Fixed Rate Cash ISAs

moneyfoolish

Can you transfer out of any fixed rate ISA (and take the penalty hit) before the term ends if you have the need or wish to transfer to another provider?

missile

Not ALL fixed rate ISAs can be cashed early. You would have to check rules for your ISA

moneyfoolish

I don't have a provider yet as it relates to a possible new home for a maturing cash ISA so was really asking if it was a right to be able to transfer if I re-invested in a fixed rate ISA but wanted to move out before the end of the term. However, I am considering Virgin Money if anybody knows re their fixed rate cash ISAs.

le_loup

What do their T&Cs say about early cashing in?

moneyfoolish

le_loup wrote: »

What do their T&Cs say about early cashing in?

They talk about allowing withdrawals but don't specifically mention transfers so I telephoned but the person answering said I could transfer but she didn't even understand how the penalties for early withdrawal worked so I haven't much confidence in anything she told me.

Eco_Miser

It's my understanding that, by law, all ISAs can be transferred at any time. This will, of course, trigger any early withdrawal penalties on the account.

colsten

OP, you could just have read the Virgin T&Cs, which answer your Q in one sentence

There is no charge for the transfer but any transfers during the fixed rate period will be subject to a charge for loss of interest on the amount withdrawn as detailed earlier for your specific chosen product