Question re: mini cash ISAs

Roxie

I have a mini cash ISA with Nationwide which I haven't paid anything into this tax year. I have £3000 saved elsewhere which I was going to pay into this but I see that the interest rate isn't as good as the NS & I Direct ISA. I'm a bit confused about the 'subscribing' details of mini cash ISAs, can I just go ahead and deposit this £3000 into a new ISA or do I need to close or notify the Nationwide that I won't be making further deposits into their ISA beforehand? Thanks to anyone that can assist.

debbie42

Roxie wrote: »

can I just go ahead and deposit this £3000 into a new ISA or do I need to close or notify the Nationwide that I won't be making further deposits into their ISA beforehand?

You can find more info on ISAs in this child forum. I'd imagine this thread will get moved there soon anyway!
http://forums.moneysavingexpert.com/forumdisplay.html?f=18

Short answer is that you can open a new one for this year with NS&I and leave your old one without any need to advise NW.

<edited to say: This is covered in the FAQ threads, but note that it's important not to close an old ISA if you want to keep the tax benefits: always transfer it to a new provider. It's too late once it's closed!