ISA - Cashout advice

Hoopsah wrote: »

Hi,

Hopefully just a quick one.

I currently have £1,600 in an ISA account (Just the standard savings one)

I also have just over £1,500 in a savings account.

The money is needed to pay a bill that I have,

Is it OK to withdraw it from the ISA just now or does the interest not get calculated until April,

If that is correct, would I be as well transferring my savings in to the ISA before the end of March ( I an no where near my yearly amount)

Thanks for any advice

Cheers

Gerry

Is your ISA fixed rate/fixed term or instant access?

If it is fixed rate/fixed term, there will be a penalty for withdrawing from it before the maturity date.

If it is instant access you can withdraw when you want. If you withdraw everything & close it, interest will be calculated up to the date of closure & added to your balance. If you withdraw most of it, but leave whatever is specified as the minimum balance, which could be £50 or as little as £1, depending on the T&C, then interest will be calculated on the normal due date. That could be 12 months after you opened the ISA, or any other date specified in the T&C.