Can an unused cash ISA be opened and closed in the same year without preventing another? 11 April 2022 at 6:44PM in ISAs & tax-free savings 2 replies 85 views

Yellowman

If a cash ISA is opened and closed online without being used, will it disallow another being opened elsewhere in the same tax year?

I have opened one with Sainsbury's to transfer a previous year's cash ISA, but I have changed my mind.

eskbanker

You'll have a 14 day cooling-off period, which allows you to reverse the account opening, which is then treated as if it never happened.

In any case, the ISA rules only prohibit paying new money into multiple ISAs of the same type - you can open as many as you like - so if you haven't funded this new account it won't have compromised your options....

Yellowman

Many thanks eskbanker for your concise reply.

You have been far more prompt than the Sainsbury's telephone enquiry line - 30 minutes and still no answer!