Transferring part only of an ISA to 2 new ISA providers?

travel_freak

Hi,

I went into Lloyds to enquire about opening a new ISA with them.

I have two other ISAs - one with Barclays for this year's contribution only. The other with Abbey which holds several years' contributions.

Please does anyone know if it is possible to just transfer part only of a large ISA to a new provider and leave the rest to be transferred to another new ISA provider? I had previously thought you could only transfer the whole of an existing ISA but Lloyds told me I can transfer part only. Am a bit worried as I don't want to do anything that might affect the status of my larger ISA.

My only reason for not transferring the whole lot to Lloyds now is that it allows no withdrawals and if you do withdraw I think the 6.5% drops to 4.5% and you lose 90 days' interest. There's a chance I might need to make a withdrawal so I thought it safest to transfer part of the larger ISA to the new Lloyds ISA and then put the rest into an ISA which still offers a good rate but allows withdrawals. Does this sound like the right thing to do and will I be allowed to make two part transfers from my old Abbey ISA?

Many thanks in advance.

Regards,

10_66

Yes you can transfer part of your funds from ISA's but it depends on who holds your existing ISA, not all providers will allow part transfers out, so you'll need to check with Abbey regarding their T&C's for the ISA you hold.

[Deleted User]

10_66 wrote: »

you'll need to check with Abbey regarding their T&C's for the ISA you hold.

Yes you can, no penalties

travel_freak

10_66 and chr_s,

Many thanks to you both, this is reassuring to know both now and for the future.

Regards,

Paul_Herring

travel_freak wrote: »

Please does anyone know if it is possible to just transfer part only of a large ISA to a new provider and leave the rest to be transferred to another new ISA provider? I had previously thought you could only transfer the whole of an existing ISA but Lloyds told me I can transfer part only.

You can transfer any part or all of previous tax year's cash ISA's in any proportion you wish. (i.e. any contributions plus interest up to April 2007.)

It is the current year's cash ISA that must be transferred together. (Until April, when 'this year's' becomes part of 'previous year's' and the above applies to it.)