TSB 2year Fixed Isa

r1dgeback

Hello


My Mother opened a 2 yr fixed ISA with TSB in June 2018 putting in the max of £20k hoping not to draw on this. June 2019 received £200 interest paid into the ISA. Unfortunately mother needed to draw money last month (Jan 2020) and now has been charged with
a PENALTY INTEREST EARLY TERMINATION FEE of £6.64.

Mother cannot afford to top up the ISA before the Tax Year End and may also need to draw again.


Question: what is the best thing to do:


1. Will there be any more interested added to this account?


2. Or should she draw out the remaining amount and invest it to an easy access account.


3. Will there be any further penalty charges applied


Thanks for reading

newatc

Interest will be added to the account but yes penalty charges will be applied to any withdrawals relative to the amount she takes out ( I think the charge will be 180 days worth of interest ).
Whether she takes it all out or just the amount she needs depends on personal situation but my instinct would be to keep it for the 4 months left.