Barclays Golden ISA 3.61%

lightbulb2760

I've just spotted this clause in the terms and conditions, that indicates that transfers in are permitted if you haven't used more than half this years allowance. The Golden Isa terms and conditions, third paragraph, last two sentences state:

"Transfers of funds currently held in another ISA either with us or another ISA manager are not allowed into the Golden ISA unless forming part of your annual subscription allowance. This condition replaces condition 2.3 of the General ISA Terms and Condtions."

So if you have £1800 or less in an existing ISA for the current tax year, you can transfer that into the Golden ISA.

BruceyBonus

lightbulb2760 wrote: »

I've just spotted this clause in the terms and conditions, that indicates that transfers in are permitted if you haven't used more than half this years allowance. The Golden Isa terms and conditions, third paragraph, last two sentences state:

"Transfers of funds currently held in another ISA either with us or another ISA manager are not allowed into the Golden ISA unless forming part of your annual subscription allowance. This condition replaces condition 2.3 of the General ISA Terms and Condtions."

So if you have £1800 or less in an existing ISA for the current tax year, you can transfer that into the Golden ISA.

I think what they are saying is if you have, for example, subscribed £1000 to the Barclays ISA in the 08/09 tax year, then you can withdraw and pay-in £2600 from another cash ISA.

lightbulb2760

BruceyBonus wrote: »

I think what they are saying is if you have, for example, subscribed £1000 to the Barclays ISA in the 08/09 tax year, then you can withdraw and pay-in £2600 from another cash ISA.

Yes. I took it as read that you have to close your existing ISA, as the rules say you cannot have more than one ISA in the tax year; although I took it to mean that you could still transfer the existing balance of say, £1800 straight from an existing ISA, as long as that ISA is then closed, in the same way normal transfers work. Or have I misunderstood?

Castrovalva

Folks there appears to be some confusion over the T&Cs for Barclays new ISA, so I've checked with my source.

The rule is no transfers in.

This refers to you changing your ISA provider in the current tax year.

If you are already with Barclays for this tax year (say with the Haven ISA) then that ISA will have to be closed before opening a Golden ISA - but then the ISA rules come into play which state only £3600 can be invested in a year. So if you've already invested your full £3600 for the year there is nothing you can do to get your hands on this ISA until April 6.

Hope this clears things up.

If not - post a reply and I'll see if I (or my contacts) can help.