Fixed term (N)ISA withdrawl penalty

Michaelmoney

With some Fixed Term (N)ISAs you can make partial withdrawls. However when I examine, say Virgin Money Fixed term, it says "Withdrawl Penalty: 180 days interest" BUT it doesn't say if this is ONLY on the amount withdrawn since it could be read as meaning on the full balance prior to that withdrawl. Which is true (for Virgin) and how does one tell in general when provider is not explicit?

S_uk

If it's the 5 year fixed rate ISA you're looking at the 'key product information' page says

Withdrawals within the fixed rate period are subject to a charge equivalent to 180 days’ loss of interest on the amount withdrawn.

Bellamore

I have a 2 year fixed rate old ISA. I read somewhere that there would be a short window of opportunity to change to a new NISA. Would this relieve me of the lock in?

colsten

Bellamore wrote: »

I have a 2 year fixed rate old ISA. I read somewhere that there would be a short window of opportunity to change to a new NISA. Would this relieve me of the lock in?

In a word: no.

All ISAs have automatically assumed the new rules that some people now refer to as a NISA. You do not, and can not, do anything yourself to make your ISA a NISA (and you can still call it an ISA, basically all ISA providers do).

If you have a fixed term ISA, it still remains a fixed term ISA (/NISA). The window of opportunity you may have read about is that some providers allow topping up to £15,000 for a short period of time.