smokey01 wrote:My sister has just opened an ISA with Marcus and had planned to transfer an existing ISA to it. She has now realised that they don’t allow transfers in and so she doesn’t need it. Should she close it under the 14 day cancellation period or is it ok to just leave it dormant? My worry is in 6 months time she may open another ISA for this year’s contribution but as far as I know it is ok as long as she doesn’t ever put anything into Marcus I.e. you are not allowed to contribute to 2 ISA’s in a year but opening 2 ISA’s is ok as long as one of them doesn’t get money put in.
I once did almost the same thing; opened an ISA but decided to go for another one. I received news updates for about a year, then they obviously realised it wasn't being used and I heard nothing more. As long as she doesn't put any money in, she'll be fine. Though, as Didds says, why not close it? A short email or their private messaging? Probably safer, just in case they ever introduce an inactivity fee or monthly charge for 'having' the ISA.
Steve
PS Sounds crazy I know, but in Italy, after the Financial crisis, people with current and savings accounts had an annual 33 euro charge 'bollo' to pay for each account. I think the bollo for the savings accounts lasted about five years, but it meant that people with almost nothing in their savings accounts suddenly found themselves in the red!
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