Closing an ISA early - Still get the interest?

SteelSeries

Hi,

I'm about to start opening some high interest current accounts to replace my old ISA's that aren't earning much.

Before I close them down, I'd just like to check if I will receive the interest on the 10 months the ISA's have been open this tax year? My ISA's pay me the interest annually, I want to make sure I'm not going to lose 10 months worth of interest if I close it now rather than waiting for April.

Many thanks

greenglide

As long as you aren't in a tie in period, typically from a fixed rate deal, then interested will be calculated and paid up to the date of closure.

Superscrooge

Check the T & C's. There will be a section regarding early withdrawals for your particular product.

SteelSeries

Thanks guys I'll do that. The ISA's are two years old and haven't been paid into in that time.

Cheers

LXdaddy

Superscrooge wrote: »

Check the T & C's. There will be a section regarding early withdrawals for your particular product.

Yes - check the Ts & Cs. There may be a penalty such as loss of interest for 180 days.


If it was that then you would earn interest for 4 months rather than 10.