Online banking

Online banking

cancel
Showing results for 
Search instead for 
Did you mean: 

Cash ISA

Will I be charged any fees for withdrawing money from my Tesco Bank Cash ISA?

If you wish to withdraw your money, your account will be closed. If 30 days have passed since you opened your account and you are within the fixed rate period, you will be charged a fee to do this.

 

If you close your Account and withdraw your money, it will lose its tax free status. To avoid this, you can transfer all of the money in your Cash ISA to another ISA during the fixed term, using the ISA transfer process. We will also charge you a fee to do this. For more information on the transfer process, please see below.

 

If you opened your Fixed Rate Cash ISA prior to 6th April the closure or transfer fee will be equal to 30 days interest on the balance of your account.

 

If you opened your account after 6th April this fee will be equal to 90 days interest on the balance of your account.

 

Please note you can only withdraw or transfer the full balance. We do not allow you to make partial withdrawals or transfers.

 

We will waive our fee for making a withdrawal should you need to access your money early due to exceptional circumstances. The following are examples of what we think are “exceptional circumstances” – death or diagnosis of terminal illness.

 

Instant Access Cash ISA - you can make as many withdrawals as you wish without giving any notice and without fee provided your account remains in credit.

 

Remember when you take money out of an ISA it will lose its tax free status. If you are simply looking to withdraw from your ISA and not close the account, you are able to withdraw and replace money as often as you like from both current and previous years’ subscriptions on your Instant Access Cash ISA. Should you wish to replace what you have withdrawn, we recommend you do so by 5pm on the 5th April in the same tax year it was withdrawn. This will ensure that any funds are in your account before the cut off deadline at the end of the tax year at midnight on 5th April.

 

You can transfer the money in your Account to another ISA using the ISA transfer process, which will ensure that your money will remain tax free when you send it to another ISA provider. The current limit can be viewed in Online Banking and is detailed in our Key Features Document and in your Welcome Letter which you will receive with your Welcome Pack.

 

Learn more about Cash ISAs by visiting the HMRC website.

 

Please Note: for security reasons a daily limit for online withdrawals does apply.

Version History
Revision #
3 of 3
Last update:
‎24-03-2016 01:28 PM
Updated by: