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Is transfer a withdrawal?

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Aged Posts: 457 Forumite

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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?

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Aidanmc Posts: 1,388 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

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Aged Posts: 457 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.

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