withdrawing cash

McKneff

I have put the max. in my ISA for this year.

My OH has put in £500 this year

We can in October put in another £1500 each.

There are more funds than that in both from previous years.

My question is if we want to withdraw £4,500 to pay the balance of a car purchase which account would be better to withdraw from or does it not make any difference

Thanks in advance.

Paul_Herring

It doesn't really matter. It wouldn't affect the amount of money you can put in in October. (Or how much your OH can add to theirs.)

zzzLazyDaisy

It is worth, though, considering the fact that as the ISA pot builds up, some ISA providers offer preferential rates to ISAs with a balance over a certain amount (Lloyds and Nat West have both done that this year, and there are probably also other providers who do this, or may do in the future).

To that extent, it could be beneficial to preserve the larger pot, and take the money from the smaller pot.

However........ obviously you can't have joint ISAs so it really would mean that the person with the biggest ISA pot owned all the money in that ISA. Whether such an imbalance of funds matters in practice, would depend on the relationship.

Milarky

zzzLazyDaisy wrote: »

However........ obviously you can't have joint ISAs so it really would mean that the person with the biggest ISA pot owned all the money in that ISA. Whether such an imbalance of funds matters in practice, would depend on the relationship.

If 'ownership' was issue then any withdrawal from one partner's ISA balances can be offset by transferring an equal amount from any joint account (i.e. non-ISAs) into a sole-named one. I grant that by discussing withdrawing money in the ISAs in the first place that there may not be sufficient non-ISA joint/sole savings to move - but that does not affect the principle of a 'work-around'.

McKneff

thanks guys, i get the impression then it doesnt really matter financial wise as they are both 3% and as we have been married 41 years i guess if he doesnt trust me now he never will.:rotfl:

mmmm, i think I'll take it out of his.:rotfl:

zzzLazyDaisy

McKneff wrote: »

mmmm, i think I'll take it out of his.:rotfl:

:T:rotfl::rotfl:

McKneff

I have found out that the Nationwide members Bond ISA which i havent bothered with and have left it there for years because of maybe it changing to a bank, but found out today that it is paying 0.5% so i am going to take it out of there all but £100. So problem solved.

Thanks all