Just wanted to ask you - I have opened an ISA with a provider that I didnāt quite like so I have decided to withdraw funds and close the account within the 7 days cooling off period. Can I open another ISA in the same financial year, as I assume my account is treated now as never opened? I have confirmation from the previous provider that I am free to open another one and that wonāt be a problem but I just want to know your views on that.
Yes, thatās exactly how the ISA rules work. Itās not specific to provider, itās a general rule that you can change your mind within seven days and open another account.
Letās assume youāre not a trader and go for dividend income. Ā£2000 are generally free as dividend income per year. If you make Ā£2036 in dividends, an ISA at Ā£3 per month is worth it. But you canāt just switch your stocks from general to ISA account whenever you want, so this will need some planning on your side beforehand.