cancellation of ISA within cooling-off period

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Hi

I want to double check that cancelling an ISA [regular saver which on review was not the best deal] will still allow me to save my £3600 in a new cash ISA?
I was assured by First Direct that this would be the case, but I want to be absolutely sure.
They also said that any interest accruing would be put back into my account and that this should not affect my opening an ISA elsewhere.

Any feedback helpful, please. Thanks.

Baldur

Yes, if your cancellation meets the HMRC criteria - see Paragraph 5.5 et seq of the Acrobat document HERE:

"Strictly investors who withdraw their subscriptions from an ISA by exercising their right to cancel have made a subscription to an ISA. But where the subscription is cancelled within the set period, investors will be treated as though they have not subscribed to an ISA."

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Baldur wrote: »

Yes, if your cancellation meets the HMRC criteria - see Paragraph 5.5 et seq of the Acrobat document HERE:

"Strictly investors who withdraw their subscriptions from an ISA by exercising their right to cancel have made a subscription to an ISA. But where the subscription is cancelled within the set period, investors will be treated as though they have not subscribed to an ISA."

Thanks. That has helped to clarify/confirm that I will be okay to open a more suitable ISA, as cancellation was within cooling-off period, as I was assured by First Direct.