Opening then Closing an ISA account

NebulaNova

Hi, I've opened an ISA account but not funded it as I was going to transfer an ISA into it from the current tax year but have changed my mind

Does this effect anything in terms of using an allowance provided I haven't put funds into it? I received a subscription certificate from Tesco Bank so I'm concerned I should now use it so there's no confusion with HMRC.

Thanks

Woodstok2000

Nope - you can open and close as many accounts as you want, the limit is on depositing £20k of new funds into ISAs within a tax year.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81922346#Comment_81922346

Ok that's great, thanks

Shylock_249

You could always phone them and tell them to cancel the account but as Himonster says "Nope".

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81922626#Comment_81922626

What do you mean nope?

Shylock_249

https://forums.moneysavingexpert.com/discussion/comment/81922650#Comment_81922650

sorry, it should be As Woodstok2000 said "Nope", ie Nope, you can open and close as many accounts as you want, the limit is on depositing £20k of new funds into ISAs within a tax year.

t0rt0ise

If you don't put money in they'll close it anyway so no need to call them.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81922723#Comment_81922723

I think the confusion has been caused not so much by your odd misnomer but maybe because English isn't the OP's first language and doesn't realize that nope is slang!