Withdrawing your cash
You can withdraw money from your account to your nominated bank or building society account free of charge using BACS. For security reasons, we normally pay funds back to where they were originally received from.
Withdrawing less than £25,000
Simply sign in to your account, and from the 'my summary' page, go to the withdrawal tab. Enter the amount you want to withdraw and follow the instructions. If we do not have any nominated bank details, these can be added during the online withdrawal process. Please note that investment clubs, charities and company accounts cannot withdraw money online - please call us on 01296 41 41 41.
Withdrawing more than £25,000
If you would like to withdraw more than £25,000 from your account, you need to let us have your instructions in writing with a signature. If we do not have your nominated bank details we will send you a cheque. This can only be made payable to you and can only be sent to the address we have for you. There is a £5.00 administration charge for the issue of a cheque.
How long will it take?
It usually takes 3-5 business days for the funds to reach your bank or building society account. If you'd like to make a 'same day' withdrawal, there is a £25 charge - give us a call on 01296 41 41 41 to arrange this.
Please note that when selling an investment, you must wait until the deal has 'settled' before you can withdraw the money (usually two days for shares, 3-5 days for funds). The ownership of the investment and the cash are transferred during this period.
Withdrawing from your ISA
You can withdraw money from your Stocks and Shares ISA at any time. At The Share Centre the new Flexible rules apply, so you can now repay those withdrawals back to your ISA, providing both transactions are within the same tax year. To check the amount available, simply call our Customer Service team on 01296 41 41 41.
Withdrawing from your Lifetime ISA
During the 2017/18 tax year, if you need access to the money held in your Lifetime ISA between 6th April 2017 and 5th April 2018, you can withdraw it at any time. Partial withdrawals are not permitted during this period so you will have to make a full withdrawal and your account will be closed. Withdrawals during this period will not be subject to a withdrawal charge and you will not be eligible to receive a government bonus.
If you are diagnosed with a terminal illness you can also make a withdrawal from your Lifetime ISA at any time. You will need to provide us with supporting documents from a UK Registered Medical practitioner. These withdrawals will not be subject to a withdrawal charge and you will be entitled to receive any government bonus you have accrued.
From 6th April 2018 onwards, you can make the following types of authorised withdrawal which are not subject to a withdrawal charge:
First time home purchase: you can withdraw the funds held within your Lifetime ISA, including any accrued government bonus, to use towards buying your first home 12 months after the date of the first payment into your account.
Retirement: when you reach 60 years old you can withdraw the funds at any time for use in your retirement.
If you need to withdraw money for any other reason than those mentioned above, these withdrawals may be subject to a 25% withdrawal charge which will be calculated based on the amount you are withdrawing. The charge will be deducted before we pay the money out to you. The withdrawal charge amount will then be returned directly to HMRC.
Withdrawing from a Junior ISA or Child Trust Fund
The money and investments are locked into the account until the child reaches the age of 18, so no investments or cash can be withdrawn before this time.
Paying out dividends
Dividends can be paid out to your bank or building society. Please see managing your dividends.
Closing your account
We’re sorry you’re thinking about closing your account. Please be aware that we don’t charge any fees on accounts with no investments or cash in them, so why not leave it open in case you want to use it again in future? It's less hassle and won't cost you a penny.
If there's anything we can do to change your mind about closing your account, please call us on 08456 185 185. We'd really appreciate it if you could provide feedback.
If you’re sure you want to close your account, please notify us in writing to the address below. Don’t forget to tell us what you’d like to do with any investments left in the account:
- Sell investments – We’ll close your account on settlement day and transfer the cash to your nominated bank or building society account via BACS. There's a £5 charge if you'd prefer to receive a cheque.
- Retain investments – Transfer to another broker (per account) £25.00 and re-registration to certificate (per holding) £25.00.
- Gift to charity - Please complete and return a ShareGift form.
The Share Centre
PO Box 2000