Can I Withdraw Money From My Cash ISA?
Posted on 19. Jan, 2010 by admin in Uncategorized
The government doesn’t impose any guidelines on how much you can, or can’t withdraw from your ISA account. But, one ISA provider can have a very different set of rules about withdrawals than another. So, if you expect to need to make any withdrawals in the future, you’ll definitely want to compare ISAs.
Some ISA providers won’t set any limits to the amount that you can withdraw. They only adhere to the rules set by the government in how much you can deposit within any given tax year. However, other providers have a set limit on how much you’re allowed to take out of your account each year.
If you do withdraw some of the balance, your ability to re-deposit that amount will depend on how much you’ve already deposited for the year. The yearly limit is based on the total of your deposits, not the balance. So, if you’ve already reached your yearly deposit limit, you won’t be able to return the money to your account.
If you’re sure you won’t need to withdraw any money from your ISA account, you won’t need to worry about any limits. But, withdrawal limits can be a real problem if an emergency arises and you need to have access to some of your ISA savings.
