Mini Cash ISA Part Transfer to a new provider
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pinklady21
Posts: 870 Forumite
Hello all
Just want someone to sanity check this before I make a fool of myself!
Question is - are part transfers of Cash ISAs permitted?
Background:
Opened a new Cash ISA last year with NS and I. Transferred in a previous ISA in full and topped up with last year's £20k allowance. Balance of just over £35k @1%
Opened another Cash ISA with Nationwide (1.4%). Just over £50k in there from transfer of another previous year's ISA, and wanted to top up to full £85k compensation limit with a transfer of part of the balance from NS and I.
I filled in a form for Nationwide, ticked the part balance transfer and the amount, and took it into the branch for processing.
I have now received a letter from NS and I telling me that my ISA account has been closed and the full balance transferred out.
I suspect an error has been made somewhere, unless there is a rule that only full ISA balances may be transferred to a new provider? Anyone know?
Thank you!
Just want someone to sanity check this before I make a fool of myself!
Question is - are part transfers of Cash ISAs permitted?
Background:
Opened a new Cash ISA last year with NS and I. Transferred in a previous ISA in full and topped up with last year's £20k allowance. Balance of just over £35k @1%
Opened another Cash ISA with Nationwide (1.4%). Just over £50k in there from transfer of another previous year's ISA, and wanted to top up to full £85k compensation limit with a transfer of part of the balance from NS and I.
I filled in a form for Nationwide, ticked the part balance transfer and the amount, and took it into the branch for processing.
I have now received a letter from NS and I telling me that my ISA account has been closed and the full balance transferred out.
I suspect an error has been made somewhere, unless there is a rule that only full ISA balances may be transferred to a new provider? Anyone know?
Thank you!
0
Comments
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Part transfer are allowed, but you can't split up any current tax year deposits. However, there isn't a requirement that part transfers must be allowed. Providers can say only full transfers out are permitted. I can't see in NS&I's documentation whether they allow part transfers or not.
In any event, they should have rejected the transfer request if part transfers were not allowed.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
Thanks for the reply
I phoned Nationwide. Looks like the error is theirs, while I requested a part transfer, and had a conversation at the counter with their staff member saying I only wanted it to be topped up to the Comp limit of £85k, they have processed it as a full transfer in.
Oh dear.
They are now going to contact NS & I and see if the process can be reversed. Not sure how a now closed account can be re-instated, but will wait and see what happens next.0
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