Transfer this years ISA

roryp15

Im sorry if this has been asked before but I've been looking at the Barclays 2 year fixed ISA paying 2.02% .

After speaking to Barclays ive been told as I have already subscribed to an ISA this year I cannot open one with them.

I currently have one with virgin which im looking to transfer to the Barclays one.

As far as I understood you can transfer any time as long as 2 arnt open, eg I cannot open Barclays and pay into that AND keep my virgin one, but as im transferring the whole lot it will be the " same isa " just with a new provider ?

Can anyone help me out?

Thanks

debonair

I opened one this year and then found another paying a better rate. I opened one there but have since been told you can't have two. I thought it was the amount you put in that was important rather than how many you have (!) Do I have to transfer the first into the second and then close it?

roryp15

debonair wrote: »

I opened one this year and then found another paying a better rate. I opened one there but have since been told you can't have two. I thought it was the amount you put in that was important rather than how many you have (!) Do I have to transfer the first into the second and then close it?

Yes I don't think you can have 2 ( 2 cash or s&s ) in the same year but ive done this multiple times

had 1 with RBS , transferred to Santander - both in same year

Santander , transferred to virgin - both in same year

I don't think you can have 1 then open another and pay into both them , I think you must transfer all of this years subscriptions. Eg if you have put in 5000 this year, you must transfer 5000.

hopefully someone will come along and clear things up

Archi_Bald

It is quite shocking that bank staff still don't know the simplest of ISA rules. Even Barclays own T&Cs confirm you can transfer your current year's ISA

4.1 In accordance with ISA Regulations, you are allowed
to transfer current tax year and/or previous tax years’ ISA
subscriptions to another ISA manager at any time, subject
to the terms and conditions of the account.
http://www.barclays.co.uk/cs/Satellite?blobcol=urldata&blobheadername1=Content-Type&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobheadervalue2=attachment%3B+filename%3D471%2F40%2FFlexible_Cash_ISA_Issue_4_TCs.pdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1260092830909&ssbinary=true

Once the transfer is complete, you can make further deposits into the particular ISA you mention (though this may not apply to all ISAs).

Essentially what you do with a transfer is change your ISA Manager. You aren't creating a second ISA.

Here's what Barclays say about making transfers to them:

How to transfer
It’s easy to make a transfer to us – if you’re registered for Online Banking, simply log in to complete a transfer form giving us the account details of the other ISA(s) and we’ll do the rest.
Alternatively, you can call us on 0345 744 5445 1 or pop into a branch to arrange an ISA transfer.
http://www.barclays.co.uk/Helpsupport/GuidetoISAsallowancesandrulesexplained/P1242558112510

Archi_Bald

debonair wrote: »

I opened one this year and then found another paying a better rate. I opened one there but have since been told you can't have two. I thought it was the amount you put in that was important rather than how many you have (!) Do I have to transfer the first into the second and then close it?

At any one point in time, you can only have one current year cash ISA to put new money into.

If you want to change ISA provider, you can do this, provided you transfer the existing current year ISA in its entirety to the new provider, and provided the new provider accepts transfers in.

You haven't provided enough detail to determine whether the information you were given is correct or incorrect in your given situation.

roryp15

Great archi bald - thanks for clearing this up.

I was on their live chat and was told as i have paid money into an isa this year i cannot open one with them this year ( was some foreign name so obviously didnt have a clue )

So i can transfer to barclays, continue to make deposits until 5th april 2015. It will then remain fixed at 2.02% for another 18months or so.

On 6th april 2015 i can then open a new isa to make deposits into.

Once my barclays has matured i can then merge both isas together?

Archi_Bald

roryp15 wrote: »

Once my barclays has matured i can then merge both isas together?

Sure you can.

Thought I should mention that you might be able to get better interest outside cash ISAs. This might be of interest, depending on the total amount you are planning to save and for how long.
http://www.moneysavingexpert.com/savings/savings-loophole and also in Regular Savings accounts.

roryp15

Im saving £5K a year into my cash ISA

S&S just depending how much i can afford so varies year to year.

I wonder if I use regular savers for the 2015/2016 year then at the end move into my ISA so will get the interest for following years tax free but ive made more interest 2014/2015 year by using regular savers

jimjames

There are a couple of possibilities.

If the ISA is a fixed term one then you may not be able to transfer it without penalty.
If the new ISA only allows new money not transfers.

It is possible that the bank staff were correct but didnt explain their reasons.

Archi_Bald

jimjames wrote: »

There are a couple of possibilities.

If the ISA is a fixed term one then you may not be able to transfer it without penalty.
If the new ISA only allows new money not transfers.

It is possible that the bank staff were correct but didnt explain their reasons.

The Barclays ISA mentioned by the OP does allow transfers in.

evenasus

Both myself and my husband transferred a matured ISA to a Barclays 2 Flexible ISA.
I was surprised to find, upon checking my current account, that interest from the ISA had been paid into the current account.
I was expecting it to be paid into the ISA.

In previous years, we've had Barclays Golden ISA, Golden ISA 2 & Golden ISA 3 - all interest being paid into the ISAs.

This years ISAs were opened on the 8th October and yet interest was paid on the 20th. So paid after 14 days of being opened.

According to Barclays T & Cs...

• Monthly interest: one month after the date the Flexible
Cash ISA is opened and then monthly;
• Annual interest: one year after the date the Flexible Cash
ISA is opened and then annually; and
• End of Term interest: on the speciied maturity date.
Monthly and annual interest can be paid into a Barclays
account (this must be in your name, but it can include an
account you hold jointly with someone else) which you
nominate, or will be paid to you by cheque