ISA Partial transfer help please

Rainbowsprinklefairy65

Hello,
I currently have £60,000 in a Lloyds cash ISA. I’ve not looked at interest rates yet so ignore the actual bank names, just trying to get an idea of what I’m allowed to do. 

So, can I partially transfer £20,000 to let’s say Nationwide and also partially transfer £20,000 to Barclays? So I would have 3 cash ISA’s all with £20,000 in them. I’ve maxed out my allowance for paying into cash ISA’s this year so obviously I can’t open a new one so looking to transfer across and then next tax year add to them all. 

Is this allowed? 

slinger2

Yes, the ISA rules let you do that. However be aware that partial transfers are optional. Some providers allow them, some don't, so you need to check out the T&Cs of the ISAs you're thinking about to confirm whether they're allowed (in and out).

vacheron

Just to clarify in case this is your reason for doing the above.

You don't need to limit ISA transfers to £20,000 across multiple accounts, you can transfer all £60K to any ISA that offers transfers in (and the best interest rates).

You can then add another £20K after April the 5th. But bear in mind that some fixed rate ISAs require all money to be transferred with a certain timeframe after opening the account (usually about 1 month).