Savings stuck

[BobbitWormNightmares]

Hello clever lot,

I closed my H2B with nationwide and my options were Cheque or transfer but only between nationwide accounts - I don't live near my current account bank so didn't want to choose cheque - so I transferred the money into my empty nationwide ISA.

I now have this money sitting there - could I open a nationwide current account purely to move the money into - and then transfer it into my regular account?

Would this create alot of neg activity on my credit score?

My regular bank doesn't offer cashing cheques online btw

Thanks so much for reading :)

Phone them up and ask. Banks often try to put obstacles in the way of you closing an account and moving money away from their bank, but they can't actually stop you. Phone up and tell them what you want to do and they will have to tell you how to do it.

Get a cheque and pay it into your current account at a post office or post it to your bank?

Okay I'll give them a phone. I've looked up cashing a cheque but you need a posting in book which I never got. It's such a pain.

Will call nationwide, see what they say

Thanks

If you transfer money out if an ISA you'll lose all tax benefit associated with the ISA umbrella. If there is any chance you'd want to keep the money invested i would avoid a transfer from your ISA to a current account or regular savings account. You can request a direct transfer between ISAs if necessary. I'd look at a stocks and shares ISAs if you are able to keep the money invested for a few years.

Why did you close the H2B - are you wanting the cash, or are you going to invest it elsewhere?

I transferred the money into my empty nationwide ISA.
So the money is now still inside a tax wrapper... good.
Is this a Cash ISA or a Stocks & Shares ISA?

Do you want it to be in an ISA with another provider? If so then you could ask the other provider to do a Transfer IN from the Nationwide ISA. If you have it in a Cash ISA with Nationwide, you can transfer it to a different providers Cash ISA or to a different providers S&S ISA.

I closed it because I bought a house. But I used other savings in my regular bank account and sent that over to the solicitor -

I don't have another ISA - but I could try opening one with my regular bank and do the transfer there

The reason I have an empty ISA is because I did a current account Switch - which made my ISA loose it's interest so I had emptied into the account before it switched over. If that makes sense.