ISA Question

himonster

Hi, I opened an ISA account and deposited to the limit, however I don't like the platform I've chosen. 

Am I able to transfer my money back to my personal account and then close the ISA, then re-open a new one, or do I have to transfer it now? I can transfer the funds back easily but I'm worried I'll lose my ISA allowance for this year.

Thanks

Peter999_2

If you close the ISA you would lose the allowance for this year.     You can, however, transfer the ISA to another ISA and that would be fine.

eskbanker

himonster said:

Hi, I opened an ISA account and deposited to the limit, however I don't like the platform I've chosen. 

Am I able to transfer my money back to my personal account and then close the ISA, then re-open a new one, or do I have to transfer it now? I can transfer the funds back easily but I'm worried I'll lose my ISA allowance for this year.

Thanks

When did you open it, i.e. was it within the last 14 days?

If so, then you can cancel it during the cooling-off period, which reverses the opening and funding as if it never happened, thereby leaving you with your current year allowance still available.

If it's after the cooling-off period then you'd be best to open an ISA with a new provider that you are comfortable with and asking them to transfer it across.

masonic

If you opened it within the last 14 days, you'd generally be able to cancel it without losing the ability to use your allowance elsewhere. You do need to make sure it is processed as a cancellation rather than standard closure.

Alternatively, transfer it to a new provider, assuming you wouldn't need to pay a penalty.

himonster

I opened it on 17th April. Does it take long to close one? It's with T212

eskbanker

himonster said:

I opened it on 17th April. Does it take long to close one? It's with T212

I don't suppose there are many who can reliably advise, but as long as you tell them within the 14 days, that's what counts....

himonster

With T212, that's only an option to completely close your account from what I can see.

Alistair31

Just curious, what do you now not like about T212?

Ayr_Rage

T212 takes a bit of getting used to but once you've cracked it, the platform is reliable and fast.

Unlike some you can make cash transactions at weekends and on Bank Holidays with is very convenient.

himonster

Alistair31 said:

Just curious, what do you now not like about T212?

I'm uneasy about it. No evidence of the account/funds if T212 ever got shut down. Not an actual bank. Can't see which banks the funds are being held with

wmb194

himonster said:

Alistair31 said:

Just curious, what do you now not like about T212?

I'm uneasy about it. No evidence of the account/funds if T212 ever got shut down. Not an actual bank. Can't see which banks the funds are being held with

Why would it get shutdown? It's a stockbroker. Click on the menu (the three lines) and then "interest on cash" and you'll see the split between institutions. E.g.,: