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Setting off- can money be taken from ISAs?

I'm thinking of opening an ISA with A&L. I already have a current account with them, with a large (free) overdraft. I know money could be taken from a normal savings account to 'set-off' the overdraft at the bank's discretion, but does the same apply to an ISA?

Comments

  • exel1966
    exel1966 Posts: 5,042 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    An ISA is a 'normal savings account'. The only difference being that it has the tax free status.

    Surely you'd only need to worry about offsetting if you were particulalrly bad at managing your accounts as that is usually the only time it's applied.
  • vaporate
    vaporate Posts: 1,955 Forumite
    OP,

    May be a good idea to move the lolly (money) into a different bank, away from any possible debts.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Sportbilly_2
    Sportbilly_2 Posts: 195 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thanks for that.

    I don't think there's anything wrong with the conduct of my account. I set it up initially to pay off a credit card as the overdraft was free for a year. It's funded adequately each month, and the balance is slowly coming down. What I didn't want to do was transfer my current RBS ISA to A&L and then have them turn around and want the overdraft repaying. Given what you've said above, that's probably unlikely, but I think I'll look for another ISA provider or stick with RBS if there's nothing better out there.

    Cheers.
  • iereboy
    iereboy Posts: 415 Forumite
    If you have an ISA and savings, its highly unlikely that you will have to be worried about off setting at this stage.

    Off setting is used at a much later stage when you start missing payments and start going towards the debt management side of the bank.
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