Locked cash ISA release

redzphotography

Hi, I am wondering on whether I can get money out of a cash ISA that is locked for 2 years. It matures in March next year however I am in the process of purchasing a house.

I am mortgaging through Lloyds TSB and my cash ISA is also through Lloyds TSB. it currently has 20000 pounds in it.

When I spoke with the bank manager, they suggested pursuing the route of mis selling on behalf of the adviser when I first took out the ISA.

Is this feasible and has anyone else gone down this route? I appreciate that at the time I didn't read the small print however nearly 2 years down the line my situation has drastically changed. Is there a way to end this situation?

Many thanks in advance for any guidance/advice.

dunstonh

When I spoke with the bank manager, they suggested pursuing the route of mis selling on behalf of the adviser when I first took out the ISA.

I would also put in a complaint about the manager being unprofessional by either not taking the complaint himself. He has effectively breached FSA rules after all.

s this feasible and has anyone else gone down this route?

What would be the basis of the complaint? i.e. what did the member of staff do wrong?

I appreciate that at the time I didn't read the small print however nearly 2 years down the line my situation has drastically changed. Is there a way to end this situation?

Fixed term deposits very often have no accessibility. That is why they are called fixed term deposits. Putting in a mis-sale complaint when there is no mis-sale could harm the member of staff that set it up for you. if there is a mis-sale then that doesnt matter. However, if you are just looking for an excuse, then that wouldnt be fair.

If there is no mis-sale, then ask the bank to overrule it. Higher up they do have that discretion. Perhaps ask a real bank manager and not low knowledge bod with manager in their title to make them look more important than they are.

ses6jwg

Are you sure you can't withdraw? I was under the impression that with Fixed Rate ISAs you could withdraw from them but pay an interest penalty on it?

Also yes dunstonh is correct as usual, the manager should have dealt with the complaint at FPOC and in failing to do so he has breached FSA rules.

If you put in a complaint against the adviser, it could go either way as it your word against theirs, and you signed the application form.

AirlieBird

You can withdraw your money from a fixed rate ISA. HMRC makes it a condition for ISAs that the money held in them must be accessible at all times. You will have to pay an interest penalty to release the money though.

dunstonh

Is is structured product based ISA?

I'm wondering if its not branch based and this "manager" doesnt' know the product terms. It may also explain why they didnt want to put the complaint in (it may be investment based).

ses6jwg

Locked for 2 years suggests to me it is cash based, as the shortest investment based ISA I have seen is 3 3/4 years, but I could be wrong.