Maturing cash ISA over £85,000

katykins_2

I have a 1yr fixed rate cash ISA maturing in 3 weeks with Shawbrook.  With interest it will have risen a couple of thousand above the £85,000 threshold.  I hoped to reinvest some in an ISA in the same bank and transfer the remainder to a new provider to get it under the fscs limit but Shawbrook says I can reinvest or transfer in full but if I want to transfer part of it, I have to withdraw the remainder.  I’ve used my £20,000 allowance for this year so can’t open another with new money.  Transferring in full defeats the object.   I’d appreciate advice on what best to do and whether there’s a way to keep the savings interest-free without putting it at risk!
Thanks for any help.

MeteredOut

Open another ISA with another provider that allows partial transfers, and do a full transfer of the £85K+ to that, then open another ISA with Shawbrook and do a partial transfer back there.

Unless Shawbrook are one of the providers that will close your ISA when you do a full transfer and then don't allow the opening of another ISA if you previously had one with them that ISA year?

Malchester

One option is to transfer the whole lot to an easy access ISA that allows partial transfers out. When the transfer has completed open another ISA (fixed or variable as you wish) and make a partial transfer. The funds you don't transfer can be left or you could transfer them elsewhere to either fixed or variable as you wish. As no new money is going to be added this process will work

RunsFromRobots

Malchester said:

One option is to transfer the whole lot to an easy access ISA that allows partial transfers out. When the transfer has completed open another ISA (fixed or variable as you wish) and make a partial transfer. The funds you don't transfer can be left or you could transfer them elsewhere to either fixed or variable as you wish. As no new money is going to be added this process will work

I'm in a similar position to the OP, but is there a list published of providers who allow partial transfers?

Slinky

katykins_2 said:

I have a 1yr fixed rate cash ISA maturing in 3 weeks with Shawbrook.  With interest it will have risen a couple of thousand above the £85,000 threshold.  I hoped to reinvest some in an ISA in the same bank and transfer the remainder to a new provider to get it under the fscs limit but Shawbrook says I can reinvest or transfer in full but if I want to transfer part of it, I have to withdraw the remainder.  I’ve used my £20,000 allowance for this year so can’t open another with new money.  Transferring in full defeats the object.   I’d appreciate advice on what best to do and whether there’s a way to keep the savings interest-free without putting it at risk!
Thanks for any help.

What sort of rate are they offering you? I've got a similar sum maturing at the end of the month so I'm trying to work out what I'll do with it.

Beddie

As it's only couple of thousand above the £85,000 threshold, the easiest ways are to take the (tiny) risk or withdraw it and put into a saving account. Yes, you'll then be liable for tax on any interest, but that will only be a small sum.

35har1old

katykins_2 said:

I have a 1yr fixed rate cash ISA maturing in 3 weeks with Shawbrook.  With interest it will have risen a couple of thousand above the £85,000 threshold.  I hoped to reinvest some in an ISA in the same bank and transfer the remainder to a new provider to get it under the fscs limit but Shawbrook says I can reinvest or transfer in full but if I want to transfer part of it, I have to withdraw the remainder.  I’ve used my £20,000 allowance for this year so can’t open another with new money.  Transferring in full defeats the object.   I’d appreciate advice on what best to do and whether there’s a way to keep the savings interest-free without putting it at risk!
Thanks for any help.

Needs to read the terms 
Had a quick look couldn’t see any mention of what your where told not to easy to see on a phone better to use a laptop
If I where you i would ask another provider to submit a  partial ISA transfer request and leave the money you want to reinvest with Shawbrook 
I would find it strange that a company that is willing to accept partial transfer in of previous years ISAs would have a policy of not allowing partial transfers out

clairec666

RunsFromRobots said:

Malchester said:

One option is to transfer the whole lot to an easy access ISA that allows partial transfers out. When the transfer has completed open another ISA (fixed or variable as you wish) and make a partial transfer. The funds you don't transfer can be left or you could transfer them elsewhere to either fixed or variable as you wish. As no new money is going to be added this process will work

I'm in a similar position to the OP, but is there a list published of providers who allow partial transfers?

Sounds like the kind of thing the knowledgeable people of this forum could put together. I'm happy to put together a spreadsheet, if it hasn't been done already.

I feel like the world of ISAs is getting ever more complicated, especially for people who are inexperienced. Fixed rate? Flexible? Newbie bonus? Partial transfer? Funding window? Paper form or electronic? It's not as simple as "open new account and transfer in".

Ch1ll1Phlakes

RunsFromRobots said:

Malchester said:

One option is to transfer the whole lot to an easy access ISA that allows partial transfers out. When the transfer has completed open another ISA (fixed or variable as you wish) and make a partial transfer. The funds you don't transfer can be left or you could transfer them elsewhere to either fixed or variable as you wish. As no new money is going to be added this process will work

I'm in a similar position to the OP, but is there a list published of providers who allow partial transfers?

clairec666 said:

RunsFromRobots said:

Malchester said:

One option is to transfer the whole lot to an easy access ISA that allows partial transfers out. When the transfer has completed open another ISA (fixed or variable as you wish) and make a partial transfer. The funds you don't transfer can be left or you could transfer them elsewhere to either fixed or variable as you wish. As no new money is going to be added this process will work

I'm in a similar position to the OP, but is there a list published of providers who allow partial transfers?

Sounds like the kind of thing the knowledgeable people of this forum could put together. I'm happy to put together a spreadsheet, if it hasn't been done already.

I feel like the world of ISAs is getting ever more complicated, especially for people who are inexperienced. Fixed rate? Flexible? Newbie bonus? Partial transfer? Funding window? Paper form or electronic? It's not as simple as "open new account and transfer in".

I did try and out together a flexible ISAs list a while back (sorry partial transfers were of interest to me at the time so can't help with your list). The problem however is that providers change what accounts they have available all the time and each of those accounts can have different T&Cs and restrictions. A provider might say their ISAs are flexible but then remove those flexible ones and replace them with non-flexible (Virgin Money springs to mind).

Flexible ISAs are even more annoying as some providers don't mention on their account summary pages if the ISA is flexible and you have to hunt through their help pages to find the information. That said I had a list of 39 provider who either offered or had recently offered Flexible ISAs when I compiled my list earlier this summer. When looking for an account always DYOR (do your own reading) as you need the T&Cs on your account not what someone has told you.

And yes ISAs do seem a little more complex at the moment. There is a lot of change, especially with building societies who are trying to implement online systems while also trying not to blow their budget all at once. It's a bit of a crossover period and I think that's displayed when ISA reforms are on the government's mind at the moment.

clairec666

It's annoying that moneyfactscompare doesn't let you filter flexible ISAs only, and shows nothing about partial transfers, so you have to investigate each one individually.

At the moment I've got 3 fixed rate ISAs maturing at different times and had originally planned to amalgamate them at some point, but might now keep them separate if doing partial transfers remains to be a pain.

Ch1ll1Phlakes

clairec666 said:

It's annoying that moneyfactscompare doesn't let you filter flexible ISAs only, and shows nothing about partial transfers, so you have to investigate each one individually.

I second that, but I was also pleasantly surprised at the detail they provide on each account. Many other savings comparisons don't do this. I imagine due to trying to maintain simplicity of their website while maintaining their level of detail filters like this aren't straightforward to set up.