ISA Reaching banking limit

Nico60

Hi, I have an isa with Santander reaching the FCSA bank limit and was just wondering can I open another isa with a different bank and transfer just half into the new isa keeping half in the Santander one?

mebu60

FSCS rather than FCSA but yes you can do that, just ensure that the new provider accepts transfers-in and use their transfer-in process to make the transfer to ensure tax wrapper protection is not lost. I have assumed you are talking about a Cash ISA that's not subject to a fixed term. 

RobfromCornwall

Further to this, you could split the money from Santander between two different bank or building societies.  I would be surprised if you are getting a very good rate from Santander.  Their Easy Access ISA is currently advertised at 1.7%; you can get around the 5% mark by looking elsewhere.

Nico60

mebu60 said:

FSCS rather than FCSA but yes you can do that, just ensure that the new provider accepts transfers-in and use their transfer-in process to make the transfer to ensure tax wrapper protection is not lost. I have assumed you are talking about a Cash ISA that's not subject to a fixed term. 

Thank you my Santander has its fixed rate anniversary on the 11th so will be moving to another bank then.

Nico60

RobfromCornwall said:

Further to this, you could split the money from Santander between two different bank or building societies.  I would be surprised if you are getting a very good rate from Santander.  Their Easy Access ISA is currently advertised at 1.7%; you can get around the 5% mark by looking elsewhere.

Thank you, I do intend to move to anything close to or above the 4.5% mark fixed for one year.