Closing ISA with Smile

jay78

I have £62 in an ISA that I have not accessed since 2003, completly forgot about it. Can I just transfer the money to my bank account and then close the account?

Alfie_E

You can certainly close the account and receive the balance. It’s simpler to close it and then do something with the closing balance. If you bring the balance down to zero and then close the account, you’re going to be left with a tiny closing balance of interest earned but not yet credited. If you have a cash ISA anywhere else, you could transfers the £62 into that. So that it doesn’t count as part of your yearly allowance, you don’t close the old ISA yourself. Instead, you give your current ISA provide the details of the old ISA and they request the money from your old ISA provider.