Can I get out of my fixed term ISA?

mjwhitta

I put some money into a 12 month fixed term isa in Feb this year, the money was inheritance money and put in in a rush so I did not have access too it. Me and my girlfriend are seriously looking into getting a mortgage now and thought we could get the money out as it would make up a large part of the deposit.

This ISA is with the Alliance and Leicester for 12 months, is there any way of getting the money out I don't mind loosing the interest or even having a fine.

The woman at the A&L desk says you can't do it but surely you can if you need money for emergencies not saying this is one.

Any help would be really appreciated having the money would make the difference between a good deposit and a not so good one.

Thanks
Michael

mjwhitta

also I should add I have another ISA with yorkshire bank which I can withdraw money form at anytime, is it possible to transfer from a fixed ISA into here, and then withdraw the lot.

mjwhitta

i might be panicking over nothign here, the ISA is a flexible ISA that promised to pay around 3.5% interest for 12 months, maybe I can withdraw form this can anyone let me know, I am confused.

pressuredrop_2

You can withdraw from the Flexible ISA. It's not a fixed-term account.

KingL

it all comes down to the terms and conditions of the account. Flexible ISA tends to imply that you can withdraw from it, but you'd have to read the T&Cs to be sure.

Usually, in a real fixed-term account, you can't get money out mid-term unless you die. An, no, transferring it out via another count wouldn't be a flier either.

Justicia

Have you got the original documentationfrom when you signed up to it? That should state (perhaps in small print...) the withdrawal procedure, if applicable.

...?

Reaper

The one you opened will be the A&L Flexible ISA as described by MSE here.

You can withdraw the money whenever you want.

VT82

Some fixed rate deposits can state 'no access unless you die', but I'm fairly sure all ISA products, even fixed term ones, have to give an instant access option (with penalty if necessary). It's one of the conditions ISA products have to meet by the regulator.

Check your docs if you still have them. If not, try the phone again but demand that someone looks through the product literature (I guess the person you spoke to assumed fixed rate = no access without checking on the product in question).

mjwhitta

Thanks for all the replies, you are making me feel more confident the woman presumed I meant a longer term ISA I think you are right it is a flexible isa where I can withdraw, I am lookign for the documentation though just to make sure.

I will check that link as well, I think that might have the answers, thanks everyone.