Can MSE put pressure on banks to PASS ON the interest rates to those with Savings Accounts?

RG2015

subjecttocontract said:

RG2015 said:

h1n1 said:

I suppose my issue is that I have well over 85K. I would have to shift all of it to Virgin Money, which is a risk I'd not want to take. I know Barclays could fail and I'd lose a lot. 
Luckily from April, you can have multiple ISA's and this will mean I can breakdown into two 85K pots and put into those banks with better rates ... but thats April and not now. I suspect BoE may reduce rates come the next review (although surprise inflation may change that amongst other factors),  so want to try and lock something in now to get the best returns possible 

Just for additonal clarity, as per HMRC:

Transferring your ISA

You can transfer your Individual Savings Account (ISA) from one provider to another at any time.

You can transfer your savings to a different type of ISA or to the same type of ISA.

If you want to transfer money you’ve invested in an ISA during the current year, you must transfer all of it.

For money you invested in previous years, you can choose to transfer all or part of your savings.

https://www.gov.uk/individual-savings-accounts/transferring-your-isa#:~:text=You can transfer your savings,or part of your savings.

But surely that only applies if the current ISA provider allows partial transfers.......some don't e.g. Secure Trust Bank. Even after the changes in April, partial transfers to different providers will be dependant on the providers rules.

I hadn’t realised that ISA providers may not allow partial transfers.

All I did was to quote the HMRC ISA rules as the OP appeared to be unaware that partial transfers could be possible.

masonic

RG2015 said:

h1n1 said:

I was told that moving my money, including this years allowance, would mean all of it has to be transferred to Virgin. 
I can't transfer 85K and leave the rest where it is ... it would mean risking a large amount ....

Partial transfers of this year’s ISA allowance are not allowed by HMRC. However, you could ask to transfer an amount excluding this year’s allowance.

It is possible to do a partial transfer either including or excluding this year's contributions. So my money is on the person at Barclays giving out incorrect info.