ISA penalties

pandda

:mad:Hello. I'm new to this, but hope someone can help. I transferred a matured Halifax ISA to Aldermore, opening the new ISA on 1/6/15. The funds from Halifax did not go in until 17/6/15. I suddenly find myself in urgent need of the money, and tried to withdraw a large part of the ISA, believing I had 14 days to do this. I am to be charged 180 days loss of interest (which amounts to £172.00), since they claim the 14 days is from opening, not funding the account. Since I did not have any funds in the account for the first 17 days this seems wrong to me. They have had my money for 6 days and want to penalise m,e to the tune of £172. Can this be right ?????:

dunstonh

Can this be right ?????:

yes. You have a change of mind on opening the account. Not making future contributions.

colsten

The Aldermore T&Cs that you accepted on account opening say:

1.8 You have a right to cancel your agreement with us within 14 calendar days from receipt of your Welcome Pack. Unless your account is a fixed rate account (you will however have this right for a fixed rate Cash ISA)

http://www.aldermore.co.uk/media/1358/asv24-0513-400097-general-terms-and-conditions.pdf