Partial ISA transfers

miabrown

Hi all,
I'd like to split my current ISA to 2 new providers as I'm close to 85K, so want to split. How can I find out if a new ISA will accept a partial transfer? There's no info on forums that show best ISAs and limited info on the banks' websites. When I try to phone some, the agents I chat to often have limited knowledge of their own products. Any ideas please? Thanks Mia

Mark_d

If you've got close to 85k in cash ISA with one provider, you can simply start contributing to cash ISA with another provider.  There's no need to split.

In my opinion 85k is an ample amount of savings you need in cash - whether you're keeping cash for planned/unplanned expenses or simply to manage the stability/liquidity of your portfolio.

Perhaps it's worth considering moving some of your cash savings into premium bonds

slinger2

The first thing to find out is whether your existing provider allows partial transfers out. Many do, but not all.

Beddie

Just about every provider accepts partial transfers, so pick one and apply. They ask if you want to transfer this year, last year and if so how much. That's why staff didn't know - it never gets asked.

miabrown

Mark_d said:

If you've got close to 85k in cash ISA with one provider, you can simply start contributing to cash ISA with another provider.  There's no need to split.

In my opinion 85k is an ample amount of savings you need in cash - whether you're keeping cash for planned/unplanned expenses or simply to manage the stability/liquidity of your portfolio.

Perhaps it's worth considering moving some of your cash savings into premium bonds

Thanks Mark - I was going to split because I have 20K to go in for this year and didnt want to exceed FSCS allowance. Premium bonds is a good call. Thanks, Mia

miabrown

slinger2 said:

The first thing to find out is whether your existing provider allows partial transfers out. Many do, but not all.

Thanks slinger I'd never thought about that. My current ISA is with Lloyds - does anyone know if they allow partial transfers out?

xylophone

https://www.lloydsbank.com/savings.html#c_115_accordion_2305

No indication that partial transfers not allowed.

Is there a particular reason for choosing Lloyds? The rates don't seem that attractive.

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

elkiedee

Have you paid into the ISA you want to transfer from in this tax year?

I made some partial transfers from an old HSBC account to my Coventry ISA. I think they only accept partial transfers from accounts where all the capital (not interest) has been paid in in previous tax years.

If all your ISA is pre 6 April 2024 money, it might be worth splitting it now for a better rate (subject to terms and conditions - variable or fix? do you anticipate needing to withdraw money?).

If some is newer money, and you haven't used all this year's ISA allowance, you can now open more than one ISA with different providers so long as you don't go over the limit, so you can open another account for new savings (and I see you mention you have £20K to save).