Multiple partial transfers out of the same ISA

TheWoodler

Looking for experiences with 2 or more partial transfers out of the same ISA: do it concurrently or sequentially? 

I’ve got a fixed rate that’s just matured and rolled over into a low-paying EA, plus it’s close to the FSCS limit - two very good reasons to split it up. 

I want to transfer out in 3 tranches - one to existing EA provider elsewhere that pays a better rate, and 2 x new providers, all of which I have satisfied myself accept partial transfers in.

I could do 3 concurrently, but am just wondering if there are any potential unforeseen traps for the unwary (I would do my sums with exactitude!) with a concurrent process, or whether it’s better to perform them sequentially, starting the second transfer after confirmation that the first has successfully gone through (with the issue that I might not snaffle one ISA I have my eye on, as I’ve already got one in motion). 

Any suggestions or experiences, please? 

refluxer

If you're wanting the ISA to close after all the transfers then I would play it safe and request the first two as partial transfers, wait until they both complete and then request the final transfer as a full transfer. There's likely to be an unknown amount of uncredited interest added to that final balance that would make doing anything else tricky, I think.

Requesting both partial transfers sequentially would be the super-safe way to do it. I can't think of a reason why requesting two partial transfers at once would cause an issue, but you never know with ISAs !

TheWoodler

Thank you - that makes perfect sense. Much appreciated!

TheWoodler

I thought I’d post an update! Three weeks later: Tranche 1 transferred out to West Brom in 5 days. Well done to sending and receiving institutions - quick, efficient and painless.

Tranche 2 was to Principality. A paper-based process and after more than a week since sending off my form, not having heard anything from either organisation, it turns out Principality have not received my form. 

Royal Mail’s fault but now critical information - my uncommon RL name, NI number, and address have gone I know not where, and details of an account with quite a significant sum of money, together with my signature. I’ve told Principality I’m out. More fool me for thinking Royal Mail wouldn’t muck this up, but they have. I will never, ever entrust this sort of information to the post again. CIFAS it is now as I can’t afford to take risks. 

This makes Tranches 2 & 3 urgent. Fingers crossed for Tranche 2 with a painless digital procedure! 

eskbanker

TheWoodler said:

Tranche 2 was to Principality. A paper-based process and after more than a week since sending off my form, not having heard anything from either organisation, it turns out Principality have not received my form. 

Royal Mail’s fault but now critical information - my uncommon RL name, NI number, and address have gone I know not where, and details of an account with quite a significant sum of money, together with my signature. I’ve told Principality I’m out. More fool me for thinking Royal Mail wouldn’t muck this up, but they have.

It's not necessarily Royal Mail's fault - it's plausible that the form was physically delivered to Principality but not processed properly (yet), or is sitting in an in-tray or whatever, invisible to whoever you spoke to.

TheWoodler

Digital process for tranche 2: applied Friday, received by originating provider Saturday morning, landed yesterday at receiving provider. Very impressed! Even quicker than #1. 

This just goes to show how antiquated a paper process is when there is the potential for postal insecurity and/or the pending in-tray scenario.