switching from HSBC but want to retain ISA

diesel_doglet

Hi Guys,

Been a while since I have been on these forums but hoping for a little advice. I am switching current account from HSBC but still wish to retain the ISA I have with them and the online banking function. I assume that switching the current account will not cause them to remove my ISA?

any advice appreciated

thanks
dd

eskbanker

The act of switching in itself doesn't close an ISA but if the ISA is conditional on holding one of their current accounts then HSBC will (or are entitled to) close it once you no longer qualify.

Check the terms of your specific ISA but their Loyalty Cash ISA does depend on holding a current account.

diesel_doglet

many thanks - the isa is standard so should not get closed. i wil confirm with hsbc though. thanks

capital0ne

Don't close your account, leave a pound in it.

Or if you are aswitching transfer your ISA somewhere else then switch which WILL close your account.

badger09

capital0ne wrote: »

Don't close your account, leave a pound in it.

Or if you are aswitching transfer your ISA somewhere else then switch which WILL close your account.

OP specifically said they want to retain their HSBC ISA and switch their current account. What you suggest achieves the opposite:cool:

OP what is so attractive about your HSBC ISA?

paddyandstumpy

When I moved from Lloyds to HSBC I didn't think I'd have a problem leaving my savings account with lloyds, purely out of lethargy rather than anything else.

The hassle I went through to get that money in the end was a joke, I had to open a new current account, re-set up online banking and wait for all that to go through before I could then transfer the money.

Lloyds were absolutely useless and unhelpful, I had to raise a complaint and they ended up giving me £100 compensation on top of my savings for the hassle.

Unless there is a proper reason to leave the isa I'd recommend moving it.