Two ISA's for the same year?

Lucy_P_4

Hi there I've currently got a couple of years ISA with ING and due to there poor rate want to transfer those past years to Natwest to get 3.25%. However, for this years ISA I wanted to open a new Barcleys ISA to get 3.61%. Problem is when I'm setting up the Natwest transfer I have to put in at least a £1 to open it. I'm assuming this will be the first £1 of my £3600....so my question is, can I have a Natwest ISA for this year with £1 in it and a Barcleys ISA with £3499?

Thanks in advance to anyone that can clear up my confusion!

talana

Have a word with someone at Natwest.
If they accept transfers in, then they should allow you to open the ISA with your transfer funds.
DON'T pay in an extra £1

And anyway, we're not quite in the new tax year yet (few days more). So if you've paid in £3600 in 08/09, then you wouldn't be allowed to pay in that extra £1!

so my question is, can I have a Natwest ISA for this year with £1 in it and a Barcleys ISA with £3499?

Not if they're are both new funds. no.

Sebby*

I have exactly the same question. I want to transfer in my previous ISAs (currently all in Lloyds TSB) to Natwest e-ISA, but I've already sorted a new ISA for 2009/10. The problem is that NatWest seems insistent upon opening the ISA with £1.

Lokolo

Then say no you cannot do this because you have already subscribed to an ISA. Tell them its not possible to do this for the above reason. They are just trying to get you to subscribe to them for the ISA.

If they refuse, ask to speak to manager.

Lucy_P_4

Thanks for your comments - I'll take your advice and go into branch to discuss with them.

mfhstid

I'd appreciate advice on whether the following is permissible:

1. I have £3600 from a First Direct Regular Saver ISA from 2008/09, which earned 10% but from maturity on 15th April will receive only 0.5%. I want to transfer that, if possible, to a new NatWest e-ISA (3.25%), which I'd have to open.

2. I also want to apply for a new First Direct Regular Saver, paying in £300 per month of new money.

3. I have a Yorkshire BS ISA with about £1500 which pays something like 1.9%. I'd like to transfer that into a First Direct e-ISA (fixed rate of 3.1%), which I'd have to open.

Is this possible?

Any

mfhstid wrote: »

I'd appreciate advice on whether the following is permissible:

1. I have £3600 from a First Direct Regular Saver ISA from 2008/09, which earned 10% but from maturity on 15th April will receive only 0.5%. I want to transfer that, if possible, to a new NatWest e-ISA (3.25%), which I'd have to open.

2. I also want to apply for a new First Direct Regular Saver, paying in £300 per month of new money.

3. I have a Yorkshire BS ISA with about £1500 which pays something like 1.9%. I'd like to transfer that into a First Direct e-ISA (fixed rate of 3.1%), which I'd have to open.

Is this possible?

No.
The transfer of the First Direct into NEW NatWest account means it is NEW ISA! You can only have 1 NEW ISA subscription a year. Therefore you cannot open another one.

Is the First Direct Regular Saver not an ISA? In that case you can have as many of those as you want.

mfhstid

Any wrote: »

No.
The transfer of the First Direct into NEW NatWest account means it is NEW ISA! You can only have 1 NEW ISA subscription a year. Therefore you cannot open another one.

Is the First Direct Regular Saver not an ISA? In that case you can have as many of those as you want.

First Direct Regular Saver is an ISA, so my original plan would have involved opening three new ISAs. My assumption was that there was no limit on the number of ISAs opened, as long as you remained within the £3600 limit for the tax year. Thanks for correcting me.

bulletproof_1979

Any wrote: »

No.
The transfer of the First Direct into NEW NatWest account means it is NEW ISA! You can only have 1 NEW ISA subscription a year. Therefore you cannot open another one.

Is the First Direct Regular Saver not an ISA? In that case you can have as many of those as you want.

Um I'm fairly sure this isn't right - you can transfer existing ISA money around as much as you like surely? It's just that you can only invest £3600 in a single new ISA every year.

Any

But NatWest insist in putting £1 to open the account first, which would be opening new ISA.

mfhstid

Any wrote: »

But NatWest insist in putting £1 to open the account first, which would be opening new ISA.

But if NatWest were to waive the requirement for £1 to open the ISA, and instead allowed a transfer of cash from another, existing ISA, then that wouldn't present a problem?