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Interest on Fixed ISA on withdraw
deepam
Posts: 160 Forumite
Hi,
If I withdraw my 5 year fixed ISA after 9 months, do I still get interest for 9 months? Eg
I invested £12000 in 5 year Fixed ISA at 1% but want to withdraw after 9 months. Do I still get £90 as interest? I do understand that most providers will charge 365 days of interest penalty which means I would be charged £30 (120 - 90) and would receive £11970 as withdrawal amount. Am I right?
Thanks
I invested £12000 in 5 year Fixed ISA at 1% but want to withdraw after 9 months. Do I still get £90 as interest? I do understand that most providers will charge 365 days of interest penalty which means I would be charged £30 (120 - 90) and would receive £11970 as withdrawal amount. Am I right?
Thanks
0
Comments
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Read the T&C's of the account you opened for precise terms. Some accounts restrict withdrawls except for specific circumstances.1
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All (adult) ISAs must allow withdrawals at any time, but can impose the sort of penalty charges that OP refers to....Thrugelmir said:Read the T&C's of the account you opened for precise terms. Some accounts restrict withdrawls except for specific circumstances.0
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