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Transferring current year's ISA subscription
SavingsBoo
Posts: 56 Forumite
I am trying to figure out what to do with my YBS cash ISA which currently has this year's full ISA allowance in (I transferred out last year's allowance plus interest into a 2 year fix a few months ago.
I'm sorry if this has been answered lots of times before but I just wanted to check I am understanding everything correctly.
The YBS ISA is easy access but limited withdrawals so having already done one transfer of last year's allowance, my only options are withdraw/transfer in full or leave the money with YBS.
As I understand it according to general ISA rules I can open and transfer into a new cash ISA (lets say Skipton Bonus Cash ISA at 4.4% which is easy access and unlimited withdrawals) but only if I transfer the whole amount. And I could transfer the whole amount again within the current year, but I couldn't transfer say £10k into a new fixed ISA and leave £10k in the Skipton easy access? BUT I could do a partial transfer next financial year?
I was looking at the Shawbrook 1 year fix at 5.78% as an alternative to the Skipton easy access and I think it would still just about win out even if if I needed to pay the 90 day penalty if I needed to access the money this year (I do have non ISA easy access savings too at a comfortable safety net level for me).
I'm sorry if this has been answered lots of times before but I just wanted to check I am understanding everything correctly.
The YBS ISA is easy access but limited withdrawals so having already done one transfer of last year's allowance, my only options are withdraw/transfer in full or leave the money with YBS.
As I understand it according to general ISA rules I can open and transfer into a new cash ISA (lets say Skipton Bonus Cash ISA at 4.4% which is easy access and unlimited withdrawals) but only if I transfer the whole amount. And I could transfer the whole amount again within the current year, but I couldn't transfer say £10k into a new fixed ISA and leave £10k in the Skipton easy access? BUT I could do a partial transfer next financial year?
I was looking at the Shawbrook 1 year fix at 5.78% as an alternative to the Skipton easy access and I think it would still just about win out even if if I needed to pay the 90 day penalty if I needed to access the money this year (I do have non ISA easy access savings too at a comfortable safety net level for me).
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Comments
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As I understand it according to general ISA rules I can open and transfer into a new cash ISA (lets say Skipton Bonus Cash ISA at 4.4% which is easy access and unlimited withdrawals) but only if I transfer the whole amount. And I could transfer the whole amount again within the current year, but I couldn't transfer say £10k into a new fixed ISA and leave £10k in the Skipton easy access? BUT I could do a partial transfer next financial year?
Yes, you can transfer the current year's cash ISA subscription, but it has to transferred as a whole and can't be split up. Next financial year the ISA will become a 'previous years ISA' and you can then do partial transfers (assuming the provider allows it - a lot of fixed rate ISAs don't allow partial transfers).
https://www.gov.uk/individual-savings-accounts/transferring-your-isa
'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.1
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