Withdraw ISA - UK

Hi everyone

It’s really great to be here.

Just wanted to ask you - I have opened an ISA with a provider that I didn’t 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 won’t be a problem but I just want to know your views on that.

Cheers
Zuzanna

Yes, that’s exactly how the ISA rules work. It’s not specific to provider, it’s a general rule that you can change your mind within seven days and open another account.

Welcome to the community.

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When it is worth it to open an ISA based on your portfolio value and capital gains?

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Let’s assume you’re not a trader and go for dividend income. £2000 are generally free as dividend income per year. If you make £2036 in dividends, an ISA at £3 per month is worth it. But you can’t just switch your stocks from general to ISA account whenever you want, so this will need some planning on your side beforehand.

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Thanks a lot!