Transferring 2 different ISAs to a new provider

[Splooterer]

Is this possible? If so do I have to do it all at the same time. I have an ISA with Leeds BS and one with Plum (which I've been reading about all the issues of moving out of). Leeds I could take out now but Plum not till July.

Does anyone know how complicated this is. I'm thinking of moving to Trading 212.

Perfectly possible.

You make the instruction to the new provider and they request the money.

So you can complete the request to transfer the monies from Leeds now and wait to transfer Plum monies in July.

As long as you do a transfer not withdraw and pay in, and it's S&S not a fixed rate cash ISA, you can do as many transfers as you like from any number of providers and at any time.

What difference does it make being a fixed rate ISA? The Leeds one was fixed.

Fixed rate cash ISAs almost always have a very short window for paying in after you open them - rarely more than 15 days. Because they're fixed. Otherwise you could open one at a good rate then keep shoving more in through the term while interest rates were dropping elsewhere.

I must be a bit slow cos I don't understand what you are saying.

My question remains, can I transfer 2 separate cash ISAs (one from Plum/variable rate and one from Leeds BS/fixed rate) to a new provider at different times as both terms of saving finish at different times.

Yes, once the money is in the ISA wrapper, it's in.

The company you are moving the money should sort all this out for you.

Yes you can transfer at different times.

The points regarding fixed rate ISAs are just to illustrate that there are restrictions on when you can transfer money in to a fixed rate ISA, as that rate is only available for a limited time. Also if you transfer out before the end of the term, you may have an interest penalty.

You mention that the Leeds ISA is fixed rate but it sounds like it is coming to the end of its term. It will probably mature into a variable rate ISA which you can transfer to another provider at any time.

The Plum ISA should be able to be transferred at any time as it is variable rate.

Is the Trading212 ISA a fixed or variable rate cash ISA, or a stocks and shares (S&S) ISA? If it is fixed rate, then you need to do both transfers at more or less the same time as there is a small funding window (usually 14 days) as the fixed rate offer is a time-limited deal. If variable or S&S, there is no rush.

As others have said, make sure you initiate a transfer through Trading212. This preserves the tax-free benefits of an ISA and ensures the transfers don't count towards this year's annual allowance. Don't withdraw from Leeds and Plum.

Hope this helps clarify earlier answers.

I think the PP is saying that whilst it's perfectly possible it won't be available in every circumstance

You might need to juggle around a little bit depending on how far apart the end date of each one is and whether the one you want to transfer them into is a fixed or variable rate ISA

If you open a fixed rate cash ISA, you have to put all the money in at once - at the time of opening it or within a few days (exact Ts&Cs vary by provider).

A fixed rate ISA gives you certainty. You know what the return is regardless of what worldwide interest rates do. The provider offers this because it gives them certainty - they know at the start how much cash you're putting in and for how long. If they let you pay more money in whoever you liked, they wouldn't get that certainty. You might open it at 4%, then interest rates elsewhere drop to 2% and you'd want to put more money in your 4% account. You can't do that, because the provider would then male a loss.

Any other type of ISA - flexible cash ISA, variable rate cash ISA, stocks and shares ISA - doesn't give you this fixed return and therefore doesn't have the same restrictions on when you can pay in.

I only know Trading 121 for stocks and shares. If it's a cash ISA you need to read the terms and conditions. We can't tell you what they are.

Thanks, I understand now.

There's often a question on the transfer form to say you want to transfer immediately or when the fixed rate ends so you can initiate the transfer before the Leeds account matures.