Can I open a new ISA and also do a transfer?

Scaredy_Cat_3

Actually, I'm asking for my Dad, so I don't know the sums involved. He has a Barclays ISA from last year - which is paying a rubbish rate. He wants to open the new Barclays Golden ISA, but that doesn't allow transfers in.

Can he open the Barclays Golden ISA this year with new money, and also transfer the funds in his old Barclays ISA to another provider? Does that make sense?

Clearly he can't put his old ISA money into the new Barclays Golden one because they won't let him transfer in. So can he transfer that money to another provider... but as long as he doesn't put any fresh money into the transferred account does that still count as last year's allowance... meaning he can open the Golden ISA with this year's allowance?

Would appreciate any guidance - thanks!

Lokolo

Thats all correct.

When you go to the new provider say you want to open a Cash ISA by transfer. They will get your dad to fill in a couple of forms, like details of his ISA he wishes to transfer (acc num, sort code, branch etc.), 30 days later (hopefully), everything will have been transferred.

Scaredy_Cat_3

And in addition, he can open a brand new ISA account this year?

Lokolo

Yep. Example.

Today he goes to Halifax and asks to open a Fixed Rate ISA by transfer. He fills in all the forms, goes out 20minutes later.

He then pops into Barclays, asks to open a Golden ISA with new money. He gives them details, hands a cheque for X (upto £3600), off he goes 20minutes later.

castle96

previous answer was not clear was it...

CAN he do £3600 with Barclays 3.61% var. as this yrs allowance, AND transfer previous yrs allowance to another provider, as a 'transfer in' ISA ??

(If not, s/cat, then Nat West are doing 3.51% var. (accepts transfers), though that is for £10k + in total)

castle96

so Lollo - beat me to it by 3 mins

Lokolo

But he had answered his own question.... he was correct in what he was asking. Which is why i said "Yep. Correct". Obviously he didn't get that which is why I then replied again

Yes, as my gf says, speedy gonzalez!

However I am about to drive for 2 hours and then go to a concert so you can take over

Scaredy_Cat_3

Thank you everyone - that was really helpful!

latecomer

was wondering the same so thanks for the clear exlanation.

nooneshuffle

This is interesting. I was told yesterday by a personal banker at Barclays that i couldn't open the golden isa and transfer last year's to a new isa with another bank, instead that my isa from last year with them could only be shut down and put into a savings account.