Transferring funds to a new ISA provider

StairrodAndBannister

Hello,

I would like to move money from one ISA to a new provider. I’m assuming that I can open a new ISA at a new provider as long as I do it correctly via an ISA transfer (so I don’t lose the tax free status on my savings) and also don’t exceed the maximum ISA allowance of £20,000.

The problem I have is I am being told by the Nationwide Building Society that I can only transfer the whole amount in my ISA (something I don’t want to do) or the amount I have invested so far this year (I haven’t invested any money this year, as I thought it would have an effect on opening a new ISA).

Is this the same way that other banks/building societies do it? I seem to be getting conflicting advice on this issue. The Nationwide is saying one thing and the Government and other websites (including Money Saving Expert) saying that you can partial transfer money to a new ISA and you don’t need to transfer all of it, or only transfer the money you have put in so far.

The ISA I want to transfer money from is a flexible cash ISA, so there would be no penalties for moving money out.

I’m pretty inexperienced at this kind of thing and could do with some advice! I’m sure that it’s made deliberately complicated.

Thanks.

SAB.

alternate

A lot of banks allow partial transfers but some don't.  You are legally allowed to do partial transfers but the bank doesn't have to offer it.  It would have been in the T&C when you signed up.

StairrodAndBannister

Hello,

Thanks for the reply. I'll do some research into this.

SAB.

35har1old

StairrodAndBannister said:

Hello,

Thanks for the reply. I'll do some research into this.

SAB.

Reading  the terms of Nationwide ISA
Number 50 says partial transfers are allowed

TheBanker

Are you trying to transfer into Nationwide, or out of Nationwide to somewhere else?