Barclays Golden ISA - issue 3 / 3.25% AER now available

blueberrypie

Hadrian wrote: »

I can't understand the logic of the quote above for love nor money!:mad:

If I can't transfer then what's to stop me from taking out and putting my Barclays Golden ISA 2 money back into my current account and THEN opening the new one, Golden ISA 3. What will I loose or what's the best way to do it. When should I do this to best effect?

You have an allowance of £5100 for the current tax year.

If you have already paid in *any* of this allowance into *any* ISA, you cannot fund another ISA during this tax year. So if any of the funds in your Golden ISA 2 (or any other ISA) were paid in since April 6th, 2010, you can't pay new funds into another ISA until April 6th, 2011.

If you have not contributed new funds to any cash ISA since April 5th, 2010, you can indeed open a Golden ISA 3 and fund it with money you took out of your Golden ISA 2. However this will count as your 10/11 allowance, so you should not do it unless you have no plans to use your 10/11 allowance otherwise. And if you have anything more than £5100 in your Golden ISA 2 (including any interest which is paid when you close it), your funding of the Golden ISA 3 will be limited to the £5100 which is your current year's allowance.

chris91_2

I have an issue 2 with about £2700 in it, I want the issue 3 and put the existing balance in it. Would I be able to transfer money out of issue 2 just before tax year end into current account. Keep it there, then open new isa for 2011/12 year with this 2700 plus extra UP TO £5340?

rb10

chris91 wrote: »

I have an issue 2 with about £2700 in it, I want the issue 3 and put the existing balance in it. Would I be able to transfer money out of issue 2 just before tax year end into current account. Keep it there, then open new isa for 2011/12 year with this 2700 plus extra UP TO £5340?

Yes, but you'd be wasting £2700 of your allowance.

Even better:

You can transfer your Issue 2 to another bank (one that accepts transfers in, e.g. Halifax ISA Direct Reward or Nationwide e-ISA). If you follow the proper ISA transfer procedure (i.e. open the new account, ask the new bank for an ISA transfer form and let them sort the transfer), then all this money will stay in an ISA.

You can then open a Barclays Issue 3 (or any other new ISA), and put your 2011/12 allowance into this.

That would leave you with ~£2700 in Halifax/Nationwide, AND £5340 in Barclays.

teameffort

rb10 wrote: »

Yes, but you'd be wasting £2700 of your allowance.

Even better:

You can transfer your Issue 2 to another bank (one that accepts transfers in, e.g. Halifax ISA Direct Reward or Nationwide e-ISA). If you follow the proper ISA transfer procedure (i.e. open the new account, ask the new bank for an ISA transfer form and let them sort the transfer), then all this money will stay in an ISA.

You can then open a Barclays Issue 3 (or any other new ISA), and put your 2011/12 allowance into this.

That would leave you with ~£2700 in Halifax/Nationwide, AND £5340 in Barclays.

I agree with the above it makes the most sense as you'll be able to save more tax free. plus if you transfer it to Halifax they pay you interest even while it's transferring over. This process can take up to 30 days, so at least you won't miss out.

This is what i'm thinking of doing, but i'm going to wait until a year after my ISA was opened for me 10/04/2010 as this is when the one year bonus is paid into your account. you may need to check when you opened yours.

hope this helps

chris91_2

Thank you, may look at Bank of Scotlands ISA direct reward....3.2% might actually be better overall...

Svenena

Does anyone know whether you have to fund the Issue 3 immediately if you open it online (current Barclays customer)? I know it says you need to open it with £1, but Halifax also says this, but allowed me to open it online and pay money into it later, so I was wondering whether it was the same with Barclays.

I'm concerned that it's going to be withdrawn, as the weekly email suggests it will be, before 6th April, so I was hoping to open one in the next few days, but then not fund it until then...

Lokolo

Svenena wrote: »

Does anyone know whether you have to fund the Issue 3 immediately if you open it online (current Barclays customer)? I know it says you need to open it with £1, but Halifax also says this, but allowed me to open it online and pay money into it later, so I was wondering whether it was the same with Barclays.

I'm concerned that it's going to be withdrawn, as the weekly email suggests it will be, before 6th April, so I was hoping to open one in the next few days, but then not fund it until then...

I don't know the answer, but they haven't done it in previous years so I doubt they will now.

10_66

Svenena wrote: »

...I'm concerned that it's going to be withdrawn, as the weekly email suggests it will be, before 6th April, so I was hoping to open one in the next few days, but then not fund it until then...

For the last couple of years' it's been available with the 1% bonus until around June. It was then still available, but without the 1% bonus to applications after whatever the date was in June

As I was thinking of opening either this or the AA's (3.35%, but put off by BM's antiquated application process), I just rang Barclays, and they said they're unaware of this product being either withdrawn, or of the 1% bonus being dropped. However, as you say, according to Martin's weekly email it ends next Tuesday. You don't think the weekly email just refers to the fact that this year's applications end next Tuesday, do you? If that's what's meant, it's not terribly clear.

edda

10_66 wrote: »

You don't think the weekly email just refers to the fact that this year's applications end next Tuesday, do you? If that's what's meant, it's not terribly clear.

Yes - I'm sure this is what the email meant.

It also lists Nationwide as ending yesterday (Wednesday) - but it's still available.

Agree that the email isn't clear - it's explained better in the news article here:

http://www.moneysavingexpert.com/news/banking/2011/03/isa-deadline-looms-dont-delay?utm_source=forum&utm_medium=sidebar&utm_campaign=box

Svenena

To be on the safe side, I'm think I'll try on the 5th whether it's possible to open it without funding it, and then put some money in the next day. If it won't allow that, at least I've tried in case it's not available, and if it is still available I can just redo the application the next day and put the money in at the same time.