Do you know of an ISA that will allow part transfers?

muddyfox470

Moneygoes2money wrote: »

Hi muddyfox470

Thanks for your help. You're talking about part transfer from BCBS to Icesave. I wanted to part transfer from Icesave to Yorkshire BS and Britannia BS, which Icesave apparently cannot do.

I just wanted to give you an example of my case, i.e. that Icesave allowed a partial transfer in.

redcar_2

OP try asking ICESAVE again if they will do a partial transfer. I suggest you phone them and ask to speak to a supervisor. Quote that there is no clause in the Terms and Conditions that says you can't do this so they have to let you.

bristolleedsfan

Moneygoes2money wrote: »

National Counties BS
Guaranteed Cash ISA 2008/09 6.26%

Website says:
Transfer from another ISA provider accepted from 6 April 2009

So it would appear I cannot transfer my Icesave ISA to this ISA until after 6 April 2009.

Thats correct. :T NCBS wont allow transfers into that account until the bonus period ends.

Morgan2010

Moneygoes2money wrote: »

Hello everyone

The bulk of my savings are in an Icesave ISA and I want to make part transfers to my Britannia and Yorkshire ISAs, however, Icesave do not allow part transfers.

I would like to transfer my Icesave ISA to an organisation that will allow part transfers to my other ISAs.

I'm looking for an ISA which will allow part transfers and has a Bank of England base rate guarantee.

Any ideas?

So you want to transfer all your money from Icesave to another provider to then transfer it from them split between Britannia and Yorkshire?

Personally I'd just transfer the lot to whichever of Britannia or Yorkshire is offering the better rate. Alternatively check with Britannia and Yorkshire if they will allow partial transfers and transfer all money to the one you want to leave the most with then transfer the smaller amount to the other.

Bare in mind that a lot of ISA transfers are sent by cheque so you will loss interest for the period from first one closing until the new one is opened

May also be worth checking what Icesave count as a partial transfer. If you hold two years ISAs (where obviously the earlier will have had more interest)and say transfer 50% to a different provider they may not do but if you specify one year i.e 2003/2004 ISA to one provider then 2004/2005 to another they may allow.

Baldur

Moneygoes2money wrote: »

Icesave do not allow part transfers.

Icesave would appear to be acting against the provisions of the HMRC's Guidance Notes for ISA Managers:

"Transferring an ISA

11.1 Investors can transfer
• current year ISA subscriptions and the investments bought with those
subscriptions in whole, and/or
• previous years ISA subscriptions and investments in whole or in part
to another ISA manager at any time. If the investor only has current year
subscriptions the entire account must be transferred.
However, ISA managers are not obliged to accept transfers in."

Moneygoes2money

Baldur wrote: »

Icesave would appear to be acting against the provisions of the HMRC's Guidance Notes for ISA Managers:

"Transferring an ISA

11.1 Investors can transfer
• current year ISA subscriptions and the investments bought with those
subscriptions in whole, and/or
• previous years ISA subscriptions and investments in whole or in part
to another ISA manager at any time. If the investor only has current year
subscriptions the entire account must be transferred.
However, ISA managers are not obliged to accept transfers in."

Many thanks baldur and everyone else who has posted, I'll ring Icesave and quote the above text.

For the sake of clarity, what I'm trying to do is get the balances in my Yorkshire BS & Britannia BS ISAs up to £100 so if either demutalises I stand a chance of a windfall hence why I only want to part transfer small amounts into each, which will leave the bulk of my savings in the higher interest paying ISA (i.e. Icesave).

EBG

Can you let me know how you get on with Icesave please. I have also put in a request to transfer some money from my Icesave ISA to Abbey in order to get my total with Icesave down to under the 35k! If they wont do part transfers then I will have to just transfer the lot from them until some of my fixed rate accounts finish.

Many thanks.

Moneygoes2money

EBG wrote: »

Can you let me know how you get on with Icesave please. I have also put in a request to transfer some money from my Icesave ISA to Abbey in order to get my total with Icesave down to under the 35k! If they wont do part transfers then I will have to just transfer the lot from them until some of my fixed rate accounts finish.

Many thanks.

I phoned Icesave (was on hold for ages), the rep I spoke to said no part transfers, she spoke to supervisor who reiterated no part transfers so Ive decided to write a letter of complaint. If they still refuse, I'll transfer my whole balance elsewhere.

redcar_2

Well having spouted HMRC regulations at them I've been told they are looking into doing the partial transfer. Its not happened yet but they seemed to concede that they need to have this in their T&Cs if they won't allow it. I'll let you know what happens but in the meantime I'd get your complaint letter written. I have it verbally from the ombudsman helpline and in writing from HMRC that ICESAVE should allow this given their T&Cs so I can't see they have a leg to stand on if you make this an official complaint. I'm annoyed that they seem to be treating customers differently but keep pushing.

EBG

Moneygoes2money wrote: »

I phoned Icesave (was on hold for ages), the rep I spoke to said no part transfers, she spoke to supervisor who reiterated no part transfers so Ive decided to write a letter of complaint. If they still refuse, I'll transfer my whole balance elsewhere.

Thanks for letting me know. Lets hope they give in and let us all make our partial transfers soon!! Please keep me informed. I will try to ring them myself next week to see what has happened to mine - the more of us that ring up might make them change their minds eventually!!!