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Cash ISA Transfer Rules
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I have c£50k in a Tesco easy access cash ISA (£15k contributed in this tax year, the remainder from previous years). Tesco recently announced they will be reducing the variable element of the interest rate...
Are there any ISA rules preventing me from transferring the majority* (say £49k) of the balance I have with Tesco to another ISA I have with Family Building Society from a previous tax year?
I thought I had read somewhere that if you transfer an ISA account where you had made current year contributions, that partial transfers are not allowed.
* I would like to keep the Tesco account open because I think it might be useful to have a 'flexible' ISA in the future.
Are there any ISA rules preventing me from transferring the majority* (say £49k) of the balance I have with Tesco to another ISA I have with Family Building Society from a previous tax year?
I thought I had read somewhere that if you transfer an ISA account where you had made current year contributions, that partial transfers are not allowed.
* I would like to keep the Tesco account open because I think it might be useful to have a 'flexible' ISA in the future.
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Replies
https://www.gov.uk/individual-savings-accounts/transferring-your-isa: Note that individual providers may layer their own rules on top of the actual scheme ones, so aren't compelled to accept transfers, or can choose not to handle partial ones....
Does the account allow a £0 balance or will you have to close it?
Assuming partial transfers are permitted by the providers concerned of course....