The ability to make withdrawals depends on the type of account you hold:
- Notice Accounts – if your account has a notice period, then you will not be able to withdraw funds within your applicable notice period. You will need to submit a withdrawal request to us and once your notice period has expired your funds will be sent to you.
- Fixed Term Accounts – you will not be able to withdraw funds prior to end of your fixed term. Before expiry of your fixed term we will write to you to let you know the Shawbrook Savings options available for your maturing funds which will include withdrawing the funds out of the bank.
- Easy Access Accounts – withdrawals can be requested by you and actioned by us on the same working day providing the withdrawal request is received by 2.30pm on a working day (Please see question ‘When will I receive my withdrawn funds?’ for further information).
You can withdraw your funds (even on Fixed and Notice accounts) at any time but this will result in you losing your tax benefits from the point of the withdrawal.
To maintain your tax benefits you can transfer out your cash ISA balance to another ISA provider at any point. To make a transfer out you must contact your new ISA provider and request a transfer. Your new ISA provider will undertake the transfer on your behalf. If you withdraw funds or transfer funds out to another provider before the end of any fixed term or notice period you may incur an early exit charge (normally a loss of interest). After the exit charge has been applied you may have less money than you originally deposited depending on the terms of your particular Shawbrook Bank cash ISA. Details of early exist charges will be contained in the Key Product Information document provided when you open your account.
If you make a withdrawal from a cash ISA account you cannot re-deposit funds back into your account if the deposit amount means you exceed the maximum annual subscription allowance.
Claire opens a cash ISA with £10,000 in July 2014. A few weeks later she withdraws £8,000. Later in the same year, Claire decides to re-deposit the £8,000 she withdrew by putting new funds into the account. However, she can only deposit a maximum of £5,000. This is because the annual subscription allowance for a Cash ISA is £15,000 in the tax year 2014-15, and Claire has already deposited £10,000 in the current tax year.
A working day is Monday to Friday, 9am to 5:30pm, excluding English bank holidays
Please read this question in conjunction with the question entitled ‘Where will my funds be sent?’ and ‘When will I receive my withdrawn funds?’