Getting money out of an ISA

[Sarah_W]

Apart form a couple of hundred quid here and there I'm told this is very rare by my local Lloyds branch manager. In fact, he had to go and check how to do it and his suggestions were:

1. Open a Lloyds current account and trasfer the money into it
2. Take out cash and pay it into your main bank
3. Pay £20 for a bankers draught

1 and 2 are a joke and on principoal (and being tight) I don't want to pay £20. He tells me he can't transfer it via BACS and these are the only options. Seems madness to me... Any ideas?

[speedychrissie]

I havent looked into this (but I am definitely interested as the majority of my savings are in an ISA). Surely all you have to do is ask them to do their tests to confirm your ID and get them to write a cheque out in your name? No?

If it takes more than that then that is a serious annoyance! It is your money so why cant you have it when you want?

[LC23]

That doesn't sound right. Have you got access to it online? If so, just do a transfer to your current account. And I'm sure they could just do an electronic transfer for you (without having to charge you). At the end of the day, it is just a bank account (albeit a tax free one). Maybe 'phone customer services and ask them how to go about doing it or whether they can just do it for you?

As per usual, read the small print. There may be something in there about the methods they will use to transfer any withdrawal to you.

[speedychrissie]

I have just had a thought. Is it because of a notice period on the ISA? (eg you have to give them 30 days notice before withdrawels otherwise you lose interest? Might there be an additional clause about how those withdrawels can be made if sufficient notice is not given?)

[Tiggsy]

sounds like tosh...it's just a bank account. You want the money...should be easy. BACS or a cheque should be easy, i'd call their telephone people, you may get more sense.

[Sarah_W]

Thanks for the ideas. It's not a 30 day notice account and I'll pop to see teh manaer again tomorrow. It's a bit of a joke!

[Eddw86]

I dont know how helpful this is but when I need to transfer money from my ISA to my current account I just go into a branch and it's transferred immediately. That is with Barclays to a Barclays CA though. What you've been told sounds very strange though.