Inactive ISA's

trashcan_2

Hello,

If you have 3 0r 4 ISA's and you haven't used some for a few years what happens when you want to withdraw some money or add some to an ISA that has not been used for a while.
I read somewhere that you would need to reactivate it, is this so? and how would you do it?

I did ask this question once before but I can't remember where, so forgive me please.

Baldur

trashcan wrote: »

I did ask this question once before but I can't remember where, so forgive me please.

Asked & answered in this thread

trashcan_2

Thanks, new I put it somewhere.

Where it say's -

4.2 Applications cease to be valid at the end of a tax year in which the investor fails to
make a subscription. Where this happens, the investor must make a fresh

application before subscriptions can re-commence.

If i don't subscribe to it say for two years, whats does it mean by(fresh application before subscriptions can recomence)?

Thanks Baldur.

RayWolfe

You cannot add to it without completing a new application form. Ask the provider of the ISA you wish to resurrect, they will be more than happy to help you.
Just bear in mind that you cannot subscribe to more than one ISA in each tax year.

tiptoe_mouse

trashcan wrote: »

If i don't subscribe to it say for two years, whats does it mean by(fresh application before subscriptions can recomence)?

Thanks Baldur.

Before you can put more money in, you will need to fill out a short form from the bank or building society, basically declaring that you haven't already subscribed to an ISA in the current tax year. This form may be termed an "ISA reactivation form". See here for an example: http://www.rbs.co.uk/content/personal/downloads/ISA_reactivation_form.pdf
They will then let you put more money in.

tiptoe

trashcan_2

How does that work if its an internet based ISA? Would you have to ring them and get a form sent out?

Thank you.

tiptoe_mouse

trashcan wrote: »

How does that work if its an internet based ISA? Would you have to ring them and get a form sent out?

Thank you.

I think so. They may have the form available on their website. Note that, as far as I know, you only need to reactivate an ISA if you want to add new money to it - withdrawals would still be okay without reactivation.

tiptoe

trashcan_2

Ok, many thanks for your help.

martinman3

tiptoe_mouse wrote: »

I think so. They may have the form available on their website. Note that, as far as I know, you only need to reactivate an ISA if you want to add new money to it - withdrawals would still be okay without reactivation.

tiptoe

Making withdrawals from old cash ISAs is potentially a different problem, you may find that the account has been made dormant. The length of time which needs to pass before they do this depends on the organisation but the Portman BS did this to my mother and she had to produce ID in the branch before she could do anything, even update the passbook to show the accrued interest. I could imagine that this may be a problem if it is an internet account.

RayWolfe

True but it ain't going to happen after two years.

will-in-estoril

trashcan wrote: »

Hello,

If you have 3 0r 4 ISA's and you haven't used some for a few years what happens when you want to withdraw some money or add some to an ISA that has not been used for a while.
I read somewhere that you would need to reactivate it, is this so? and how would you do it?

I did ask this question once before but I can't remember where, so forgive me please.

As answered previously, your accounts should not be dormant, but now would seem an opportune time to check the interest rate on each account, if necessary transferring to one of the best buys. It is amazing how many savers don't bother and consequently receive a pittance in interest when much better rates are easily available.