fixed term isa withdrawal penalties

Packingpaul

Hi All,

Maybe i'm misinterpreting the wording but i'm looking for a little more clarity on the above.

As i read/understand the explanation provided by MSE when i click on the withdrawal penalty tab whan it throws up its new window on some 5 year fixed isas i will pay 365 days worth of interest to get my money back. 

What i'm trying to understand is is that loss of 365 days interest something that happens as a withdrawal penalty even if the 5 year fixed term is complete/ended or only if i withdraw early? 

Many thanks,

Packingpaul

wmb194

Packingpaul said:

Hi All,

Maybe i'm misinterpreting the wording but i'm looking for a little more clarity on the above.

As i read/understand the explanation provided by MSE when i click on the withdrawal penalty tab whan it throws up its new window on some 5 year fixed isas i will pay 365 days worth of interest to get my money back. 

What i'm trying to understand is is that loss of 365 days interest something that happens as a withdrawal penalty even if the 5 year fixed term is complete/ended or only if i withdraw early? 

Many thanks,

Packingpaul

Only if you make an early withdrawal.

Veteransaver

It only a penalty if a withdrawal is made before the 5 year term is up. At the end of the 5 years you'll be asked what your want to do with it, eg transfer it into another fix but you can do what you want, spend it, transfer it to another ISA etc without any penalty