Barclays 1 & 2 year flexible fixed rate ISAs - one of each?

howryoo

Just want to double check ....

If I've already got their 1 year account up and running, funded with this year's allowance, is there anything stopping me from applying for their 2 year account and fund with an external transfer in?

If it is possible, am I right in thinking that there are no restrictions on the number of transfer in requests to either their 1 or 2 year accounts, provided requests(?) are made within 30 days of account opening?

So I could apply for the account now, opt to transfer in during the application process, then later in January request further transfer in(s)?

With the Christmas break looming, I don't quite fancy having funds in limbo between 24th to 28th.

refluxer

Yes - you should be able to open a 2-year account in addition to the 1-year account, provided you don't pay money from the current tax year into it if you've already done that in the 1-year account.

The T&Cs don't mention any limitation to the number of transfers in you can submit (but it does used words like 'requests' (plural) which implies to me that it's not limited to one) and yes - you'd need to submit them within 30 days.

 • ISA Transfers-in are allowed into this account. ISA Transfer-in requests must be received within 30 calendar days from the date of account opening.

One thing that does occur to me though - some ISA providers insist on transfer requests being submitted at the time of application and the 30-day window is simply there to allow for possible delays due to paper forms and post sometimes being needed. If you're still within 30 days of opening the 1-year ISA, I would log into online banking and see if there's an option for transferring in, then you'll know that transferring in should still be possible after the initial application for your second.

Most ISA providers I've transferred to in the past have backdated the interest to the date the old account is closed, so you shouldn't have to worry about any of your funds being in limbo. In fact - if you apply in the next few days, it's possible it won't get actioned until the 28th or later anyway.

If your existing ISA providers use the BACs ISA transfer service (Cynergy have a list here if you want to check), then funds should be transferred electronically so you should also have no delays due to the post/cheques being needed and this should (in theory) also lead to no loss of interest due to the transfer.

AlwaysLearnin

I've opened both - in my case 1 year for a previous year transfer, and the 2 year really more of a hedge in case rates decline (as could add new subscriptions in future if required)

I instructed a transfer after the application (as the transfer option during application didn't open properly) which seems to have worked okay.  The option appears to still available for me to use again if I wanted.

refluxer

AlwaysLearnin said:

I've opened both - in my case 1 year for a previous year transfer, and the 2 year really more of a hedge in case rates decline (as could add new subscriptions in future if required)

I instructed a transfer after the application (as the transfer option during application didn't open properly) which seems to have worked okay.  The option appears to still available for me to use again if I wanted.

Did you open the 2-year ISA with a subscription from the current tax year or another transfer ? If not, don't forget it'll close unless you fund it or submit a transfer request within 30 days.

AlwaysLearnin

refluxer said:

AlwaysLearnin said:

I've opened both - in my case 1 year for a previous year transfer, and the 2 year really more of a hedge in case rates decline (as could add new subscriptions in future if required)

I instructed a transfer after the application (as the transfer option during application didn't open properly) which seems to have worked okay.  The option appears to still available for me to use again if I wanted.

Did you open the 2-year ISA with a subscription from the current tax year or another transfer ? If not, don't forget it'll close unless you fund it or submit a transfer request within 30 days.

Current year subscription.  Could have done a small partial transfer in, but not planning on using any other cash ISA this tax year so just chucked a few pounds in.

howryoo

I guess in a couple of years time, the funds might be in limbo over Xmas 2024 if funds were to be transferred out?

refluxer

howryoo said:

I guess in a couple of years time, the funds might be in limbo over Xmas 2024 if funds were to be transferred out?

I don't think so because, as I mentioned above, the new ISA provider normally back-dates the interest when cheques have to be posted and when it's a BACs ISA transfer, there presumably shouldn't be any 'in limbo' time at all (in theory).

AlwaysLearnin

These accts mature in to easy access ISAs, so they can be moved as and when convenient once matured. Probably won't be the best rate, but you can assess at the time if you want to move immediately or not 

howryoo

I've already got their 1 year account which was funded with 2022-23's allowance.

Tried to apply for the 2 year option, but it seems it is insisting on me to check the box:

I confirm I want to apply for the '6th April 2022 to 5th April 2023 tax year'.

It then states 'The ISA you have selected allows you to transfer in an existing ISA'

Below this, there's another tick box:

I would like to transfer in funds from another ISA.

I've only ticked the latter as that's what I want to do - transfer in. 

I'm not sure I should be ticking the first box as I don't intend to fund for 2022-23?

I get a 'please confirm tax year you are applying for' error if I don't check the 2022-23 confirmation.

howryoo

I'm not sure if I'm answering my own question, but the T&Cs seem to suggest you can't open more than one ISA account?

https://www.barclays.co.uk/content/dam/documents/personal/savings/flex-cash-isa-additional-terms.pdf

Opening your Flexible Cash ISA

The amount you first put into your Flexible Cash ISA, whether or not you’re transferring the money in from another ISA, must be the minimum balance we allow or more.

Under the Individual Savings Account Regulations 1998 (the ‘ISA regulations’), you can’t apply for the Flexible ISA if you have already subscribed to a cash ISA, or have already subscribed the maximum amount allowed to any combination of permitted ISAs, either with us or any other ISA provider, in the same tax year as you are applying for this Flexible ISA.

There are two exceptions to this:

–if you have already subscribed to a cash ISA this tax year, you must transfer at least the current tax year subscriptions in the existing cash ISA (whether it’s held with us or another ISA provider) into your new Flexible Cash ISA. You must make sure your transfer is permitted under the ISA regulations.

–if you’ve already used your annual ISA allowance for this tax year in other types of ISAs, you must transfer at least the current year’s subscriptions from one of those other ISA types into your new Flexible Cash ISA.

Unless I've read it wrong?

refluxer

Yes, you've read it wrong. The key thing to remember is that you can only pay subscriptions from the current tax year into one cash ISA at any one time so if you're doing this with one ISA, then you'd be OK to open another but it would have to be funded with a transfer from an existing ISA which contains subscriptions from a previous tax year.