What does subscribing to an ISA mean?

trenchwars

I asked Halifax to convert my ISA from a standard ISA (0.22%) into a direct ISA (2%) and the certificate of investment they sent me states:

"I apply to subscribe for a cash ISA for the tax year 2008/2009 and each subsequent tax year until further notice".

What does "subscribe" actually mean? I don't intend to pay any more money into this ISA. Do I have to contact them and tell them I don't want to subscribe to this ISA for the 2009/2010 tax year if I want to start a new ISA with a different provider in April?

Lokolo

No you don't have to contact them. Just make sure you don't put any more new money after April 5th if you want to open one with a different provider.

alastair_h

Subscribe mean pay into in this case. No you don't have to contact them and tell them that, it's up to you if you want to pay into the ISA again or start another ISA with a new provider (in the next financial year).

RayWolfe

It is there on all ISA applications. All it means is that, if you do want to put money in during the next tax year, you won't have to do a new application. You do not have to tell them about next year.