Have 10k in halifax saving account, 10k cash. Please advice me what to do

[Deleted User]

Mikeyorks wrote: »

Move the ISA to somewhere above 6% that accepts transfers in. You can do it anytime. Not sure what this is about ..... but it's totally wrong.

From the OP I was under the impression they'd already filled up this years ISA... I was also under the impression you can't pay into more than 1 ISA a year hence unable to move it elsewhere?

mmdmmd

Deleted_User wrote: »

From the OP I was under the impression they'd already filled up this years ISA... I was also under the impression you can't pay into more than 1 ISA a year hence unable to move it elsewhere?

Ok, what i really mean is I already put 3.6k into ISA this financial year already. But can I still move it to another better rate ISA?

[Deleted User]

Sorry, ignore my comment above. I've just done some quick reading and in general, you can transfer your current cash ISA to another cash ISA however you'll probably lose an amount equal to about 90 days of interest on the amount transferred. Check you Ts and Cs but I don' think partial transfers are general allowed.

Mikeyorks

Deleted_User wrote: »

From the OP I was under the impression they'd already filled up this years ISA... I was also under the impression you can't pay into more than 1 ISA a year hence unable to move it elsewhere?

You can't pay into more than one cash ISA in a financial year ... that is a fundamental. But transferring is not the equivalent of 'contributing' .... and it is transferring the OP was discussing?

If the OP has contributed the full £3.6k to a cash ISA this year ..... that is absolutely no impediment to transferring to a better rate. The Halifax Direct ISA ... is their only one paying 5.25% ..... and it has no penalties for moving.

A minority of providers won't accept partial transfers .. but it is a minority. And in all cases you have to transfer the full amount of the current year subscription. It's only previous years you can 'partial'. If partial transfers were never allowed - it means an ISA pot closing on the £35k limit at which Institutional protection is offered - would never be able to be broken up?