If you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA, the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown below.
- 12 Months- 90 days of interest on the amount withdrawn
- 24 Months- 180 days of interest on the amount withdrawn
- 36 Months- 270 days of interest on the amount withdrawn
This withdrawal charge will be deducted from the balance in your Fixed Rate Cash ISA when the withdrawal or transfer is made, therefore you may receive less than you originally deposited.
There is no penalty if you access your funds in your Easy Access Cash ISA account.