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Withdraw from an ISA?
CricketLady
Posts: 61 Forumite
Hello everyone! This is probably a really silly question so sorry in advance! I have a one year fixed rate ISA about to mature, just £16000 but as rates are pitiful I want to put it into a current account to earn 1.5% on it just until April, in the hope that ISA rates might improve. I know all advice is not to withdraw from an ISA but am I right or wrong in thinking that as long as I put it all back into an ISA this tax year I will not lose all the tax benefits on it? Many thanks for any advice.
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Comments
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You can pay up to £20K of new money into ISAs every tax year, so if you haven't paid anything into this or any other ISAs since 6 April 2017 then you can still pay up to your full allowance (back) in by 5 April 2018 (there are other options available such as flexible ISAs even if you have paid in this year).
Having said that, you may be better keeping your money outside the ISA umbrella anyway, as cash ISAs offer poor value for money in these days of low rates and the personal savings allowance largely negating the tax edge they once had....0
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