ISA regret

[PurpleishDahlia]

Hello!
Boring question and please forgive my ignorance I'm only now educating myself about money matters, at age 36.
I opened an investment ISA but I changed my mind about the company and I decided I want to go with someone else instead. There is no obvious option on the website to delete my account.
Since I have paid no money into it and I don't intend to, am I allowed to open a different one with the other provider or do I have to wait for the new tax year now?
I have googled and googled and I can't find a definitive answer.

Check your terms and conditions for a cooling off period. If you're inside this you can exercise your right to close it if you haven't funded it and then go off and open a new one elsewhere.

Otherwise, you need to do an ISA transfer even if you haven't funded it. You can then use your new provider to fund it. If you just close it you'll lose your investment ISA for this year, so don't do that unless it's within the cooling off period.

You only get one ISA of each type each year, so transferring is how you maintain the ISA wrapper even within year. I think (could be wrong) that you need to get your new provider to "pull" your ISA across in a transfer rather than asking your existing provider to transfer it across.

Do you mind me asking which company it is OP?

Hargreaves Lansdown, wanting to move to Vanguard

Oh really? Can I ask why you wanted to leave HL? I've been with them for years but checking out vanguard for next tax year as their fees are lower.

@Crepuscularshadows many thanks, looking through the terms and conditions now.

@TiddleTaddleTat well I don't see it as leaving, I only created an account 48 hours ago and I haven't done anything with it.. After much indecision and being torn between the 2 I decided I'd rather go to Vanguard, more appealing fees. I hope it's not terribly complicated to switch.

you should have 14 days to change your mind.
With ISAs as long as you dont go over your annual subscription, you can open two ISAs - lots of people open fixed rate ISAs and instant access ISAs together.

But with same company , once you close ISA you cant open another one for that tax year.

A simple solution would be to just fund the account with HL now & buy Vanguard funds (I’m assuming you ultimately want to buy their funds in the Vanguard ISA wrapper?)

Then set about doing an ISA switch. You will pay HL very little in fees for the short time you’re with them. And they no longer charge an exit fee so it won’t cost you any extra to switch the account away.

This is probably simpler and quicker than trying to close one account and open another.

In any case, if you did get ‘caught’ opening two ISAS then HMRC aren’t going to penalise you if one is completely unfunded.

Ring Vanguard. You may be able to open your account with them, then request that Vanguard transfer your assets from HL to your new account.

By the way, good choice to switch to Vanguard. The lower fees will lead to much better long term investment returns.