Should i close my ISA?

kevin_wevin

Hi,

i need some advice. I currently have an instant access cash ISA with nationwide. I have already paid the full amount into it that i can this tax year. Since interest rates are so low i want to move to another bank and open a fixed rate cash ISA as i dont ever touch this money. So should I close it before or after 5th April and do i have to close it with nationwide, then they will give me a cheque and then i have to go to the new bank and ask if i can open one, or will nationwide do a transfer??

Thanks for the help

Kev

Lokolo

The new provider will do the transfer. Find someone who does fixed rate ISAs (Halifax are usually most popular), pop into branch, say you want to open a fixed rate ISA by transfer. You will need to take ID to open the account, plus account information for the ISA you have now.

Don't close the ISA.

You can do transfers anytime.

Baldur

As Lokolo says, if you close it you lose the ongoing tax free status of those particular funds forever.

max11

kevin_wevin wrote: »

Hi,

i need some advice. I currently have an instant access cash ISA with nationwide. I have already paid the full amount into it that i can this tax year. Since interest rates are so low i want to move to another bank and open a fixed rate cash ISA as i dont ever touch this money. So should I close it before or after 5th April and do i have to close it with nationwide, then they will give me a cheque and then i have to go to the new bank and ask if i can open one, or will nationwide do a transfer??

Thanks for the help

Kev

Never ever close an ISA accounts!