Closing Halifax ISA Account Question!

nat82

Hi everyone!

I don't normally use this board but have a question about ISA's that I hope you can help me with. I am not very savvy when it comes to ISA's so please be patient with me and I apologise for my stupidity!

I have a Halifax ISA account which I opened in October 2003. I used the account on and off until June 2004. No huge amounts being paid in or withdrawn. Anyway I last used the account as I said in June 2004 to withdraw all but £8.19 of the money. Since then I have changed banks from BoS and just forgot about the ISA account.

One of my plans for 2009 is to get my savings in order and was planning to start putting money into my ISA (came across the passbook when we moved house last year) but I know that Halifax rates are pretty poor so my question is this - can I close my ISA account with the Halifax (there is only £10 in it) and open another ISA account? Also would I have to wait until the new tax year before opening up another account even though I haven't actively used this one since 2004? Or would it be best just to transfer the £10 into a new ISA that accepts transfers?

Sorry, more than one question I know! Any advice would be greatly appreciated!

Thank you!

Nat.

Baldur

You can close the old Cash ISA if you wish, or transfer it - your choice.

Neither action will affect your ability to open a new Cash ISA with this tax year's allowance of £3,600. If you wait until the new tax year, you will lose this year's allowance.

nat82

Thank you for your response! If I transfer all the money from the Halifax ISA (all £10 of it!!!! Wooptydoo!) will that automatically close the account?

Nat

Baldur

Yes, but remember that transfers must be initiated by your chosen new provider, not you - just complete their transfer form and let them arrange the transfer.

nat82

That's great!

Thank you very much for your help!