Partial ISA Transfer options

akh43

My current Shawbrook ISA matures 4 Oct and at maturity will be over £85k so looking to split and reinvest some with Shawbrook 1 year fixed 4.56% and move the rest to T212, but not sure if I have left too late as only 4 days till maturity. Also wondered if I would be better to firstly opt for the transfer to EA Shawbrook at 4.25% and once that is sorted then transfer some to T212 as otherwise my existing ISA will revert to 0.10% until the T212 transfer is complete and then open the fixed one with Shawbrook.

I am debating a partial ISA transfer to Trading 212 Cash ISA, but don't fully understand how this works.   I prefer banks with websites to be honest, as not fully comfortable with app only banks, but the interest rate is tempting me.  Not sure how the partial ISA transfer works and also would it be easy to transfer out again if rate drops?

As an alternative also looking to split with Skipton's Base Rate Tracker currently at 4.65% as I already save with Skipton and am comfortable with them and it looks an easier option, but not as good interest.

mebu60

I find it's more straightforward and less stressful to let the maturity move into an EA first then action the transfers.

Transfers-in have to be done by the new provider. Check they accept transfers-in before starting the application process.

Ditto when you apply for the new Shawbrook fixed ISA, be sure to follow their transfer-in process from an existing Shawbrook account, don't transfer the funds from the EA yourself. 

refluxer

Opting to transfer the existing Shawbrook ISA into their Easy Access ISA at maturity (and not letting it default to the 0.10% account) is a sensible option, especially if you're wanting to split the balance among multiple providers.   

I guess the only question mark will be whether their 1 year fix @ 4.56% will still be around at the end of the week. You could potentially open it in advance, although I think Shawbrook prefer it if you request transfers at the time of application which won't be possible if the account number changes. Transferring after application is possible I think, although I've not done it personally.

It'll be worth logging in and checking to see whether it's possible to arrange a partial transfer into their 1 year fix and the remainder into their easy access account, as part of the maturity instruction submission process.

Beddie

Trading 212 has a website, you do not need to use the app unless you want to.

refluxer

refluxer said:

I guess the only question mark will be whether their 1 year fix @ 4.56% will still be around at the end of the week. 

It didn't last the night, never mind the week ! It's down today but not by much - now 4.46%

akh43

refluxer said:

refluxer said:

I guess the only question mark will be whether their 1 year fix @ 4.56% will still be around at the end of the week. 

It didn't last the night, never mind the week ! It's down today but not by much - now 4.46%

Luckily I rang them on Tuesday and sorted the maturity with the majority into the fix @ 4.56% and the rest into the EA at 4.25% to give me breathing space while I decide on where that part is going.