Move ISA to already contributed one

The_stingemeister

Is it ok to move a flexible ISA now from a separate bank to another flexible ISA that I have already contributed to the maximum amount for 2025/26?

eskbanker

There's nothing in the ISA rules that would stand in the way of that, so it just comes down to whether the receiving product allows inward transfers.

Presumably the ceding product doesn't have any current year money and any prior year money has been replaced if withdrawn?

The_stingemeister

the ceding product doesn't have any current year money and any prior year money has been replaced if withdrawn?

I think what your saying is (and is at least what I want to do): Part of my Nationwide ISA (have paid no contributions in this tax year) will be transferred to my YBS ISA (which has the full quota for this tax year already).

jimjames

I think what your saying is (and is at least what I want to do): Part of my Nationwide ISA (have paid no contributions in this tax year) will be transferred to my YBS ISA (which has the full quota for this tax year already).

If that's the case then you have to do an ISA transfer so the flexibility is irrelevant. You can only pay previous year's money back into the ISA it came from.

eskbanker

I think what your saying is (and is at least what I want to do): Part of my Nationwide ISA (have paid no contributions in this tax year) will be transferred to my YBS ISA (which has the full quota for this tax year already).

You hadn't mentioned that you envisaged a partial transfer earlier, and again this is supported by the regulations but not necessarily by every provider, so that's something to check.

The_stingemeister

https://forums.moneysavingexpert.com/discussion/comment/81902245#Comment_81902245

Only pay previous years money back into the ISA it came from? Really? I'm fairly sure I have done that before, without a problem. Are you confusing previous with current?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81902286#Comment_81902286

If you have a flexible ISA and withdraw money from it. Then if it is this years money you can put it back in the original ISA or into a new one.

If it is money from a previous tax year it has to go back in to the original ISA.

The_stingemeister

This is what AI has to say:

Yes, you can transfer part of your £70k ISA to another bank or provider. Since 6 April 2024, rules allow for partial transfers of ISA funds, regardless of which tax year they were deposited

• Partial Transfer Rules: You can transfer as much or as little as you like from previous tax years.
• Current Tax Year Rules: If any of that £70k was added within the current tax year (since April 6), you usually must transfer that specific amount in full

jimjames

You seem to be confusing transfers and flexible ISA rules and unfortunately AI can't help with that. ISA transfers of previous year's deposits have always been allowed. ISA flexibility is nothing to do with transfers and allows money to be taken from an ISA by the saver themselves and deposited back into the ISA at a later date or a different ISA if it's current year money. Transfers always have to be done by the bank.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81902551#Comment_81902551

Not quite sure what you're trying to prove here?

As already posted, partial transfers are permitted by the ISA regulations but aren't necessarily supported by every provider, i.e. some ISA providers don't allow them at all, and others will only allow (for example) whole years at a time rather than complete freedom to specify a £ value.

elkiedee

https://forums.moneysavingexpert.com/discussion/comment/81902253#Comment_81902253

You can split your cash ISA savings at Nationwide between different products, as a portfolio ISA. I did this with a one year ISA at maturity last month, opening a new One Year Triple Access ISA at Nationwide and putting in the amount which I decided I wanted to keep there - that went through straight away because it didn't have to move between banks - and then applying for a full transfer of the balance in the easy access ISA at a very low rate to another ISA at the Coventry. I did all this online on a Sunday (the date the maturity balance happened to fall) and on Wednesday the money showed up in the Coventry account I'd transferred to - with the transfer date shown as the Tuesday - so just one working day, I think.