ISA from different years in one pot

thereisacatch

I have three ISAs with one bank, Zopa. One matured and went to instant access. Tried to transfer to a different bank with a higher interest rate. Apparently I can’t move the instant access one without transferring my other two ISAs which are fixed term. So I would lose 90 days interest on both of them. This is apparently because they all ‘sit’ in the same pot. Even though they were opened in different years with different interest rates. I was told it states this in terms and conditions. However it must be very obscure. This rule should be in large type.

Beware, there is a catch if you save with Zopa ISA

eskbanker

Yes, it's a feature of Zopa's product that they combine multiple pots into one ISA but that it can't be split up to transfer out:

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.

https://www.zopa.com/help/article/can-i-transfer-my-smart-isa-to-another-provider

flaneurs_lobster

This restriction is mentioned on this thread weekly, more often around year-end.

But another reminder to anyone who wasn't aware is always useful.