Plan to withdraw funds this year

itzmee

I currently have a Nationwide e ISA with a balance of £5500. Bonus expires in August this year but has recently been extended until October.

My original intention was to withdraw this money later this year once the interest and bonus has been paid as I owe a family member £6000. I will then continue to save money for myself (around £150 per month).

With the new tax year I am not sure of my best option with my current savings. Is it worth keeping this account open and continue to pay into it, or should I just transfer it now to get an extended bonus bearing in mind I will be withdrawing the bulk of it anyway. Or should I leave it where it is and open a new ISA and continue to save around £150 per month.

I am confused as to the best option. Any advice would be appreciated.

david78

If you transfer to their new e-ISA the new bonus period runs until October 2013. You could then add new money to this for 2012/13.

You can withdraw when u like to pay back your family loan, it just depends when they want the money back.

If you do a transfer to the new eISA you will get your interest to date now. Otherwise you will get it in August,

le_loup

... or you will get your interest when you close the account. So do what David said then close the account when you need to pay your relative.