Close 2010 ISA early, no penalty - interest??

ash911

Hi all,

Im very sorry if there is an obvious answer to this question but Im genuinely a bit confused by it and would appreciate a bit of help!

Last year I invested some money into the Birmingham Midshires ISA Extra (Postal) account. Account was opened on xxth July 2010.

This account has no early withdrawal penalties but interest is paid 12 monthly.

I'd like to transfer my money to the Halifax online ISA jobby for this year as the interest is quite probably better and it's more convenient for me.

My question is this: If I close the account now by transferring all the money out, will I get all the interest I've earnt up until now, or do I have to leave the money in for the full 12 months to get anything at all??

Sorry if that seems very stupid but Id appreciate an answer lol

Best,

Ash.

talana

My question is this: If I close the account now by transferring all the money out, will I get all the interest I've earnt up until now, or do I have to leave the money in for the full 12 months to get anything at all??

Two points there really.
- if you close/transfer then interest will be paid up to that date, it will be calculated daily.

- You say you want to transfer the money to another ISA. Therefore DO NOT close the account and remove the cash. Open the new ISA and ask them to transfer the funds over directly.

ash911

Fantastic, many thanks talana

alanq

Beware! There are a few instant access accounts that pay bonus interest only if the account is still open at a certain date. Check the Ts&Cs of your account.