Can i transfer from Barclays 'Golden Isa 1' to Golden2?

buel10

Hi there,
My mum has £2000 in a Barclays Golden Isa 1 but has been told by a Barclays advisor that she cant transfer £2000 from her Golden Isa 1 to a Golden Isa 2 if she were to take one out, is this true please? I know that you cant transfer from a cash Isa from another provider but i thought you could from an Isa with the same bank?

xxdeebeexx

buel10 wrote: »

Hi there,
My mum has £2000 in a Barclays Golden Isa 1 but has been told by a Barclays advisor that she cant transfer £2000 from her Golden Isa 1 to a Golden Isa 2 if she were to take one out, is this true please? I know that you cant transfer from a cash Isa from another provider but i thought you could from an Isa with the same bank?

My husband wanted to do this. He misunderstood what would happen. He was NOT allowed transfer between ISA's - and could only make a cash withdrawal from the old ISA and then a cash deposit into the new ISA. Because of this he used up his ISA allowence for the year!!

Dx

10_66

buel10 wrote: »

Hi there,
My mum has £2000 in a Barclays Golden Isa 1 but has been told by a Barclays advisor that she cant transfer £2000 from her Golden Isa 1 to a Golden Isa 2 if she were to take one out, is this true please? I know that you cant transfer from a cash Isa from another provider but i thought you could from an Isa with the same bank?

You definitely can't transfer from anywhere into a Golden ISA.

If your mum were to withdraw the £2,000 she has in Golden ISA 1 herself (presumably her 09/10 allowance) to put it into Golden ISA 2 (for 10/11 allowance), she would lose the tax free status on her 09/10 funds for good.

buel10

Hi, thanks for that! But she cant have 2 Isas at a time so what should she do, do you think?

10_66

buel10 wrote: »

Hi, thanks for that! But she cant have 2 Isas at a time so what should she do, do you think?

If it's a better rate she's trying to get for an existing ISA, she'd just have to select one to which she is permitted to transfer in. She will have to keep current year's allowance in one "pot", so assuming she is over 50, and wants to add to her, what I'm assuming is an 09/10 allowance, it would have to go either into her Golden ISA 1 (assuming this is her 09/10 "pot"), or to wherever she might decide to transfer it to. Look at Kazza242's best available list HERE to compare what she's getting on her Golden ISA 1 with what else is available.

Lokolo_2

buel10 wrote: »

Hi, thanks for that! But she cant have 2 Isas at a time so what should she do, do you think?

You can have more than one ISA, BUT you are only allowed to CONTRIBUTE to One ISA per tax year :j

Sanzai

aaronmanz wrote: »

You can have more than one ISA, BUT you are only allowed to CONTRIBUTE to One ISA per tax year :j

That is, pay in 'new money'. Transfers are not limited so you can have several ISAs which allow transfers in, as long as only one ISA involves 'new money' from the current tax year.