Transfer multiple ISA pots out of Zopa

Slinky

I've got 4 different ISA pots with Zopa. One is a new fixed pot which ends next year, the other 3 are instant access pots only earning 3.5%.  I want to transfer these 3 pots to a new ISA account I have with Natwest.  I could attempt to combine these 3 pots into 1, but it will leave some as yet unpaid interest in 2 pots if I just move the current balances into one pot. There's an option to Delete a pot, but that will dump the balance into the current account, outside of the ISA.

I read that there is only one account number for the ISA, although there are different pots. How do I tell NatWest which pots I want transferring, without transferring the new fixed account to them as well?

clairec666

From what I recall, you can't do a partial transfer out of Zopa, and since all pots are part of the same account, this means you can't transfer one pot and not another.

On Zopa's website:

• You’ll need to transfer out your Smart ISA balance in full. That means, if you have multiple pots, you'll need to transfer all of them to your new ISA provider.

• If any money you want to transfer out is held in a Fixed Term ISA pot, you'll either need to wait for the fixed term to end or pay an interest charge to break the fixed term early, which we'll deduct before transferring the funds to your new ISA provider.

But because it's a flexible ISA, you needn't worry too much about doing a transfer, you can instead withdraw to your current account, then deposit the money in another ISA, without it affecting your limit for the year.

flaneurs_lobster

Don't think you can, Zopa don't allow partial transfers and your "pots" would all have to be transferred as one, including your Fixed pot. You would have to pay whatever the charge is to end your fix early.

https://www.zopa.com/help/article/can-i-transfer-a-fixed-term-isa-pot-out-of-zopa-before-it-has-matured

Slinky

Bother!....

Slinky

clairec666 said:

But because it's a flexible ISA, you needn't worry too much about doing a transfer, you can instead withdraw to your current account, then deposit the money in another ISA, without it affecting your limit for the year.

The money that's in the ISA is all previous year's contributions.  Looks like I'll have to wait until my new pot matures next year and shift it then. In the meantime I'll look at fixing the rest of the easy access.

clairec666

Slinky said:

clairec666 said:

But because it's a flexible ISA, you needn't worry too much about doing a transfer, you can instead withdraw to your current account, then deposit the money in another ISA, without it affecting your limit for the year.

The money that's in the ISA is all previous year's contributions.  Looks like I'll have to wait until my new pot matures next year and shift it then. In the meantime I'll look at fixing the rest of the easy access.

Ah, good point, only this year's contributions can be flexibly withdrawn to a different ISA.

RG2015

clairec666 said:

Slinky said:

clairec666 said:

But because it's a flexible ISA, you needn't worry too much about doing a transfer, you can instead withdraw to your current account, then deposit the money in another ISA, without it affecting your limit for the year.

The money that's in the ISA is all previous year's contributions.  Looks like I'll have to wait until my new pot matures next year and shift it then. In the meantime I'll look at fixing the rest of the easy access.

Ah, good point, only this year's contributions can be flexibly withdrawn to a different ISA.

Is this correct?

I thought that any money in a flexible cash ISA could be withdrawn and replaced in the same tax year.

RG2015

Slinky said:

Bother!....

Yes, and I am in exactly the same position. My Zopa fixed ISA pot is earning 4.40% until 2nd April 2026.

I have withdrawn from my Zopa Access pots and funded other cash ISAs from some of this year’s £20,000.

However, I still have the option of returning my withdrawals to Zopa before 5th April 2026. This will then all be carried forward to 2026/2027.

This will though depend on the assumptions, on my previous post here, being correct.

clairec666

RG2015 said:

clairec666 said:

Slinky said:

clairec666 said:

But because it's a flexible ISA, you needn't worry too much about doing a transfer, you can instead withdraw to your current account, then deposit the money in another ISA, without it affecting your limit for the year.

The money that's in the ISA is all previous year's contributions.  Looks like I'll have to wait until my new pot matures next year and shift it then. In the meantime I'll look at fixing the rest of the easy access.

Ah, good point, only this year's contributions can be flexibly withdrawn to a different ISA.

Is this correct?

I thought that any money in a flexible cash ISA could be withdrawn and replaced in the same tax year.

Yes, but previous years contributions must be returned to the same ISA. Sorry, didn't word it very well.