can i withdraw from my isa before transfering it?

wenger08

hi, i have two fixed rate isa's that have matured, can i withdraw a little bit from one of them, and then transfer them both into one brand new fixed rate isa for this year?

(i wont be topping/depositing up the new isa with any extra cash…i will just be transfering the two old isa's into one brand new one for this year)

Is this allowed because i keep reading things saying you cant withdraw before you open/transfer into a new isa?

(i have checked with the new isa i want to open, nationwide, and they do allow transfers from existing/matured isa's)

Thanks

eskbanker

Assuming the matured fixed term ISAs have been converted into easy access ones then yes, you can withdraw whatever you like and transfer what's left.

Albermarle

Is this allowed because i keep reading things saying you cant withdraw before you open/transfer into a new isa?

The advice is normally do not withdraw money from an ISA, if you want to transfer that money to another ISA. If you actually want to withdraw some of the money before transferring the rest to spend or whatever, then that is not a problem.

Yorkie1

What is your thinking behind withdrawing some of the money? If you need it to spend, then yes, as others have said, withdraw what you want once it is an easy access ISA with your current provider and before going to the new provider to ask to transfer in.

If you think you have to withdraw before transferring for any other reason, there's no need, again as the others have said. You are not limited to any maximum balance as part of a transfer; the £20K limit only applies to new funds (which transfers are not).

wenger08

https://forums.moneysavingexpert.com/discussion/comment/82197240#Comment_82197240

yeah they have been converted into easy access ones now. Thanks, good to know