Cash ISA withdraw terms

Idpullthecurtain

I'm trying to make sense of the terms of my Moneybox Cash ISA.
Its hard to get a clear understanding.

My question is with withdrawing.  My interest is paid annually and its easy access.
Q I believe if I withdraw now, my interest would be paid at the point of withdrawl?  Or would it be paid after the year is up?  OR if I dont keep it for the full year is the interest forfiet?

Thanks, I havent withdrawn before.

gravel_2

If you withdraw but leave the account open then interest will still only be paid on the anniversary. Likely if you actually close the account you will trigger a pro-rated interest payment now, rather than having to wait. Money box only offers 3 withdrawals before lowering your interest rate. What is not clear to me is whether transferring also kills the bonus rate.

Note if you withdraw the funds you lose the ISA status on that cash and, with it not being a flexible ISA, you are unable to pay that money back in without eroding your ISA allowance. This is fine if you plan to spend the money and not repay it back. But if you want to retain ISA status for that cash you may want to transfer to another ISA provider that does offer flexible ISAs.

Idpullthecurtain

gravel_2 said:

If you withdraw but leave the account open then interest will still only be paid on the anniversary. Likely if you actually close the account you will trigger a pro-rated interest payment now, rather than having to wait. Money box only offers 3 withdrawals before lowering your interest rate. What is not clear to me is whether transferring also kills the bonus rate.

Note if you withdraw the funds you lose the ISA status on that cash and, with it not being a flexible ISA, you are unable to pay that money back in without eroding your ISA allowance. This is fine if you plan to spend the money and not repay it back. But if you want to retain ISA status for that cash you may want to transfer to another ISA provider that does offer flexible ISAs.

Thanks, thats how I interpret it too.
You dont think theres any Cash ISA's where you lose your interest that you should be due, if you end before the year term is up?

Thats a good point about flexible.  Thanks

Albermarle

Idpullthecurtain said:

gravel_2 said:

If you withdraw but leave the account open then interest will still only be paid on the anniversary. Likely if you actually close the account you will trigger a pro-rated interest payment now, rather than having to wait. Money box only offers 3 withdrawals before lowering your interest rate. What is not clear to me is whether transferring also kills the bonus rate.

Note if you withdraw the funds you lose the ISA status on that cash and, with it not being a flexible ISA, you are unable to pay that money back in without eroding your ISA allowance. This is fine if you plan to spend the money and not repay it back. But if you want to retain ISA status for that cash you may want to transfer to another ISA provider that does offer flexible ISAs.

Thanks, thats how I interpret it too.
You dont think theres any Cash ISA's where you lose your interest that you should be due, if you end before the year term is up?

Thats a good point about flexible.  Thanks

If you have a fixed term cash ISA, then there are penalties for withdrawing early .
If you have an easy access cash ISA, you can not actually withdraw early as such, as its is easy access and you can withdraw at any time ,and you will not lose any interest by doing so.