ISA's

Phil W · 5 May 2008 at 23:16

Can you withdraw from them after you've taken them out?

I'm not looking at taking out £100 or £500 sums, rather the whole lot.

I know i was told when i took it out i "couldn't touch it" I.E take out sums whilst it was in place, but does that not mean i can withdraw the whole ammout, prior to its release date?

Cheers,

Phil

JIM_BOB7813 · 5 May 2008 at 23:18

If you've put in your limit this tax year (£3600 now?) and you now take out that whole chunk, you can't put any more in 'till next tax year.

edit: Release date? i didn't think ISAs were like that, but if you have some sort of limit on your account, you will probably take a penalty for drawing it out if it's only been in there for x amount of months.

Raymond Lin · 5 May 2008 at 23:19

Surely the answer to this dependent on your particular account, and without knowing the T&C no one can say so 100%, and the person to ask isn't on here, unless they are your bank manager?

I'd go in and ask the bank.

My answer is that you can but you'll lose the yearly interest.

Phil W · 5 May 2008 at 23:20

JIM_BOB7813 said:
edit: Release date? i didn't think ISAs were like that, but if you have some sort of limit on your account, you will probably take a penalty for drawing it out if it's only been in there for x amount of months.

Didn't know the correct term for it

shauncr91 · 5 May 2008 at 23:22

I regularly take £20 out of my ISA each Friday afternoon and I got my interest a few months back still.

This was with Halifax btw.

BigglesPiP · 5 May 2008 at 23:22

there are usually 2 kinds.

One where you can withdraw like a normal bank.

One where you have to give x notice.

St0rmer66 · 5 May 2008 at 23:22

You should be able to take it out, but you won't get any interest on it because it hasn't been in for the full year.

TaKeN · 5 May 2008 at 23:22

Hi Phil,

With my ISA you can withdraw money at any time, however I seem to remember you can setup an account where you have to give the bank 30 days notice to withdraw any money..

Easier it is to access.. the lower the interest rate...

I seem to remember that, was a year or two ago since I setup mine !

JIM_BOB7813 · 5 May 2008 at 23:23

St0rmer66 said:
You should be able to take it out, but you won't get any interest on it because it hasn't been in for the full year.

This depends on the account, i think i get monthly interest.
@OP, you really need to read your t&c, it will tell you everything.