Quick question re opening ISAs

Gillby1

Hi all,

I would like to open the Barclays ISA account for 2009/10, but as this doesn't allow transfer of old ISA can i also open a Natwest e-ISA to transfer in last year's allowance? Or can you not open two ISAs in one year?

I realise i am only permitted to save £3600 during the year.

Thanks!

Gill

dazeruk

Gillby1 wrote: »

Hi all,

I would like to open the Barclays ISA account for 2009/10, but as this doesn't allow transfer of old ISA can i also open a Natwest e-ISA to transfer in last year's allowance? Or can you not open two ISAs in one year?

I realise i am only permitted to save £3600 during the year.

Thanks!

Gill

You can open as many as you want for transfer purposes. What you want to do is entirely permittable.

Trifled

Ooh I was told different today I think.
I have a Barclays ISA. Asked First Direct whether I could transfer that and open a new Barclays Golden. They said I can only have 1 "active" ISA for the year. Transferring and opening a new one would make 2.

dazeruk

Trifled wrote: »

Ooh I was told different today I think.
I have a Barclays ISA. Asked First Direct whether I could transfer that and open a new Barclays Golden. They said I can only have 1 "active" ISA for the year. Transferring and opening a new one would make 2.

You can only have one 'active' or subscribed ISA per year. That is an ISA you are paying new money into. You can have as many as you want for transfer purposes as this does not count as new money.

If you have paid no money this tax year into your current Barclays ISA, then you can open a new Barclays Golden ISA to put new money into and another ISA elsewhere for transfer purposes.

Booradley_2

dazeruk wrote: »

You can only have one 'active' or subscribed ISA per year. That is an ISA you paying new money into. You can have as many you want for transfer purposes as this does not count as new money.

If you have paid no money this tax year into your current Barclays ISA, then you can open a new Barclays Golden ISA to put new money into and another ISA elsewhere for transfer purposes.

Thats my understanding too. Will find out toady. I also am opening the Barclays isa and transferring another elsewhere.

Boo

Trifled

Maybe the lady from 1st Direct misunderstood me, but I can't see how.
I stated "I have an ISA with Barclays, I want to open a new ISA with Barclays and transfer last year's ISA with them to you."



I'll give them another call I think...

dazeruk

Trifled wrote: »

Maybe the lady from 1st Direct misunderstood me, but I can't see how.
I stated "I have an ISA with Barclays, I want to open a new ISA with Barclays and transfer last year's ISA with them to you."



I'll give them another call I think...

Perhaps you need to be more specific:-

'I have an ISA with Barclays for previous tax years, I want to open and subscribe to a new ISA with Barclays for this tax year and transfer last year's ISA with Barclays to you.'

rb10

Trifled wrote: »

Maybe the lady from 1st Direct misunderstood me, but I can't see how.
I stated "I have an ISA with Barclays, I want to open a new ISA with Barclays and transfer last year's ISA with them to you."



I'll give them another call I think...

More likely is that the lady from First Direct just doesn't know what the rules are on ISAs.

Gillby1

Thanks for your replies. I have applied for the Natwest ISA anyway, and note that on the ISA transfer form declaration, it states: I have not and will not subscribe to another cash ISA in the same year that i subscribe to this cash ISA.

So i'm still not sure! Sounds like it might not be possible to do both...

dazeruk

Gillby1 wrote: »

Thanks for your replies. I have applied for the Natwest ISA anyway, and note that on the ISA transfer form declaration, it states: I have not and will not subscribe to another cash ISA in the same year that i subscribe to this cash ISA.

So i'm still not sure! Sounds like it might not be possible to do both...

Subscribing means putting new money in. If you are opening an ISA for tranfer purposes only then it is not classfied as subscribing. The above declaration is stating that in any year you actually put new money into the Natwest ISA you won't put money into any other ISA.

Don't worry!! Seems like a lot of financial institutions hire staff that have no idea how the ISA system works.

Nikabella

I was just about to ask the EXACT same question!

Ok small additional question though - I have 2008/2009 Barclays ISA (the one I want to transfer to Natwest before opening a new Barclays ISA for this years money) I understand that "subscribing" means actually putting new money in & I just want to check it doesn't count as taking money out? I have not put any money into my Barclays ISA since March, however, I have taken some out. I presume that as long as I transfer what is left & don't add to it then I will be allowed to open my new Barclays ISA to put money in?

Hope that makes sense!!!

A.x