Closing an ISA

Bowbellslady

I opened a First Direct ISA this tax year but now find that the Nat West one has better interest. I am still within the 14 day cooling off period. If I close this ISA can I then open one with another provider this tax year.

Farway

Depending on the ISA flavour you want, you may not be able to transfer in

"Can I transfer an existing ISA to Cash ISA Plus?

No. Cash ISA Plus can’t accept transfers from our own or any other providers’ ISA products."

http://www.natwest.com/personal/savings/g2/isas/cash-isa-plus.ashx#tabs=section2

in which case you are stuffed, so check first before you jump

funkyhitman

Bowbellslady wrote: »

I opened a First Direct ISA this tax year but now find that the Nat West one has better interest. I am still within the 14 day cooling off period. If I close this ISA can I then open one with another provider this tax year.

Woah woah woah! Before you make any rash decisions...are you talking about the First Direct's E-ISA at 3.1%?

delwboy

If I were you I would stick with First Direct, I had no end of trouble trying to set up my ex-Icesave ISA with Nat West. I eventually gave up and went to First Direct. Nat West seem to be tiotally clueless and incompetent.

Bowbellslady

Hi all
Many thanks.
It is the e-isa but going to stay with FD now

snarffie

Bowbellslady wrote: »

Hi all
Many thanks.
It is the e-isa but going to stay with FD now

You didn't need much convincing!!

johng_uk

snarffie wrote: »

You didn't need much convincing!!

:rotfl:

Was gonna say!!

funkyhitman

Bowbellslady wrote: »

Hi all
Many thanks.
It is the e-isa but going to stay with FD now

Good to hear because the e-isa is fixed at 3.1% for a year and I expect Natwest to send their ISA rates tumbling below this very soon. I also doubt you'll get much better than 3.1% for a year but the great news is that this appears to be the only fixed ISA that lets you transfer out penalty free if a higher rate ISA comes along...but honestly it'd have to be atleast 4% for me to even bother caring and I quite frankly cannot see any ISA paying that amount until the base rate picks up and that could be a year.

So stay put for now and enjoy what will soon be a high rate ISA once Natwest and Barclays screw everyone over.

rb10

funkyhitman wrote: »

the great news is that this appears to be the only fixed ISA that lets you transfer out penalty free if a higher rate ISA comes along

Not the only one, see here.

Bowbellslady

snarffie wrote: »

You didn't need much convincing!!

No I was already almost convinced but just wanted others opinions.