withdraw ISA, lose annual interest??

Charisblue

I've just transferred my Isa's to a new acount which gives interest annually.If I withdraw my mobey before end of year do I lose "annual" interest?

dzug1

You don't lose any interest - unless the new account has charges for early withdrawal - eg most fixed interest deals

lisyloo

If it's a variable account with no conditions then no you should not lose any interest.
However you will not get a whole years interest for having your money in their a few days. You will get it pro-rated e.g. if your money was in there 20 days you'll get approx 20/365ths of the annual interest, so it will be paid for the days you had the money in the bank.

If it's a fixed account with a maturity date and penalties then of course those will apply.