Barclays Golden ISA

petrolhead89

Hi Everyone, I currently have a Barclays Golden ISA, I have used about 3/4 of my tax free allowance for the current tax year 09-10 but have seen that the intrest rate on the new golden isa is significantly higher..How would I go about opening a new ISA? Would I need to leave the couple of thousand I have in the isa im using at the moment in another account, then close it and start directing my standing order into my new ISA every month?

Rather confused really but want to earn as much intrest on my money as possible.

Any help would be appreciated.

jimbow25

You can open the new Barclays Golden ISA (Issue 2) but you can't transfer your existing contributions (Issue 1) into it. This is a restriction on this particular account but not all ISA accounts.

You can transfer your existing Golden ISA (Issue 1) to any other ISA that accepts transfers in, to improve your interest. This will probably be a non-Barclays account to get decent interest, as their only ISA that accepts transfers in has terrible interest.

You can open a Golden ISA Issue 2 but you can't contribute to until after 6th April as you've already subscribed to a Cash ISA in the tax year.

If you want to max out your 09/10 contributions and get good interest, pay more into your Issue 1 account this week - make sure the money gets there before Friday - and then look to transfer the balance out. Don't *close* the account, but open a new account with a new provider, ask for a transfer in form and give them all the details of your Barclays account, they will request the money from Barclays.

petrolhead89

Thanks for the speedy reply. Just what I wanted to know, Just to clarify, I can have the old ISA sat along side the new one but simply pay into the new one?

Sanzai

Yes, you can have more than one ISA coexisting, but you can only pay into one ISA in any given tax year. Hence why you cannot pay into the Golden ISA 2 until the start of the next tax year (i.e. April 6th).

onoff123go

Hello, my query appears to be similar to the one above but I need clarification. I am thinking of getting the Barclays Golden ISA for the first time before the deadline for this year. So I think that means I can out £3600 into it for 09-10 tax year.

Then I can invest £5100 in any ISA for the next tax year from 6 April. But how would this work if I cannot transfer in the £3600, as this seems to be prohibited for this ISA. Does that mean I can't put in £3600 to a new ISA for 2010/11, and then still have £5100 to put in. I guess I could put the £3600 into the new 2010/11 ISA, but this would use up £3600 of my £5100 allowance. Is this correct?

I am assuming here that I want to get another ISA with Barclays, presumably the same one, for 2010/11

Thanks

Matthew

koopa_coffee

You can just add the £5100 to the same ISA, so you'll have £8700 in the Golden ISA.

onoff123go

Hi, I'm confused by this on the moneysavingexpert website


Barclays 3.1%
Online, inc 1% fixed bonus for 12 mths

The next best rate is with Barclays Golden ISA (Issue 2), which pays 3.1% AER with a fixed 1% bonus for 12 months. though it doesn't allow you to transfers in money from previous years' ISA cash.

thanks

Matthew

mrdermo

another question about the golden ISA (maybe a dumb one!) I opened a golden isa april 2009, but I cannot check it online or by telephone because one can only do that if one has a barclays current account (I don't) does anyone know how I can check the balance on my current Golden ISA without having a current account.

I presume the only way to do this would be to go in branch, does anyone else have experience of this situation? thanks in advance.

ANGLICANPAT

Which particular bit of the moneysaving site are you looking at on off123?

koopa_coffee

onoff123go wrote: »

Hi, I'm confused by this on the moneysavingexpert website


Barclays 3.1%
Online, inc 1% fixed bonus for 12 mths

The next best rate is with Barclays Golden ISA (Issue 2), which pays 3.1% AER with a fixed 1% bonus for 12 months. though it doesn't allow you to transfers in money from previous years' ISA cash.

thanks

Matthew

You can use this Golden ISA issue 2 for both your 09/10 allowance and top it up with your 10/11 allowance but you cannot transfer other ISAs into it.

datostar

Sanzai wrote: »

Yes, you can have more than one ISA coexisting, but you can only pay into one ISA in any given tax year. Hence why you cannot pay into the Golden ISA 2 until the start of the next tax year (i.e. April 6th).

I was thinking of doing this, but according to the T&C's for the Golden ISA 2 you have to subscribe at least £1 at the time of application, so if you've already subscribed into another Cash ISA for the 2009/10 tax year you'll be breaking HMRC rules. I interpret this as meaning that I can't open a Golden ISA 2 for 2020/11 before 6 April as Barclays require money to be put in at the time of application.