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Problems with new ISA
try2save
Posts: 143 Forumite
I used to have an in-branch Halifax ISA which was closed in June 2005 when I needed the money that was in there.
I have recently opened a new Halifax ISA saver direct and I have yesterday got a letter saying I have subscribed to an invalid ISA.
I was due to go in my branch tomorrow with ID and my signed application form, Please advise!
I have recently opened a new Halifax ISA saver direct and I have yesterday got a letter saying I have subscribed to an invalid ISA.
I was due to go in my branch tomorrow with ID and my signed application form, Please advise!
0
Comments
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Did you deposit any money in the old account between April 6th 2005 and June 2005 when you closed the account?0
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yes, it was only £60.00, as confirmed by the letter I got0
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That's the reason then - you're only allowed to subscribe to one mini-cash ISA per tax year, so you'll have to wait until 6th April to open another one.try2save wrote:yes, it was only £60.00, as confirmed by the letter I got
A tip for the future - next time you need to draw some money out, leave a £1 (or whatever the minimum balance is) in the account. That way, you can either re-commence your saving, or transfer it to another, better paying, account as you tried unsuccessfully to do this time.0 -
Cancel you application for the Direct ISA and ask Halifax to reopen your closed ISA. Then once it has been reopened transfer it to the ISA Direct.0
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Thank you for your help :j
I still havent signed the application form and returned it into my branch
should I just wait until 6 April and then go into branch with ID and signed form ?0 -
This will be the easiest solution if you are not going to save more that £3000 into cash ISA until the 5th of April 2007. If you want to save more, re-open Halifax ISA urgently and put money into it before this April (up to £2940) in order not to lose this year allowance.try2save wrote:...should I just wait until 6 April and then go into branch with ID and signed form ?0 -
As grumbler said, if you dont re-open the old account you will loose 2940 of tax free savings for this tax year
but if you dont intend to save more than that over the next year then you might as well just open a new one after april the 6th. Save save save!!0 -
Ok, thanks everyone
Think I will give them a call and see about the old one re-opening and new one closing0
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