isa

magiclamp

I want to open an ISA with a company that does not accept transfers. Can I just close my existing one which I opened 2 years ago , by withdrawing the money and then start again? Sorry..do not know much about rules if ISA.:(

Cardinal-Red

Yes you can.

Are you not planning to add more money this year though?

magiclamp

yes...I intend to save a small amount each month. I do not have the max to start with.

Organic12

Not sure I follow but the MSE ISA Transfer guide might help:

http://www.moneysavingexpert.com/savings/cash-isa-transfers#why

McKneff

Never, ever withdraw money from an ISA, (unless its to spend of course)
you must let your new provider deal with the Transfer of funds or you lose your
tax free status

Cardinal-Red

McKneff - the OP stated that the ISA he wants does not transfer money in.

I think the policy of "never ever" is not really a good one - there are plenty of circumstances in which it actually makes good sense to withdraw your cash and deposit it as "new"

Cardinal-Red

OP - the simple answer is yes you can (the terms of your other ISA might include a penalty though so check)

Depending on amounts, you can deposit upto £5,100 of it in your new account instantly - to benefit from whatever rate they are offering.

I asked about topping it up as the subscription limit will be £5,100 in total for the year; if you fill it up on day one then you won't be able to add more later.

It might be better if you provide numbers and better advise will follow.

koopa_coffee

Cardinal-Red wrote: »

McKneff - the OP stated that the ISA he wants does not transfer money in.

I think the policy of "never ever" is not really a good one - there are plenty of circumstances in which it actually makes good sense to withdraw your cash and deposit it as "new"

If it doesn't accept transfers then just use it for new money and transfer the current ISA to one that does.

You should only withdraw money from an ISA if it's to spend or you won't fill up your allowance anyway.

Cardinal-Red

koopa_coffee wrote: »

If it doesn't accept transfers then just use it for new money and transfer the current ISA to one that does.

You should only withdraw money from an ISA if it's to spend or you won't fill up your allowance anyway.

Agreed - which is why I asked the poster for figures and said that "never, ever" is a bad policy!

McKneff

Cardinal-Red wrote: »

McKneff - the OP stated that the ISA he wants does not transfer money in.

I think the policy of "never ever" is not really a good one - there are plenty of circumstances in which it actually makes good sense to withdraw your cash and deposit it as "new"

i understand about the 'transer in# but you have to have the first deposit transferred in and then no deposits (transfers in) after that