Withdrawing from ISA

interestedinisas

I want to withdraw money from my cash ISA but the available amount for withdrawal is less than the total in the account. It looks like the difference is the total interest currently earned. Why can’t I withdraw the earned interest too?

eskbanker

Has the interest actually been credited to the account or is it simply a notional figure of accrued but as yet unpaid interest - who is the ISA with and what's the product name?

Edit: if your concern about interest signifies that you're wanting to withdraw everything, then if you close the account, the interest should be added to the closing balance.

interestedinisas

it it’s with Moneybox. The ISA total I shown includes the interest. I opened the ISA on 18th April last year so am assuming there are some restrictions until then. Although It is allowed to make up to 3 withdrawals without penalty.

Johnjdc

Moneybox don't pay the interest until the end of the year but they do include it in your account balance in the app accruing on a daily basis. This is I think a bit annoying.

eskbanker

interestedinisas said:

it it’s with Moneybox. The ISA total I shown includes the interest. I opened the ISA on 18th April last year so am assuming there are some restrictions until then. Although It is allowed to make up to 3 withdrawals without penalty.

No need to assume restrictions - if there are any then they'll be specified within the product terms.

Does the interest affect the amount you wish to withdraw?

interestedinisas

Thank you so much for explaining that.