Bradford & Bingley ISA

frames1_uk

Please bear with me, I may be being rather obtuse....

I opened my first cash ISA this time last year with B&B, fixed rate. It now appears to be sitting in some matured isa account, but I cannot see what, if any rate of interest it is getting. I also cannot see any other ISAs whatsoever, being offered by B&B, so what do I do? How do I maintain this 'tax free wrapper'?

Also, I am opening a Barclays Golden ISA on Monday, (they do not accept transfers in) so that is obviously going to use my 09/10 allowance.

When/if I withdraw the B&B one, does it remain as a '08/09 investment', I'm finding this very confusing.

Thanks in advance.

rb10

To transfer an ISA from one provider to another, make sure you do it using the banks' ISA transfer process - this means you open a new ISA, and ask that bank for a form to transfer an ISA in. They will then close your B&B ISA, and credit the money into your new one.

So you need to find an ISA that accepts transfers in (most do). One good one to look at is the Halifax ISA Direct Reward, although this must be opened by Saturday at 6pm. Otherwise, look at this thread on here.

Sparky47

You can find the rates for closed accounts on the B&B site, I believe the matured ISA account is paying 0.1%.

B&B are now only offering ISAs under the Abbey brand.

Don't withdraw your ISA as you will lose the tax free status, instead find a new supplier that pays a good rate and excepts transfers. Then get them to handle the transfer in.

b3nton

I didn't know there was an ISA transfer process!

frames1_uk

thanks very much for that information, very helpful.

frames1_uk

hmm, right I am just opening the Halifax ISA and agreeing to the terms and conditions. Says I agree this is the only cash isa I will subscribe to for 09/10............

this is where I am lost.... the money I am putting in is the transfer from 08/09.

Does this mean I cannot now open the Barclays one on Monday, with another £3600 for this year?

Thanks

rb10

frames1_uk wrote: »

hmm, right I am just opening the Halifax ISA and agreeing to the terms and conditions. Says I agree this is the only cash isa I will subscribe to for 09/10............

this is where I am lost.... the money I am putting in is the transfer from 08/09.

Does this mean I cannot now open the Barclays one on Monday, with another £3600 for this year?

Thanks

Subscribing to an ISA means paying new money into the account. You have not paid any new money (not previously in an ISA) into the Halifax one, so this condition does not apply.

You can still pay £3600 into Barclays.

You are in a good position - keep an eye on the Barclays account, remember it's a variable rate, so if that rate drops during the year to below 3% you are still able to transfer that in to the Halifax one and get a better rate.

frames1_uk

Thanks very much.

frames1_uk

well I opened the Halifax ISA online and have sent off my transfer forms today.

Went to my Barclays appointment to open Golden ISA and of course, the rate has now dropped the 1% bonus, so I didn't open it.... hmm now have to think where to put it, bad timing!

Sparky47

Well you still have the option of putting this years money into your Halifax ISA as well as your transfer.

frames1_uk

yeh I might do that, I will have a good scour of the best buy tables again tonight.