Confused About Barclays Instant Cash ISA

RogerBerg

Hi peeps!

I just wanted to ask your opinion on this, I'm a Barclays customer. I have a simple ISA with them but just the other day I saw they have this ISA called Instant Cash, and they allow you to put more than £30000 in there?

I thought the limit of money you could put in a cash ISA was the limit the revenue sets every tax year, like £5640 last tax year.

How come in this instant cash they say you can have more than 30K in your balance?

Obviously Im missing something.

Thanks everybody!!
R.

p00hsticks

RogerBerg wrote: »

How come in this instant cash they say you can have more than 30K in your balance?

Obviously Im missing something.

You're right that there is a limit to what you can contribute new each year, but if you've been making use of your full cash ISA allowance each year since ISAs were first introduced, you'll have accumulated far more than £30,000 - this ISA obviously allows you to transfer old existing ISA money into it.