closing isa, opening new one

jr_xyz

hi guys,

i have an ISA account with A&L and it only has a few quid in it. Can I close this account and open a new one with Barclays?

thanks in advance

Daz1

As far as I understand it, if you have put any money away in your old ISA this tax year, you should transfer it across to the new bank. If you haven't, then you can close the old one OK, or just leave it open and open the new one with fresh funds (though I assume you are moving because of a better interest rate so leaving it open when it could be earning a higher rate is a no-brainer)

jr_xyz

Daz1 wrote: »

As far as I understand it, if you have put any money away in your old ISA this tax year, you should transfer it across to the new bank. If you haven't, then you can close the old one OK, or just leave it open and open the new one with fresh funds (though I assume you are moving because of a better interest rate so leaving it open when it could be earning a higher rate is a no-brainer)

in my current A&L ISA account there is abt 10 quid in there, no any interest is neglible.

i want to open a barclays ISA where i can get 6.5% interest, but this account does not allow transfers in.

so it possible to close my current A&L ISA account (I don't care about loss of interest), and open a Barclays ISA and slap 3.6k in there?

(and is it absolutely necessary to close the A&L ISA accnt if i want to open one at Barclays???.......i will not be putting any money in it anyway and it is difificult for me in to make time to get to a branch and close it)

:money::T:money:

jr_xyz

albertross wrote: »

Yes, provided you haven't put any money in it since 6/4/08, you can open up a fresh isa (with any provider) each tax yr, they run alongside any existing ISAs, and yes you can leave the £10 where it is.

nice one matey!