ISA transfer question

waterman10

I've got £20,000 in an easy access cash ISA. I want to put £15,000 of it into a 1 year fixed cash ISA and leave the remaining £5,000 in an easy access cash ISA. I know you can transfer part of your ISA into another one but it's a bit more complicated. I've also heard it said that you shouldn't withdraw money from an ISA so I'm trying to think what the best thing to do is. Just wondered if anyone can give me some advice?

eskbanker

Provided both parties support partial transfers (and not all do), it's not complicated at all, you just specify the £15K transfer value when funding the new fixed term one.

Isthisforreal99

The advice not to withdraw depends on whether or not you have actually used this years £20k ISA allowance. If you have then you can't withdraw money and then put it in another ISA.

So where did the £20k you have come from and when was it paid in?

flaneurs_lobster

No problem in transferring part of your EA to another ISA as long as you can find one that:

• Has a rate/terms that are acceptable to you
• That accepts partial transfers-in.

You will need to examine the details of any candidate ISAs, don't believe the usual source of consolidated ISA details (MoneyFactsCompare) has 'allows partial transfers in' as a filter.