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ravedave

Withdrawal Questions From M&s

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From M&S money website (http://money.marksandspencer.com/save-invest/cash-isa/faq/)

You can make a full withdrawal of any Fixed Rate Savings held. Partial withdrawals of a Fixed Rate Savings are not permitted. Withdrawal of a Fixed Rate Savings prior to maturity will be subject to the following Withdrawal Charges:

* 1 year Fixed Rate Savings - £50

* 2 year Fixed Rate Savings - £75

* 3 year Fixed Rate Savings - £100

What constitutes a withdrawl? Does a transfer to another provider come under this ordoes it mean a transfer straight out of ISA scheme?

Thanks.

Edited by ravedave

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From M&S money website (http://money.marksan...t/cash-isa/faq/)

What constitutes a withdrawl? Does a transfer to another provider come under this ordoes it mean a transfer straight out of ISA scheme?

Thanks.

A withdrawal is levied if you withdraw any money before maturity, surely. After that, you can transfer it wherever you like by the look of it.

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I'm taking a look at this account. I'm thinking of doing 50K for 3 years but if we get a crash in the market before then or if the right property comes along at the right price I want access to my cash. So this effectively becomes 3.25% instant access (ish) with £100 interest penalty for early closure. On that basis this looks like a good account. I expect to keep the cash in at least a year. If interest rates shoot up and a house price crash is then essentially underway I can also pull out to look for a better rate.

Does anyone see anything wrong with this account for the purposes outlined above ??

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I'm taking a look at this account. I'm thinking of doing 50K for 3 years but if we get a crash in the market before then or if the right property comes along at the right price I want access to my cash. So this effectively becomes 3.25% instant access (ish) with £100 interest penalty for early closure. On that basis this looks like a good account. I expect to keep the cash in at least a year. If interest rates shoot up and a house price crash is then essentially underway I can also pull out to look for a better rate.

Does anyone see anything wrong with this account for the purposes outlined above ??

[/quote]

No. I opened a 3 year M&S months ago for exactly the same reasons.

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I'm taking a look at this account. I'm thinking of doing 50K for 3 years but if we get a crash in the market before then or if the right property comes along at the right price I want access to my cash. So this effectively becomes 3.25% instant access (ish) with £100 interest penalty for early closure. On that basis this looks like a good account. I expect to keep the cash in at least a year. If interest rates shoot up and a house price crash is then essentially underway I can also pull out to look for a better rate.

Does anyone see anything wrong with this account for the purposes outlined above ??

No , i openend one back in March paying 4% and put 50k in it , they were very efficient to deal with .........

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
      • up 2.5%
      • up 5%



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