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Do I Lose the Bonus If I Transfer an ISA Early

by Jim ONeil on May 15, 2011

in ISA's Individual Saving Accounts

Bonuses are becoming very commonplace in offering ISAs. Most institutions will have some type of restrictions that must be met in order for the full bonus to be received.

As with anything, there are exceptions to every rule, so it is important to read the fine print before moving forward in opening up any isa accounts.

In most cases, if the ISA is transferred out early, the proportionate amount of the bonus will be paid. However, there are exceptions to this rule. At times, there is a strict clause that if the ISA is transferred out early, no portion of the bonus will be received at all.

In fact there may be penalties and forfeiture of any interest earned to that point.

As every institution sets their own rules and regulations, a person is best served by thoroughly going over all terms and conditions before opening the account. This will help alleviate any questions or concerns in the future.

If you need further assistance, ask for help at the institution, as they will surely have someone available that is familiar with their particular terms and conditions for every type of account offered.

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