Top Cash ISAs Discussion Area

Sev_3

I have £2,500 in a mini cash ISA with Barclays. I recently applied for and have opened the new Haven ISA with a deposit of £100. Should i take out the money from the old ISA and then put it into the Haven one, or would i be better to continue saving into the new Haven ISA and leave my other savings where they are?? Appreciate any advice!

welsbyc

Sev wrote: »

I have £2,500 in a mini cash ISA with Barclays. I recently applied for and have opened the new Haven ISA with a deposit of £100. Should i take out the money from the old ISA and then put it into the Haven one, or would i be better to continue saving into the new Haven ISA and leave my other savings where they are?? Appreciate any advice!

It appears that you cannot transfer ISAs into the Haven ISA, therefore you couldn't transfer in monies from previous tax years. However if your old ISA is paying a low rate, it would be a good idea to shop around and find an account paying a better rate that allows transfers in. You don't need to keep all yours ISAs with Barclays.

Catriona.

Sev_3

Thanks Catriona. I was thinking of withdrawing all the mony from my old ISA and closing it, then placing the funds into the Haven one. Is that not allowed then? I am new to all this ! Cheers.

Lokolo

Are you thinking of putting more than another £1000 in the ISA until April 2009?

purplestar133

Sev wrote: »

Thanks Catriona. I was thinking of withdrawing all the mony from my old ISA and closing it, then placing the funds into the Haven one. Is that not allowed then? I am new to all this ! Cheers.

If you withdraw your money from an ISA it will lose it's tax free status. If you withdraw it and put it in the Tax haven ISA, it will be counted as new money and not money you have already saved in previous years. To get a better rate you'll have to transfer it to an ISA that allows transfers in. As Catriona says, Barclays Tax Haven ISA doesn't allow transfers in.

Have a look at the first post in the following thread: http://forums.moneysavingexpert.com/showthread.html?t=401374 . It lists all the top paying ISAs in categories, such as those that do and don't allow transfers in. It's updated regularly but hasn't been updated since the beginning of May so double check the interest rates.

Hope that makes sense!

Jo4

A friend of mine wants to open an ISA. They intend to put surplus cash into it but because they have a bill due in September and another in April/May next year they will then have to withdraw funds. They thought they could earn interest on the cash and the best way would be through an ISA. Can anyone suggest which ISA is best for them considering the way they want to use it?

purplestar133

Jo4 wrote: »

A friend of mine wants to open an ISA. They intend to put surplus cash into it but because they have a bill due in September and another in April/May next year they will then have to withdraw funds. They thought they could earn interest on the cash and the best way would be through an ISA. Can anyone suggest which ISA is best for them considering the way they want to use it?

Have a look at this thread: http://forums.moneysavingexpert.com/showthread.html?t=401374. It's the same thread I recommended for Sev above. It lists all the top paying ISA's and notes the main particulars of each account eg. if withdrawals are not allowed or if you are required to give notice before withdrawing.I think they're all instant access unless stated otherwise. #

As I said to Sev, the first post is continually updated but hasn't been updated since the beginning of May so just double check the interest rates and make sure you read the terms and conditions before applying for anything! It's a good at a glance guide to the pros and cons of the top ISAs though.

topbuzz

topbuzz wrote: »

I applied for the Barclays Haven ISA last week. As I'm a new customer had to make an appointment, but they close at 5pm and I leave work at 6pm, so weekends only available.

Got to see adviser at local branch after waiting in 10min in cue as there is no-one EVER manning the 'help' desk by the door.:mad:

See adviser, I wasn't told what ID to bring but by experience I bought passport, driving licence and several utility bills. He only wanted the passport and driving licence. Filled in ISA form, wrote out £3K cheque to myself, he stamped and dated it and said its all done.

Got a letter today (week later) saying my application is void because they have no proof of my address, even though its on my driving licence that they photo copied.:mad:

Go back up to branch, stand in cue again as no-one is ever at the help desk by the door. Got ANOTHER appointment to see the SAME adviser again. :mad: Fortunately there is a slot this weekend.

Its just a farce. I had ALL the paper work there and the letter suggests its my fault that I didn't give any ID. Now I got to spend MY time solving their problem. Just hope I don't miss this 2007/08 dead line.

Quick update so far:
Have recived two letters by Barcleys now saying that they don't have enough ID. I have been to branch twice to give the same ID as before. Got a 3rd letter from Barcleys to say I have now been accepted :T . But it could take up to another 4 weeks for my ISA account to be activiated

So from signing on for 07/08 at 26Mar08 to 30May08 (about 2 months) to open a Barcleys Cash Tax-Haven ISA. I intended to put £3600 from 5April08 onwards but still can't as they havn't opend my account yet :mad:

babe_ruth_3

Hi, Im only just starting to look to put this years allowance in and also I have some to transfer from last years barclays isa.

I notice on martins isa page that a&l (think its called direct 4) are paying 6.25% and allow transfers in too.

I clicked on the link to a&l but it is saying 6% ?

Am I missing something here?

Any help appreciated - thanks

Baldur

babe_ruth wrote: »

I clicked on the link to a&l but it is saying 6% ?

Am I missing something here?

It was 6.25% before it dropped in line with the April BOE base rate reduction. See this post (scroll down for ISAs which accept inward transfers) for the current rates available.