Partial Transfers between ISA's from same provider

ChrisH48

Hi folks - finding this a bit frustrating. I had an easy access Skipton ISA. 2 days ago I went to open a 1 year fixed rate ISA with Skipton. The idea was I'd leave some of the money that I'd need for home improvements that are on the horizon in the easy access and some that I wouldn't need for a while in the 1 year fixed. (not looking for advice on this part). When I opened the fixed rate my old account was closed and all of my money was moved to the fixed rate. I've just had a lengthly conversation with Skipton and ultimately they have advised that the only way I can do a partial transfer between 2 skipton ISA's is by doing it via a withdrawal to another providers account and then paying back in to skipton. This seems like far too much work to me - I feel it should be simple to move money from one skipton ISA to another. Is anyone able to recommend a provider (online account - I don't use apps) with decent rates that will allow me to open an easy access ISA - transfer all fo my savings into it - and then open a fixed rate iSA (with the same provider) and movge a % of the money into that? Thank you!

eskbanker

Skipton clearly shouldn't have initiated an ISA transfer if you didn't request this, so if this happened then (a) invoke your right to cancel the fixed rate account within its cooling-off period and (b) complain.

Some providers have been tardy in adopting the new 2024/25 ISA rules allowing parallel funding of multiple ISAs of the same type, so if Skipton is one of those then you'll need to find one who allows this, hopefully someone with more knowledge of current offerings can advise....

Barkin

The T's&"C's for Skipton fixed rate ISA's do state that transfers between Skipton ISA's must be full transfers - no partial transfers allowed. 

Barkin

eskbanker said:

Skipton clearly shouldn't have initiated an ISA transfer if you didn't request this, so if this happened then (a) invoke your right to cancel the fixed rate account within its cooling-off period and (b) complain.

Some providers have been tardy in adopting the new 2024/25 ISA rules allowing parallel funding of multiple ISAs of the same type, so if Skipton is one of those then you'll need to find one who allows this, hopefully someone with more knowledge of current offerings can advise....

I'm not sure this is relevant. 

I read it as the OP requested the transfer, but somehow wasn't aware, or overlooked the fact, that it would be a full transfer.

Perhaps the OP could clarify? 

ChrisH48

Hi there - OP here - I didn't check the Ts and C's - I have an easy access skipton ISA - I opened a fixed rate skipton ISA online intending to transfer 75% of my money into that. But the next page after opening the new one showed the old one as closed and the new one as having all of my money transferred to it. When I've spoken to Skipton this morning they've said the only way to move money between skipton ISA's is to move it from skipton - to another account - then back to skipton - which seems a crazy hassle to me. I guess I'll either leave as is (once I've had a think on iif I can afford to leave it all tied up in a fixed rate) or look for a provider (hence this post) with a decent rate that allows internal transfers - open an easy access with them - move all funds from the skipton fixed into the new one (cancelling the new skipton one within the 14 day cooling off period) - then open a new fixed rate with the new provider and transfer a % across. I get it's the Skipton Tcs and cs but it just doesn't really seem fair - I'm under some time pressure now (lose interest if I dont sort another proider out within 14 days) - and nothing I saw displayed on the skipton screen suggested my easy access would be closed automatically when I opened the fixed - or that 100% of my money would be transferred over.

masonic

You are going to have to do two transfers however you slice it, so why not from Skipton to another provider, then back to Skipton, if you were happy with the two products.

I think you are probably compromising on rate with this restriction, and I can't say I understand why choosing two providers would be any more work in the long run. In fact, transfers between providers can be easier than internal transfers in some cases.

Barkin

I think you're mis-remembering the steps you took, and/or the on-screen messages that you were given. 

ChrisH48

Barkin said:

I think you're mis-remembering the steps you took, and/or the on-screen messages that you were given. 

You must have a better memory of what I did than I do.

ChrisH48

masonic said:

You are going to have to do two transfers however you slice it, so why not from Skipton to another provider, then back to Skipton, if you were happy with the two products.

I think you are probably compromising on rate with this restriction, and I can't say I understand why choosing two providers would be any more work in the long run. In fact, transfers between providers can be easier than internal transfers in some cases.

I'll have a think on it thanks. I did open another skipton easy access when I was on the phone to them this morning. That has now been closed too (just logged in to check). I think TBH Skipton have riled me - both the website and the people I spoke to - so I'll make the extra effort to sack them off.

Barkin

ChrisH48 said:

Barkin said:

I think you're mis-remembering the steps you took, and/or the on-screen messages that you were given. 

You must have a better memory of what I did than I do.

/shrug/

I've opened a fixed rate ISA online with Skipton. Nothing was tranferred to it without my say-so. It sat there empty of funds, and nothing changed with my EA ISA - it wasn't closed, and the money remained in it. 

Going through the online transfer process, I see a big banner saying that it's only possible to transfer the full amount - no partial transfers. 

Maestro999

I had issues with transferring full funds from Skipton ISA. They told me they could do a partial only. If I want the full amount they need to switch to a variable rate and then they can do it. I did not bother but this is a very awkward and silly way of doing things. However, they are a very old building society and I feel they are stuck in the past worth outdated systems and processes. They need to review this and improve and I guess it costs money so they don't bother. I left them and I am pleased to say I did for various reasons.