ISA Cancel

KyleSmith09

Hi forum,

Last year I put two thousand pound into a Fixed Rate Cash Isa with Lloyds TSB.

It's been a year and I received my yearly interest about a month ago but I've come across a problem which I require my ISA to be canceled so I can get my money back.

Is this possible?

Thanks

dunstonh

You cannot cancel the ISA. That allowance is now used. However you can withdraw the money subject to the terms of the account.

KyleSmith09

dunstonh wrote: »

You cannot cancel the ISA. That allowance is now used. However you can withdraw the money subject to the terms of the account.

Thanks, is there a certain amount I can leave the total at?

It was 3k not 2k, sorry. So is there a limit I must leave it at?

lisyloo

Normally on a fixed account you can withdraw with penalties.
The terms and conditions apply to the particular account.
So you either need to refer to your paperwork, look on-line, give them a call or tell us the name of the account and someone might be kind enough to find the details for you.
But essentially each account is different.

jimjames

KyleSmith09 wrote: »

Thanks, is there a certain amount I can leave the total at?

It was 3k not 2k, sorry. So is there a limit I must leave it at?

Check the T&Cs but if you've not used an ISA this year you could always withdraw the lot and then put the money you don't want into a new account.

innovate

jimjames wrote: »

Check the T&Cs but if you've not used an ISA this year you could always withdraw the lot and then put the money you don't want into a new account.

I don't think it matters when you made the last deposit - - the term of the ISA is 2 years from opening. They say:

any withdrawal within the 24 month fixed period will mean you’ll pay a withdrawal charge the equivalent of 180 days tax free interest on the amount withdrawn. You may therefore get back less than you originally deposited.

So the more you withdraw before maturity, the higher the penalty.

jimjames

innovate wrote: »

I don't think it matters when you made the last deposit - - the term of the ISA is 2 years from opening. They say:

So the more you withdraw before maturity, the higher the penalty.

Absolutely hence my comment about checking the T&Cs, until you know the details you cannot decide the best option. The OP mentioned it being over a year so it may be only a 1 year fix?

If there is a minimum limit to the amount that can be left in and no penalty to close then you could put the remainder in a new ISA with this year's allowance.