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Can money be withdrawn from an ISA?

You are able to withdraw money from an ISA however this does not change the amount that you are able to deposit for that tax year.

For example: if you deposit £20,000 in a Cash ISA during the tax year, but then take out £1,000, you cannot then add another £1,000 in the current tax year.

Additionally there may be interest penalties if you wish to withdraw your money from a Fixed Rate ISA product or stocks and shares ISA.

What is the ISA Allowance?