Can I withdraw from my 2025/26 Flexible ISA

NYCCP

Hello my helpful Forum - I have opened a new Flexible ISA and currently have £10,000 invested. However, I now need the money for an emergency purchase - can I withdraw the money directly from my Flexible ISA and have it paid into a bank account without any penalties? Hopefully, later in the year I can pay it back into an ISA. Thank you

MeteredOut

Yes, that's exactly what a flexible ISA allows. You'll need to pay it back into the same ISA though. Paying it into a different ISA would count towards the other £10K of your annual ISA allowance.

Check the T&Cs, flexible does not necessarily mean unlimited withdrawals without penalty.

Ayr_Rage

Yes, subject to leaving any minimum balance requirement.

eskbanker

Yes, the whole point of flexible ISAs is to allow withdrawals and redeposits back to the same account within the same tax year, assuming that there are no withdrawal penalties applicable under the specific product terms.

friolento

MeteredOut said:

Yes, that's exactly what a flexible ISA allows. You'll need to pay it back into the same ISA though. Paying it into a different ISA would count towards the other £10K of your annual ISA allowance.

Check the T&Cs, flexible does not necessarily mean unlimited withdrawals without penalty.

To clarify: you don’t need to pay it back. Just if you want to put some or all of your £10k into a 2025-26 ISA, and not use some/all of your remaining £10k allowance, the money needs to go into the ISA you withdrew from

MeteredOut

friolento said:

MeteredOut said:

Yes, that's exactly what a flexible ISA allows. You'll need to pay it back into the same ISA though. Paying it into a different ISA would count towards the other £10K of your annual ISA allowance.

Check the T&Cs, flexible does not necessarily mean unlimited withdrawals without penalty.

To clarify: you don’t need to pay it back. Just if you want to put some or all of your £10k into a 2025-26 ISA, and not use some/all of your remaining £10k allowance, the money needs to go into the ISA you withdrew from

Yes, the need was which ISA it was to be paid back into, as per the OP's plan, not that it had to be done. I thought that was obviously, but obviously not

friolento

MeteredOut said:

friolento said:

MeteredOut said:

Yes, that's exactly what a flexible ISA allows. You'll need to pay it back into the same ISA though. Paying it into a different ISA would count towards the other £10K of your annual ISA allowance.

Check the T&Cs, flexible does not necessarily mean unlimited withdrawals without penalty.

To clarify: you don’t need to pay it back. Just if you want to put some or all of your £10k into a 2025-26 ISA, and not use some/all of your remaining £10k allowance, the money needs to go into the ISA you withdrew from

Yes, the need was which ISA it was to be paid back into, as per the OP's plan, not that it had to be done. I thought that was obviously, but obviously not

As the thread was opened by an apparent ISA newbie, I felt it was better to spell it out