New Cash ISA - can I cancel it?

Goodadvice75

Hi,

I made a bit of a mistake by applying online to open an cash ISA for the new tax year's subscription. (To open it I need to post the signed form and a cheque.)

But I've since heard about the new Nationwide ISA which is a better rate and instant access. As I haven't sent off the form or cheque for the other ISA yet, would I be OK to just leave that one and apply for the Nationwide one tomorrow instead?

Just a bit worred because the online application asked me to tick boxes confirming I would only subscribe to one ISA etc.,

The new people have sent me an email with an account number, just saying they'll open the account when I've sent my cheque, so assume if I don't send the cheque they just won't open it?

Many thx if anyone knows!

innovate

As you have not yet paid any money into the ISA you applied for, just ignore that one from now on. You have no obligation to pay any money into it.

Perfectly ok to open the Nationwide one and put your money into there.

The terminology is a bit confusing - - "subscribe" actually means "put new money in". So don't worry, you have not subscribed to a 2012-2013 ISA yet!

davefromkent_2

I've done the same thing, wrote a cheque to the AA but havent sent it off yet. Would be interested to hear people's thoughts on this.

DragonQ

I also have a cheque ready for the AA but will check out the Nationwide one first next week. If it meets all of my criteria (as it seems to judging by my phone call with them) then I'll go for that instead.

david78

If you haven't paid in any money its fine. I would ring them next week and tell them you don't need the account just out of courtesy.

McKneff

david78 wrote: »

If you haven't paid in any money its fine. I would ring them next week and tell them you don't need the account just out of courtesy.

I would agree with this.

If you dont let them know they will send letter after letter because obviously you are on their data base. If they know you dont want it now, they wont bother any more.

Goodadvice75

Hi,

Just a quick "thank you" for all the helpful replies. I took out the Nationwide one yesterday and will call the other provider this week to explain and ask them to close the other account.