Can I take money out of my ISA?
Yes, you can make withdrawals from your cash ISA but the rules vary from product to product. Making a withdrawal may also take you into a lower interest rate tier.
All of our instant-access cash ISAs, including Instant Cash ISA – Issue 1, give you instant access without restrictions.
3 Year Flexible Cash ISA – Issue 1 allows you to make 3 withdrawals during the fixed term, each up to 10% of the current balance. You can close the account or Transfer-Out the whole balance at any time before the maturity date with no charge. If you want to transfer your 3 Year Flexible Cash ISA – Issue 1 to another Barclays account before the maturity date, please visit a branch or call us on 0800 494949.
Flexible Cash ISA – Issue 2, Issue 3 and Issue 4 allow you to make 3 withdrawals during the fixed term of up to 10% of the balance each time. If you transfer your balance out of your account into a new ISA or close your ISA before the end of the term, you will incur a charge. The charge is calculated using the terms of the flexible cash ISA and the balance at the time.
|What is the full term of the Flexible Cash ISA?||What is the charge?
||90 days’ tax-free interest|
||180 days’ tax-free interest|
||270 days’ tax-free interest|
||320 days’ tax-free interest|
||365 days’ tax-free interest|
If you have not accrued enough interest to cover this charge, it will be deducted from your balance – so you may end up with less than you originally deposited. These charges won’t apply if you are within your 14-day cooling-off period or in cases of death and bankruptcy.
If you want to transfer your Flexible Cash ISA – Issue 2, Issue 3 or Issue 4 to another Barclays account before the end of the term, please visit a branch or call us on 0800 494949.
Specific offers may have different terms & conditions, so please refer to them for details.
To get the most from your cash ISA, you should only make a withdrawal if it’s absolutely necessary. That’s because all funds paid into your ISA throughout the tax year cannot exceed the limit of your annual cash ISA allowance.
Therefore, any funds withdrawn once this limit has been reached cannot be replaced.
For example, assume that you have an annual cash ISA limit of £5,940, and that you have deposited £4,940 into your cash ISA and then withdraw £2,000. Even though you have taken out this money, you will only be able to put in a further £1,000 in the same tax year. Once a new tax year starts on 6 April, the new annual ISA allowance will be available again.