Cash ISA Fixed ISA Cooling off period

etwallace

Asking whether the 14 days cooling off period is a strict rule for all banks and all cash ISA's or whether it is optional. Yesterday I transferred a cash ISA to a fixed rate ISA with the same bank and have now changed my mind. The bank is saying that since I've deposited more than £1000 in the FR isa I can't revert to the original ISA. The bank's ISA t&c say 14 days but does not stipulate whether that is for opened accounts not funded and it's not clear whether it applies to fixed their ISA's. What are the official rules for this please, is there a link to a gov website?

Mark_d

You need to check the key facts/features/information document for the fixed rate ISA you have

Ayr_Rage

You may be able to cancel the fixed ISA within 14 days but not be able to revert to the previous product.

As above, the devil will be in the details.

eskbanker

etwallace said:

Asking whether the 14 days cooling off period is a strict rule for all banks and all cash ISA's or whether it is optional. Yesterday I transferred a cash ISA to a fixed rate ISA with the same bank and have now changed my mind. The bank is saying that since I've deposited more than £1000 in the FR isa I can't revert to the original ISA. The bank's ISA t&c say 14 days but does not stipulate whether that is for opened accounts not funded and it's not clear whether it applies to fixed their ISA's. What are the official rules for this please, is there a link to a gov website?

COBS 15.2 The right to cancel - FCA Handbook sets out the 14 day cancellation period, and cross-refers to exemptions, none of which would seem to apply here.  Which institution and product are you referring to?

etwallace

Zopa bank, the Chat service is hopelessly slow and the customer service staff don't have the best english.

eskbanker

Zopa structure their ISAs as multiple pots within the same Smart ISA product and clarify that the cooling off period only applies when opening the top-level Smart ISA rather than pots within it, so if you've moved money from a variable pot to a fixed one, both within a single Smart ISA, they seem to be asserting that this doesn't have cancellation rights:

You can cancel your Smart ISA without charge within the first 14 days of opening it. The 14-day cancellation period starts when you initially open a Smart ISA — not when you open an individual pot.

https://www.zopa.com/help/article/i-just-opened-a-smart-isa-what-happens-if-i-change-my-mind