Lloydstsb cash isa Problems

bobpat_2

Hi, I transfered an ISA from Barclays to Lloyds in May this year, and was told by the branch advisor that i would still be able to open another ISA for this year, 2012/2013. When i tried to open one today, i was told that the transfer counts as this current years opening. I think this is incorrect, can anyone advise please?.

Lokolo

How did you transfer? My doing it yourself or by filling in an ISA transfer form?

pqrdef

You can pay new money into a new ISA so long as you haven't paid any new money into the other ISA, either at Barclays or at Lloyds, on or after 6th April.

But do you need to open another ISA, as opposed to just paying more money into the one you've got?

bobpat_2

I filled in transfer forms, and the bank advisor took care of the Lloyds part.

bobpat_2

pqrdef wrote: »

You can pay new money into a new ISA so long as you haven't paid any new money into the other ISA, either at Barclays or at Lloyds, on or after 6th April.

But do you need to open another ISA, as opposed to just paying more money into the one you've got?

The problem is, the savings dept. say that we cannot open a new ISA, because the transfer was in this financial year.

Lokolo

Who are you trying to open an ISA with?

And you say you transferred in May, had you deposited any money between April 6th and the date of transfer?

MoneySaverLog

bobpat wrote: »

Hi, I transfered an ISA from Barclays to Lloyds in May this year, and was told by the branch advisor that i would still be able to open another ISA for this year, 2012/2013. When i tried to open one today, i was told that the transfer counts as this current years opening. I think this is incorrect, can anyone advise please?.

You can make a total contribution to a cash isa of £5340 for the current tax year of 2011-12.

Any ISA's from previous tax years have to be made by completing a transfer form, from Lloyds. If you do a withdrawl from Barclays and then pay it in, then you lost the tax wrapper for that year and the money would probably have been put in using this years allowance. :eek:

Lokolo wrote: »

How did you transfer? My doing it yourself or by filling in an ISA transfer form?

I hope it was with a transfer form.

bobpat_2

Lokolo wrote: »

Who are you trying to open an ISA with?

And you say you transferred in May, had you deposited any money between April 6th and the date of transfer?

Lloyds, no i haven't deposited any funds other than the transfer.

bobpat_2

MoneySaverLog wrote: »

You can make a total contribution to a cash isa of £5340 for the current tax year of 2011-12.

Any ISA's from previous tax years have to be made by completing a transfer form, from Lloyds. If you do a withdrawl from Barclays and then pay it in, then you lost the tax wrapper for that year and the money would probably have been put in using this years allowance. :eek:



I hope it was with a transfer form.

Yes, it was with the correct transfer forms.

Lokolo

bobpat wrote: »

Lloyds, no i haven't deposited any funds other than the transfer.

Then yes you can. Anyone reason why you aren't just topping up the existing ISA?

Another way would be to open the ISA online rather than through a person.

bobpat_2

Lokolo wrote: »

Then yes you can. Anyone reason why you aren't just topping up the existing ISA?

Another way would be to open the ISA online rather than through a person.

The existing one is up to the limit.