right time to draw out from an ISA

hostertlady

the only reason i ask is that we have just done a big purchase and put it on the credit card knowing that we can pay for it from our ISA but i was wondering if there is a good time or bad time to transfer money out of the ISA?

I know that i need to look around in October as the rate then moves to a smaller rate unless i transfer it

Consumerist

If you have a good credit record then you might want to consider a transfer of the credit-card debt to 0% balance transfer card. Another option might be to transfer to a card which offers a low interest for the lifetime of the debt.

In any other circumstances, it is most improbable that the interest on your savings will be more than the cost of your credit-card debt - so best advice, probably, is to pay off the credit card with the ISA savings.

malik999

hostertlady wrote: »

the only reason i ask is that we have just done a big purchase and put it on the credit card knowing that we can pay for it from our ISA but i was wondering if there is a good time or bad time to transfer money out of the ISA?

I know that i need to look around in October as the rate then moves to a smaller rate unless i transfer it

hi
There is no good time or bad time. It doesnt matter
An option i can think of for you is why not transfer your credit card balance to 0% deal (you can get 15 months). This will allow you to keep your isa???

le_loup

Consumerist wrote: »

If you have a good credit record then you might want to consider a transfer of the credit-card debt to 0% balance transfer card.

You seem to be forgetting the 3% (?) charge for the transfer!

bendix

There is NEVER a good time to draw out of an ISA. The clue is in the name - it's a savings account, not a spending account.

Rich1976

bendix wrote: »

There is NEVER a good time to draw out of an ISA. The clue is in the name - it's a savings account, not a spending account.

So if the ISA is the only savings account that the OP has, how do you expect them to get at their savings to pay for things?

Not everyone is fortunate enough to be able to fill an ISA each year and have a separate savings account you know!

lisyloo

Assuming it's a cash ISA then the best time, is that latest you can subject to hitting your payment date on time.

bendix

Rich1976 wrote: »

So if the ISA is the only savings account that the OP has, how do you expect them to get at their savings to pay for things?

Not everyone is fortunate enough to be able to fill an ISA each year and have a separate savings account you know!

If they are using an ISA to save to 'pay for things', it hardly matters when they take the money out, does it?

Baz_2

If your ISA is invested in equites then I would suggest now is a decent time while values are quite high. The FTSE is at 5670 and has been ranging between 4800 and 5800 for the past year. Leaving it longer could risk losing out on the top end of the range. Also of course the market could go even higher.

I have been thinking of taking a bit of profit now myself as I can quite easily see the markets being 10% - 15% down within a month or so.

If its a cash ISA then it doesn't matter.

All my opinion of course.

LongTermLurker

bendix wrote: »

There is NEVER a good time to draw out of an ISA. The clue is in the name - it's a savings account, not a spending account.

While I've just posted similar sentiments in another thread, and believe in the long term benefits of leaving ISA money untouched, sometimes you have to bite the bullet when your best laid plans hit a brick wall.

To say there's never a good time to withdraw is crazy - I certainly don't intend leaving my money in there til I die!

RoyalSwank

If a cash ISA prob need to understand when the interest is paid. Some pay monthly - others anually.