ISA - Cashout advice
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Hoopsah
Posts: 5 Forumite
Hi,
Hopefully just a quick one.
I currently have £1,600 in an ISA account (Just the standard savings one)
I also have just over £1,500 in a savings account.
The money is needed to pay a bill that I have,
Is it OK to withdraw it from the ISA just now or does the interest not get calculated until April,
If that is correct, would I be as well transferring my savings in to the ISA before the end of March ( I an no where near my yearly amount)
Thanks for any advice
Cheers
Gerry
Hopefully just a quick one.
I currently have £1,600 in an ISA account (Just the standard savings one)
I also have just over £1,500 in a savings account.
The money is needed to pay a bill that I have,
Is it OK to withdraw it from the ISA just now or does the interest not get calculated until April,
If that is correct, would I be as well transferring my savings in to the ISA before the end of March ( I an no where near my yearly amount)
Thanks for any advice
Cheers
Gerry
0
Comments
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Hi,
Hopefully just a quick one.
I currently have £1,600 in an ISA account (Just the standard savings one)
I also have just over £1,500 in a savings account.
The money is needed to pay a bill that I have,
Is it OK to withdraw it from the ISA just now or does the interest not get calculated until April,
If that is correct, would I be as well transferring my savings in to the ISA before the end of March ( I an no where near my yearly amount)
Thanks for any advice
Cheers
Gerry
With every savings account I've ever encountered, the interest is calculated daily anyway, even if it is credited every 6 or 12 months. So you are not likely to lose any interest in any case. You'll lose that bit of tax shelter, but that's hardly a big deal on this amount.0 -
Hi,
Hopefully just a quick one.
I currently have £1,600 in an ISA account (Just the standard savings one)
I also have just over £1,500 in a savings account.
The money is needed to pay a bill that I have,
Is it OK to withdraw it from the ISA just now or does the interest not get calculated until April,
If that is correct, would I be as well transferring my savings in to the ISA before the end of March ( I an no where near my yearly amount)
Thanks for any advice
Cheers
Gerry
Is your ISA fixed rate/fixed term or instant access?
If it is fixed rate/fixed term, there will be a penalty for withdrawing from it before the maturity date.
If it is instant access you can withdraw when you want. If you withdraw everything & close it, interest will be calculated up to the date of closure & added to your balance. If you withdraw most of it, but leave whatever is specified as the minimum balance, which could be £50 or as little as £1, depending on the T&C, then interest will be calculated on the normal due date. That could be 12 months after you opened the ISA, or any other date specified in the T&C.0
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