and then (full-)transfer the residual £85K (or whatever) back to Skipton....

Thanks good idea.
Should i wait till start of new tax year then?

The tax year change doesn't make any difference either way....

sultan123

eskbanker said:

sultan123 said:

eskbanker said:

Transfer it all to a provider that does support partial transfers, and then distribute it from there - if you want to stick with Skipton then you could make the full transfer to provider A, partial transfer the excess to provider B and then (full-)transfer the residual £85K (or whatever) back to Skipton....

Thanks good idea.
Should i wait till start of new tax year then?

The tax year change doesn't make any difference either way....

But I have earnt interest this tax year?

sultan123

I am struggling to find those that allow partial transfers out. All the information is about transfers in

Albermarle

sultan123 said:

I am with skipton but have hit 85k mark in my ISA.

I want to do a partial transfer to another provider but skipton do not allow partial transfers.

Does anyone have any tips on best approach so I can get below 85k level.

Depending on how far over the £85K you are, you could rationally balance the risk of leaving it where it is and the risk of Skipton going bust, and not being rescued/taken over in the next 12 months.  Which is pretty low.

sultan123

Albermarle said:

sultan123 said:

I am with skipton but have hit 85k mark in my ISA.

I want to do a partial transfer to another provider but skipton do not allow partial transfers.

Does anyone have any tips on best approach so I can get below 85k level.

Depending on how far over the £85K you are, you could rationally balance the risk of leaving it where it is and the risk of Skipton going bust, and not being rescued/taken over in the next 12 months.  Which is pretty low.

Yeah but skipton is easy access isa and I wanted to move some money into fixed ISA as better rate.

I just cant find out which ISA providers allow partial transfers out?

sultan123

I wanted to open isa with shawbrook bank fixed isa for next tax year and move 20k out of skipton

sultan123

Any one suggest partial transfer out ISAs??

Frogletina

Is this the Cash Isa Tracker? 

As it is a flexible Isa, you could withdraw £20000 to a non-Isa account on 6 April, and then transfer that into a fixed Isa account. 

This assumes you don't have another £20000 that you want to invest in an Isa for 2023-24.