Withdrawing from isa

markyb12

I’ve had my nationwide isa for a few years 
I got 27k in it ,
I didn’t put anything in it for last couple years including this year ,
obviously I still get interest on it ,
I recently opened a Marcus savings account at 1.35% interest , soon to be 1.30%.

So
i want to withdraw the isa and put it into Marcus account , if I do it now will I loose the interest or should I wait till April to do it ?

masonic

If you close the ISA then you'll receive interest at closure, whereas if you withdraw the money from the ISA you'll receive the interest when it would next normally be paid. You are aware of the ISA flexibility rules and potential to return your money to the ISA for a few days each tax year to retain it's ISA status, yes?

markyb12

masonic said:

If you close the ISA then you'll receive interest at closure, whereas if you withdraw the money from the ISA you'll receive the interest when it would next normally be paid. You are aware of the ISA flexibility rules and potential to return your money to the ISA for a few days each tax year to retain it's ISA status, yes?

as i say i haven't added to it for about 18 month , just wondering if to wait till april and transfer money to marcus or do it now 
would leave it open for nw with a couple of quid in 

masonic

markyb12 said:

masonic said:

If you close the ISA then you'll receive interest at closure, whereas if you withdraw the money from the ISA you'll receive the interest when it would next normally be paid. You are aware of the ISA flexibility rules and potential to return your money to the ISA for a few days each tax year to retain it's ISA status, yes?

as i say i haven't added to it for about 18 month , just wondering if to wait till april and transfer money to marcus or do it now 
would leave it open for nw with a couple of quid in 

If you wish to preserve the ISA status of the money, it would make sense to withdraw on the 6th April 2020 and return to the ISA before 5th April 2021, then repeat each tax year. Otherwise, there is no time like the present.