Transferring funds to a new ISA provider


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.




  • alternate
    alternate Forumite Posts: 691
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    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
    StairrodAndBannister Forumite Posts: 2
    First Post

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

  • 35har1old
    35har1old Forumite Posts: 565
    500 Posts Name Dropper

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

    Reading  the terms of Nationwide ISA
    Number 50 says partial transfers are allowed
  • TheBanker
    TheBanker Forumite Posts: 1,587
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Are you trying to transfer into Nationwide, or out of Nationwide to somewhere else?
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