Transfer Flexible to a Fixed ISA with a different bank

Bertimus19

Hi,

I have paid £20k this tax year into an instant access ISA (flexible) with Monzo and have opened a LISA with Moneybox this month. Monzo won’t let me do a partial transfer of £4k into the LISA within the same tax year.

I am aware that I can withdraw the £4k from my Monzo ISA and pay it back into the ISA without it impacting my allowance as it is a flexible ISA but can I then transfer the £4k into my LISA with moneybox or does it have to be transferred back in with the same bank? As far as I am aware I can but I would appreciate any advice.

Thanks

masonic

No, as of this tax year you must replace money flexibly withdrawn to the same ISA. So your only option is to fully transfer to a cash ISA that permits partial transfers out.