Withdraw From Tessa Isa Or Cash Isa?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
1 reply 665 views
romaroma Forumite
19 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I have a longstanding TESSA ISA containing £3,400 and a cash ISA containing £6,600 (i havent paid anything into the cash isa this tax year yet but probably will as the year progresses). I now need to withdraw £6,400 for house buying/selling fees. Should I just withdraw the full amount from the cash ISA, or from a combination of both accounts, or does it not really matter?? Wasnt sure if there was any benefits in keeping both accounts open, or closing off the TESSA ISA !

Thanks for any advice.

Replies

  • isasmurfisasmurf Forumite
    1.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    As you haven't paid anything in this year then there is no difference between the two accounts, so it doesn't really matter which one you withdraw from. You could merge them into one if you wanted (obviously to whichever's paying the highest rate).
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