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HELP!!! ISA stuff

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
:( I have managed to get myself in relative finanicial problems. Normal for students but not really feasible for what I have to do over the next 3 weeks when I have £56 pounds to my name. So right I have a reasonably substantial Instant Access ISA. I'm £750 overdrawn in my CURRENT account so naturally are getting charged and my STUDENT account wont be opened for another week at the very earliest. So I dont really understand the ISA thing, can I take say £1000 out of it and then pay the money back in in like 3 weeks?thanks you

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    **bump**
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    It depends on the ISA, you should ask your bank really.

    We could withdraw money from our ISA if we wanted, but we put a 30% withdrawal penalty on it to keep the savings intact.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    you can normally transfer money in and out of an ISA as you please but it will incur a loss of interest.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ooo thanks you two! i get interest next week apparently but i really could do with the money now, reckon it'll be a big loss? i'm poppin into the bank in a bit jus didnt want to make a complete and utter twat of myself (again). think im gonna be banned from all banks soon :lol:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Your bank is there to advise on these matters, we don't know what ISA you have and different banks have different rules regarding ISA withdrawals.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Also, ask your bank if they can change your overdraft to an interest free one. Sometimes asking them to allow this for a short period of time will get easier results- especially as you will be getting a student account soon. Will the student account be with the same bank? Will you have a student loan going into it? These might help your case.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Lets get something straight here, you need to speak to your bank.. The way the ISA works is each year there is a cut off date for putting money into an ISA. This years has passed.

    At a guess you'll be able to withdraw as usual, but you wont be able to put it back into that account...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    It depends. You can put £3,000 into your ISA in any one tax year. So, if you've got that much in there, then if you take some out you can't replace it until the next tax year.

    That's how it worked when I worked at the bank anyway.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Thanks guys. I did go into the bank and chat to them about it, I can take out my money and put it back in, however there is only so much I can put back in. I've managed to sort some stuff out now though so only gonna take the interest ive made on it out :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Did you get your overdraft changed to an interest free one too? Why pay interest if you don't have to? And there's nowt to lose by asking...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Nationwide don't do interest free overdrafts from what I was told and I get a bigger overdraft with the natwest student account :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    katralla wrote:
    Did you get your overdraft changed to an interest free one too? Why pay interest if you don't have to? And there's nowt to lose by asking...

    There isn't anything to lose by asking, but its a bank, not a charity.
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