Help With Isa

jayjen

Hi All. I took out an Exc Fixed rate ISA12 - 5.05% in May 2024.  I'm not sure what happens after the fixed term.  Can I withdraw any interest I may have made at that time. This is my first ISA and not sure how it works tbh.  Thanks in advance for any help.

slinger2

You get a list of options in the coming weeks. Probably you'll be able to withdraw the interest but it's generally better to leave it in, where it'll compound tax free.

jayjen

 Thank you for your message.

FrugaiMacDugal

You may also be able to transfer it to a new provider, if you find a better rate, and also add another £20k as you will be in a new tax year.

If you want to transfer, never withdraw money from a cash ISA! You'll immediately lose all the lasting tax benefits.

Instead, speak to the new provider and fill in an ISA transfer form. Your new provider should then sort it all out, including moving the money over for you – keeping your ISA cash permanently tax-free.