I have 2 ISAs one with Monzo the other elsewhere. I split for 24/25 tax year £10K in each. I have also used the £20k allowance for 25/26 year. So i want to take £2k out of my Monzo ISA…will i be able to replace it in this current year or will i have to just put the replacement funds into a savings pot and wait for new 26/27 allowance? Hope am making sense i just dont want to do anything wrong. Thanks in advance.
Probably question to ask via the help section of the monzo app, not the public forum.
Ah i thiught it was in help sorry i havent a clue what i am doing lol can i transfers it or just do new post and delete
In the app, tap the help tab bottom right and type “withdraw isa”.
At the bottom you should then see this
Depends on whether you used Monzo this year or not.
Withdrawing money and putting it back, only applies to contributions made in the current tax year and if that ISA is flexible.
No used the allowance elsewhere
Mine isnt giving me the extra help at the bottom but thanks anyway. I will try sort it
You can only withdraw from your current ISA and return it, if your current ISA is flexible.
As Monzo was last years, any money you withdraw, will have to wait till next tax year before you can restore it back and any money paid back, will count towards that tax year’s allowance.
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Yes thought that was the case. Thanks for that appreciated
That’s not how a flexible ISA works.
If you paid in 20k in 2024/25 then in 2025/26 withdrew 5k, your total allowance for 25/26 would be 25k (your standard 20k allowance for this tax year, plus the 5k that you can replace from the previous tax year). If you don’t replace that 5k before the end of 25/26 then that amount is lost.
Yes, you can do this.
Money Saving Expert has a good guide to how Flexible ISAs work. Note in particular the playing the system section at the bottom which is a more extreme version of what you’re wanting to do.
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The ISA in question was from a previous tax year, not the current tax year.
You can only take money out and add it back into the same ISA , if the ISA is flexible and it’s in the current tax year.
You also cannot put more money if you’ve maxed your current ISA limit. Withdrawing money from a previous tax years ISA doesn’t allow you to put it back.
Incorrect. You can potentially withdraw everything you have in a flexible ISA (including previous tax years) and put it back before the end of the current tax year, as @RichardL mentioned.
See this from Charles Stanley, for example:
“It is even possible to withdraw the entire balance from your ISA, potentially worth several hundred thousand pounds, and replace it by 5 April.”
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Ok, happy to stand corrected. I had always understood it to be just the current years ISA.
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Just to add in case it’s not already been mentioned, if you have withdrawn cash from a flexible isa, and then you decide to do a full ISA-transfer of that ISA to another provider, you will lose the amount of allowance you had from the withdrawal, it doesn’t move with the transfer. This becomes a bit more complicated with a partial transfer out as however much is transferred out has to be subtracted from what you can replace.
In other words you can’t replace the amount transferred out, but if it’s less than you’ve withdrawn you can replace the remainder.
Example:
You have £20k of previous tax years funds in a flexible isa
You withdraw as cash £5k, you can replace that £5k in the current tax year.
You then do a partial ISA-transfer of £2k to another provider.
You can then only replace £3k of the original £5k into the ISA, you’ve lost the £2k flexibility as you can only replace flexible ISA funds into the ISA the funds came from in the first place.
Or at least that’s how I understand it.
The rules at
seem to allow current year withdrawals to be replaced after a transfer to another ISA, even if it is not flexible because the net balance needs to be honoured in the transfer.
“Where the new manager does not offer flexibility, they must allow replacement without counting towards the subscription limit.”