Can you withdraw money from your ISA account?

An ISA is a special type of account that lets you keep more of your money because you don't pay UK Income Tax and Capital Gains Tax on what you earn from it. It's a great way to save or invest your money.

Please note that the value of a Stock & Shares ISA can fall as well as rise, and you could get back less than you put in. With a Cash ISA, please bear in mind that inflation can reduce the buying power of your money, particularly if the interest rate is less than the rate of inflation. Your exact tax benefits will depend on your circumstances and may change in the future.

You can take money out of your ISA any time you like without losing any tax benefits. But sometimes, the company looking after your ISA might have rules about this or might ask you to pay a fee, so it's best to check first. For example, they might have withdrawal limits or require you to give them notice at least 30 days before withdrawal.

For the 2024/2025 tax year, the combined ISA allowance is £20,000. Even if you take some out, you can't put in more than £20,000 in total, unless you have a flexible ISA. If you do, you can take out money and put it back in within the same year without losing your ISA allowance. However, if you take money out and don't replace it within the tax year, you can't carry over any unused allowance to the next year.

No, you don’t pay tax when you withdraw from an ISA. ISAs are made by the government to help you save and invest, so any money you take out of an ISA is tax-efficient, whether you’re taking out a little bit or the whole lot.

Some ISAs let you take money out for free. Others, especially those where you're investing your money (stocks and shares ISAs, cash ISAs), might charge you. Always have a look so you know what to expect.

Different ISAs have their own rules for taking money out. For example, some may charge you a fee for withdrawals. If you’re unsure about your ISA’s withdrawal rules, you should check with your provider.

Keep in mind some ISAs are flexible, like our Aviva Stocks & Shares ISA. With a flexible ISA, if you withdraw money but then put it back into the ISA in the same year, it won't take away from your yearly allowance.

Stocks and Shares ISA

You can get your money when you need it but there can be some administrative delays due to fund managers. 

You can use our ISA investment calculator for an estimate of how much a stocks and shares ISA could be worth to you.

Cash ISA

These are usually easy to take money out of, making them handy for emergencies. However, some cash ISAs have penalty rules; for example, you may be charged to take money out of a fixed-term cash ISA.

If your ISA is flexible, you can put the money back within the same tax year, provided this is paid back into the same cash ISA.

Innovative Finance ISA

These might have special rules for taking your money out, depending on your investments. The flexible rules apply here too if your ISA offers them.

Lifetime ISA

Taking money out before the age of 60 for anything other than your first house will cost you a government penalty of 25% of the amount you take out. But, if you're very ill, this penalty doesn't apply.

If you’re looking for an ISA, you might be interested in an Aviva Stocks & Shares ISA. It’s flexible and includes a range of investment options for both new and experienced investors.

ISAs are just one of a full range of investment options, take a look at our investments hub for further information. If you’re unsure about making an investment, it's always a good idea to talk to a financial advisor to get personalised advice.