Transferring Isa’s

susanann_2

Can you transfer one maturing fixed isa out to two new fixed rate isa’s. The balance is all 20/22 money.  I need to split my balance as it’s getting too high. There seems to be conflicting advice out there saying you can only open one isa per year. 

refluxer

susanann_2 said:

Can you transfer one maturing fixed isa out to two new fixed rate isa’s. 

Yes, provided the existing ISA provider accepts partial transfers out and the new providers accept partial transfers in. You don't 'transfer out' though - you open the new ISAs first and request a transfer in with the new provider.

If the current fixed rate ISA is maturing soon, then you need to think about your maturity options carefully and also check your T&Cs to ensure it won't automatically be transferred into another fixed rate ISA with the same provider, which can sometimes be the default option.

While it is possible to arrange transfers in advance of a fixed rate ISA maturing, this can sometimes lead to problems and your funds potentially sitting in a holding/'maturity' account on a very low interest rate (see other threads on this subject on this forum). My favoured approach is to ensure that the fixed rate ISA matures into an easy access ISA (on a reasonable rate if possible) and get funds transferred from there.

susanann_2 said:

There seems to be conflicting advice out there saying you can only open one isa per year. 

There is no limit to the number to the number of cash ISAs you can open and fund with transfers of ISAs containing subscriptions from previous tax years.

Reed_Richards

For ISA transfers of money from a previous tax year (or years) you can transfer into as many ISAs if you like.

If your existing ISA provider does not accept partial transfers out, transfer the whole ISA to a provider that does and then split it. 

Albermarle

susanann_2 said:

Can you transfer one maturing fixed isa out to two new fixed rate isa’s. The balance is all 20/22 money.  I need to split my balance as it’s getting too high. There seems to be conflicting advice out there saying you can only open one isa per year. 

If you were to read through the forum, you would see similar questions asked regularly and with no conflicting advice in the answers. It is a better place to find info on ISA's etc than just googling.