Isa rules confusion

cms88digital

Hi there,

I'm new to these forums so bare with me... We had an ISA with halifax last tax year but from April nothings been put in, one thing and another I've only just got round to starting a new one with Virgin but without closing the original one, I didn't think it mattered as long as you were only paying into one but the standing order I've set up has bounced on the 2nd month do you think this is why? I'm not really sure what to do obviously I know I need to close the Halifax one it's just been a case of finding time to get in branch unless I can ring them to close it?

Any advice would be useful as im the first to admit I'm not up on any of this banking stuff lol

Tia x

lisyloo

I didn't think it mattered as long as you were only paying into one

Correct

but the standing order I've set up has bounced on the 2nd month do you think this is why?

You need to find out why this is. Can you call or message your bank to find out why it's bounced.

I know I need to close the Halifax one

Why do you want to close it?
These are very valuable accounts that are tax free for your whole life.

Have you considered transferring it to Virgin?
First you need to check if Virgin accept transfers? If they do get a transfer form.
You must NOT withdraw and then deposit. You MUST transfer to retain the ISA status/benefit.

Your other options are to leave it with Halifax, or transfer it to another ISA.

I'm not up on any of this banking stuff

They do operate emails/secure messaging or telephone services so you don't have to go to a branch (unless that happens to be convenient for you).

You