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Withdrawing cash from a Fixed ISA

Mazydizzle
Mazydizzle Posts: 1 Newbie
edited 4 July at 9:42AM in ISAs & tax-free savings
Hi all, I was wondering what the best way to get some cash out of my fixed ISA. It’s about to mature and they don’t allow partial withdrawals so I would have to close it. So I’m thinking maybe wait till it matures, transfer it to a cash ISA, take some cash out, and then immediately transfer it again to another fixed ISA to get the best interest and not lose too much interest.

is that possible?

Are there any better suggestions you might have?

thanks

Mario

Comments

  • jimjames
    jimjames Posts: 18,720 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If it's near to maturing and you can wait then definitely don't draw out before as you'll likely pay a penalty. Just make sure it moves into instant access ISA on maturity, take out what you want and then move to new product.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • clairec666
    clairec666 Posts: 384 Forumite
    100 Posts Name Dropper
    Wait until the ISA matures. You should be offered some "maturity options" - e.g. start a new fixed-rate ISA, or turn into an easy-access ISA. Make sure you choose the easy access option. Then you can make a withdrawal without paying a penalty.
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