Yes — however, if you withdraw before your maturity date, you’ll need to pay an interest charge on the amount you withdraw, using the account’s interest rate. This charge depends on the term of the product (see below) and will be taken from interest you’ve earned but hasn’t been paid. If you haven’t earned enough interest to cover this charge, some of it will come out of your original deposit(s).
Interest charge for 1 year Fixed Rate Cash ISA
Equivalent to 90 days' interest
Interest charge for 2 year Fixed Rate Cash ISA
Equivalent to 120 days' interest
Any money that you withdraw from your ISA will lose its tax-free status, and, if repaid back into an ISA, it will count towards your current tax year's ISA allowance.
So, for example, if you have deposited £10,000 and then withdraw £1,000, you will only be able to deposit a further £10,000 in that tax year.
You can withdraw money:
- In branch
- By telephone
- By requesting a bankers cheque — there is a charge for this.
At the end of the fixed term, your account matures and your money will be put into a variable rate instant access cash ISA — unless you provide us with other maturity instructions.
We’ll send you a letter before your maturity, to remind you of your maturity date and to let you know what options are available to you (such as re-investing or withdrawing).
On maturity, you can access your money in branch, over the phone, by post, through online banking and through our mobile app, if registered.