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closing ISAs?
KrazyFool
Posts: 85 Forumite
ok i know you should transfer from one to another but what if you need the money (eg. now want it for house deposit) do you just close it? will you loose your tax free benefit?
0
Comments
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Yes you can just close it, and all interest paid to date will retain its "gross" status.
But...
If you've been happy with the provider/interest rate, why not just leave a small amount in? This will also save you having to go through more identity checks in the future should you wish to start up your tax-free saving again in a year or so.
It may also encourage you to add to it as and when you have "spare" cash available.
HTH
YB0 -
If you dont pay in in any given year - then you have to re-apply in the following year anyway. But i suppose you could just bung a few quid in.0
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I was in the same position with my house deposit. I decided to get a mortgauge from egg which let me pay a 5% deposit with no higher lending charge. Then I kept the other 5% of the deposit in my ISA account meaning i didnt loose it.Save save save!!0
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