Transfer an existing cash ISA to two new institutions

bellybuttonfluffman

I have an existing cash ISA which has now matured.
It is currently with one institution and is over the £85K protection limit so I'd like to split it between two new institutions.
Is this allowed?

changearound1

It's allowed as regards ISA regulations assuming the money is from previous year's subscriptions. However, not all institutions allow partial transfers in and/or out so you would have to check with all relelvant T&Cs.

Reed_Richards

A bit crazy, if true.  All you need to do is find and institution that does allow partial ISA transfer, make one, then you have two completely independent full ISAs, either of which you could transfer to an institution that doesn't allow partial transfers.

subjecttocontract

Reed_Richards said:

A bit crazy, if true.  All you need to do is find and institution that does allow partial ISA transfer, make one, then you have two completely independent full ISAs, either of which you could transfer to an institution that doesn't allow partial transfers.

No that wouldn't work. If a savings provider doesn't allow partial transfers e.g Secure Trust Bank then you would have to : 
1. Transfer the whole amount to a provider that does allow partial transfers. Then......
2. Transfer again to provider(s) who allow partial  transfer in.
Yes......I know......it's a complete pain but it's exactly what my other half is having to do !

bellybuttonfluffman

changearound1 said:

It's allowed as regards ISA regulations assuming the money is from previous year's subscriptions. However, not all institutions allow partial transfers in and/or out so you would have to check with all relelvant T&Cs.

I'm transferring from Shawbrook Bank and have now found two institutions who do allow partial transfers - Cynergy & VirginMoney.
I was able to arrange the transfer online with Cynergy however VirginMedia's website doesn't recognise Shawbrook so I've had to mail them a transfer form.

Thanks to those who responded  

Reed_Richards

subjecttocontract said:

Reed_Richards said:

A bit crazy, if true.  All you need to do is find and institution that does allow partial ISA transfer, make one, then you have two completely independent full ISAs, either of which you could transfer to an institution that doesn't allow partial transfers.

No that wouldn't work. If a savings provider doesn't allow partial transfers e.g Secure Trust Bank then you would have to : 
1. Transfer the whole amount to a provider that does allow partial transfers. Then......
2. Transfer again to provider(s) who allow partial  transfer in.
Yes......I know......it's a complete pain but it's exactly what my other half is having to do !

Yes, I was only thinking of the case of partial transfers in and not considering partial transfers out being disallowed