We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Is transfer a withdrawal?

Aged

Aged Posts: 456 Forumite

Tenth Anniversary

100 Posts

Name Dropper

Photogenic

19 May at 4:28PM in ISAs & tax-free savings

Hello folks. I have an existing ISA, the balance of which is a bit over the £85K threshold, and I'd like to transfer some of that into a new ISA that I've opened for the 25/26 tax year. The existing account is a fixed rate ISA. Would a partial transfer out be allowed, or would that count as a withdrawal?

0

Comments

Aidanmc Posts: 1,226 Forumite

19 May at 4:34PM edited 19 May at 4:37PM

You will most likely be penalised for partially transferring from your fixed rate ISA.
If its even possible to do a partial transfer would depend on the t&c of the particular fixed account.
If its only a little over £85k, personally i wouldn't be too concerned. You could split it up when the fixed rate ends

3
Aged Posts: 456 Forumite

19 May at 4:37PM

Thanks. Yep I had a feeling that would be the case. Will just have to leave it till a bit further down the line.

0

★ ★ ★ Meet your Ambassadors

Confirm your email address to Create Threads and Reply

Categories

All Categories
350.1K Banking & Borrowing
252.8K Reduce Debt & Boost Income
453.1K Spending & Discounts
243K Work, Benefits & Business
597.4K Mortgages, Homes & Bills
176.5K Life & Family
256K Travel & Transport
1.5M Hobbies & Leisure
16.1K Discuss & Feedback
37.6K Read-Only Boards

MSE News

Martin Lewis: Going abroad soon? Two passport checks to stop you being turned back
"My daughter wasn't allowed to board the plane even though she had seven months left on her passport." MoneySavingExpert.com founder Martin Lewis explains two key checks to ensure this doesn't happen to you (while it differs per country, these'll generally keep you safe), in the latest episode of ITV's The Martin Lewis Money Show Live.
Drivers to be able to pay for parking using just ONE app under new Government plans
You should soon be able to pay for parking across the UK using just one app under new Government plans. The initiative is designed to end "the scramble" to download multiple apps for use at different car parks.
Warning. Five holiday booking scams to watch out for as over £11 million lost to travel fraud
Booking your summer holiday soon? Protect yourself from scams by watching out for clone websites, fake deals and bogus cancellations, as fraudsters to continue to use a variety of sophisticated methods to trick holidaymakers out of their cash.
Santander Edge customer? It's axing its 1% cashback on spending
If you've got a Santander Edge current account, you'll no longer earn 1% cashback on supermarket, fuel and travel spending from 9 September. The bank has today (20 May) confirmed it's axing the perk, though it will continue to pay 1% cashback on bills.
Martin Lewis: I'm a bit teary – we just got a win on changing hideous Council Tax debt collection
Miss one monthly Council Tax payment and within six weeks you can have bailiffs at the door asking you to pay the whole year's bill, plus extra on top. But in a win for MoneySavingExpert.com founder Martin Lewis and his charity the Money and Mental Health Policy Institute (MMHPI), the Government has agreed to investigate these "catastrophic" debt collection practices.
Buy now, pay later protection one step closer – but Martin Lewis urges caution as rules not yet in force
New rules to protect over 10 million shoppers who use buy now, pay later (BNPL) services are on the way to becoming law. However, MoneySavingExpert.com (MSE) founder Martin Lewis, who has long-campaigned for BNPL regulation, is urging people to remain wary until the law changes take force.
Tesco shopper? You've less than two weeks to use £15 million worth of Clubcard vouchers – or extend them with our trick
If you've got a Tesco Clubcard, check if you have any vouchers close to expiring, as nearly £15 million-worth are due to run out on Saturday 31 May. Don't want to spend your vouchers yet? We've got a trick to extend their validity.
Martin Lewis: Just got a win on hopefully changing hideous council tax debt collection that hurts millions
"Catastrophic" Council Tax debt collection practices – that can see bailiffs at your door within six weeks demanding payment for the whole year despite missing just one month – are to be investigated by the Government. It's a win for MoneySavingExpert.com founder Martin Lewis and his charity the Money and Mental Health Policy Institute (MMHPI) who've campaigned against this rapid escalation.
Martin Lewis: Mobile and broadband mid-contract inflation hikes are BANNED – but there are winners and losers
Inflation-linked broadband, mobile and TV price hikes have been banned. It means some will see bills rise by a specified amount in pounds and pence going forward. However, MoneySavingExpert.com founder Martin Lewis has warned that many WILL still see above-inflation rises in future despite the new rules.