Close Isa account

nigel2smooth

Hi

I have just changed my ulster bank account over to the A+L primier direct account,I also have 700 quid in an ulster bank ISA i just wanna know if i close the ulster bank ISA to move the money over to my primer direct account will I lose interest money on my ulster bank ISA,or should i wait and find out when interest is payed then change...

I mite also add i have had this ISA with ulster bank for 9 months not and have only got 15 quid interest so wanna move it to A+L...

cadboll

Hi

First of all make sure that you 'transfer' the ISA - this is important!! If you simply withdraw the money, then you lose that amount, i.e. if ISA has £700 and you withdraw the money to put into an A&L account, your allowance will have dropped by £3,000 - £700 to £2,100.

When you transfer your ISA the interest accumulated on your Ulster Bank ISA to date will be calculated and transfered along with your £700 to your A&L ISA account.

Go to the A&L website - this link should help - http://www.alliance-leicester.co.uk/directisauserguide/index.asp?page=page5

eagle

cadboll wrote:

When you transfer your ISA the interest accumulated on your Ulster Bank ISA to date will be calculated and transfered along with your £700 to your A&L ISA account.

Thanks for the informative post, cadboll.
Do you know if this bit about interest being moved across also apply to other banks/building societies as well, or is this just A&L?

cadboll

As far as I know this applies to all ISA's being transferred. Its the same principle for savings/current accounts. If you transfer to another provider, the interest you have gained with your previous provider is added to the amount being transferred.

Its best to check the terms and conditions though to make sure.

nigel2smooth

Thanks thats a huge help

MoneySavingSpender

If I may add a related further query, I have a ISA with Halifax, but I want to close it so that I can make use of my £7000 share investment limit, when is the best time to close it and who's the best share dealing service that offers the ISA umbrella?

Cee

Make sure when transferring in to another provider your existing provider doesn't charge.....