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Question:

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

Answer:

Fixed Rate Cash ISA - You will have to close your account and we will charge you a fee equal to 30 days interest to do this, if this is during the fixed rate term, after the first 30 days. Please note you can only withdraw the full balance, we do not allow you make partial withdrawals.

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 equal to 30 days interest to do to this. For more information on the transfer process, please see below.

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. This means that if you take money out of your Account, you can’t return that amount to your Account or a Stocks and Shares ISA held with another provider if this amount would exceed your remaining allowance for that tax year.

For example: you pay £9,000 into your Account and £1,000 into a Stocks and Shares ISA with another provider in a tax year where the annual allowance is £15,000. You then withdraw £2,000 from your Account. You will only have £5,000 of your total annual allowance remaining for that tax year. This means you can pay in a further total amount of £5,000 into your Account, your Stocks and Shares ISA or divided between both ISA accounts but you can’t pay in any more than this in the same tax year.

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 FAQs.

Please Note: for security reasons a daily limit for online withdrawals does apply. Find out more about daily withdrawal limits.

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