Closing ISA

JonSalji

This FY, I opened a Cash ISA and a Nutmeg S&S ISA and paid into both. 

I have another ISA with my main bank, which has been dormant since 2020 - no payment in nor withdrawals. Practically no interest at the moment (0.4% I think). 

I would like to withdraw this money and close the ISA, then deposit it into a high interest saving account. Just want to check that this will not impact my limits with the ISAs I opened this year?

savit4l8er

No problem there as long as it is just high interest account, nothing ISA related.  If you don't want to fully lose the ISA status of that cash this tax year, you could transfer it to a flexible ISA ( if it already isn't in one) then withdraw it leaving the flexi open.  That way, if you want to put it back this tax year, you could.
Just thought to mention it.

JonSalji

savit4l8er said:

No problem there as long as it is just high interest account, nothing ISA related.  If you don't want to fully lose the ISA status of that cash this tax year, you could transfer it to a flexible ISA ( if it already isn't in one) then withdraw it leaving the flexi open.  That way, if you want to put it back this tax year, you could.
Just thought to mention it.

Thanks for this, will consider all your advice!

Albermarle

You could transfer that ISA to one of your current ones, or a new ISA. This is no issue as long as you do not contribute any new money to a new ISA.
You can also have a 'high paying' ISA savings account. It will be just a little less high paying than a non ISA account .