Transferring zero balance cash ISA

sheffieldeagle

Hi

I've always transferred my existing cash ISAs when opening a new account but they have always had a balance in the account. Just wondered if it's ok to transfer with a zero balance. I'm trying to widen my net of instant access accounts so am opening a new cash ISA as well.

Many thanks

eskbanker

Struggling to understand the situation here and why you'd want to do this - has the account had current year contributions in it and if so, what did you do with them?

sheffieldeagle

Thanks for the comment. I just want to keep things tidy. I don't want old accounts hanging around.

cheers

eskbanker

sheffieldeagle said:

Thanks for the comment. I just want to keep things tidy. I don't want old accounts hanging around.

Nothing wrong with that, but why not just close it?

refluxer

Don't you normally need to keep £1 in an ISA to keep it open ?
If you did have an old ISA with zero balance, surely the rate would be so low by now that it wouldn't be worth paying 'new money' into, as that money would be much better off being put in new ISA with a better rate ? I can't think how you will benefit by keeping hold of it.

sheffieldeagle

Thanks guys I know it seems a bit odd.