isa close versus transfer

i recently closed down my isa account. made the mistake of closing it rather than transferring without realising the hassle it would cause me (wont make that mistake again now i have discovered the delight that is MSE ;) ).

anyway, i have heard a whisper that my isa provider is obliged to tell me before i do so, that if i close rather than transfer im not eligible to open another isa until next april.

admittedly it was a mistake on my part and i should have read my t and cs more carefully but is this true? do they have such an obligation?

thanks

DC

Replies

  • Dont you work in a bank, dude? I thought I heard you were a customer services advisor?
  • i recently closed down my isa account. made the mistake of closing it rather than transferring without realising the hassle it would cause me (wont make that mistake again now i have discovered the delight that is MSE ;) ).

    anyway, i have heard a whisper that my isa provider is obliged to tell me before i do so, that if i close rather than transfer im not eligible to open another isa until next april.

    admittedly it was a mistake on my part and i should have read my t and cs more carefully but is this true? do they have such an obligation?

    thanks

    DC


    No you can't blame the bank for you closing the account. They arn't under legal obligation, maybe they would advise you its not a good idea.... but nothign that they can be held accountable against
  • fair dos, just thought id check.

    yeah i do work in a bank, but not with isas

    thanks for the help

    DC
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