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withdraw ISA, lose annual interest??
Charisblue
Posts: 1 Newbie
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?
0
Comments
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You don't lose any interest - unless the new account has charges for early withdrawal - eg most fixed interest deals0
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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.0
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