Close ISA within cooling-off period by ISA transfer?

Emily_Joy

 Last week, probably rushing a little I opened two ISAs - one with Close brothers and one with Gatehouse requesting ISA transfer from Virgin Money. I see that Cynergy now offers considerably better rates so I would like to move the funds to Cynergy as both accounts are still within 14 day cooling off period.

How do I do that? Do I open account with Cynergy and request ISA transfer from Close Brothers hoping there will be no penalty? The funds, requested a week ago, has not even reached Gatehouse yet. How do I chase this? Can I cancel transfer request?

ETA: It appears Cynergy bank doesn't accept new applications at the moment, I was probably confused by "the best currently available list" thread. But the question remains in case something turns up. 

masonic

Usually it's best to contact the existing provider to discuss how to navigate this as it can vary by provider.

The important thing is to make sure it is treated as a cancellation, but previous tax year money is not simply dumped out to a non-ISA account. In some cases it would need to go back to where it came from with a prior ISA being reinstated, but this may be difficult if said prior ISA provider doesn't want to play ball.