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  1. #1

    Question on Flexible ISA

    Hello,
    ok, its late and financial year has already started. I'm still shopping around for good rates and have finally chosen a 1 year fixed rate. Question i have got is, if i withdraw some amount from my flexible ISA which i opened last year and deposit the rest of the money into a 1 year fixed ISA this year, will i loose the amount in this years allowance? Meaning for e.g, if i withdraw 1k from my flexible ISA before depositing it to 1 year ISA, will i be able to save only 19k for this year allowance eventhough the money is from previous savings? I hope i conveyed my question without confusing anyone. Could someone help me please?

  2. #2
    its normally best to transfer money from a previous years ISA to save the allowance in a new year or using your example transfer not withdraw 1000 so keeping the 20000

  3. #3
    You will need to do a ISA transfer and not a withdrawal, you will also need to check if your current ISA provider allows partial transfers or not as many only offer full transfer into new isa products.

    You also need to check or know that once the money is in the fixed ISA there is no withdrawals.

    I read lots of customers on here that thinks the rate is good as its fixed but then baffled when they cant pay in each month as its a fixed product and the window to fund can be short (between 7 - 14 up to 30 days)

  4. #4
    Thanks for your valuable response . From what I understand , its better to transfer the full money and not withdraw anything.


    Also, a very good point on checking whether I could pay in money each month into Fxied ISA. If not, it would be a big problem for me !!!

  5. #5
    Im 99.99% sure that you will not be able to fund your fixed ISA monthly.

    If this is what you want you will need to have a look at the ISA's which are Instant Access and not a fixed product, there are also some regular saver ISA's on the market, but not sure if they are open to new customers.

    The ones I can think off the top of my head are


 

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