Bradford & Bingley 3 Year Cash ISA

WillPS

I set up a cash ISA in July 2005 just so I could have somewhere to put the funds from my recently matured child savings account.

Well, I'm currently without a job (or any regular income thanks to being in further education and not EMA-eligable) and with a (nearly max'ed) £500 overdraft at smile.co.uk/The Co-Operative Bank. I really want to clear the books, especially with me starting university this year... but I seem to remmember there being some clause about not withdrawing within the 3 year term of my ISA.

Will I be able to withdraw the money I need from me ISA at Bradford & Bingley and use it to close my account at smile?

Many thanks!

LittleVoice

Get hold of the actual T&C for your account. Do you have the passbook/certificate for the account? Does it say "three year fixed term"? [Just seen that subject line gave full name - sorry!] It seems unlikely to me that you would have tied up your funds for three years without it being clearly designated in the name of the account.

If it is an account which does not mature until June/July this year, then you will have to wait.

skitskut

Sounds like a 3 year ISA Capital Saver. You can withdraw some money or close the account but would be charged a 90 day interest penalty on the money taken out. It's up to you whether it's best to wait till July '08 when you can withdraw without penalty or take some out now with the penalty. The rate is 5.4% now so for every 1000 pounds you withdraw the penalty would be roughly £13.50

WillPS

I'm not certain but if I've got the gist of most of the articles on here then it'll be a lot better for me to cut my losses and get this paid off. The important bit for me is that I've learnt how these dastardly overdrafts work.

Thanks for your help guys!