Barclays Tax Haven ISA

polomint_2

Ok atlast i see that their are now two options to open this account online, both for this tax year (2007-2008) and the up coming one.

My question is this.

when it says what do you want to open the account with I wanted to wack the max in from the beginning (which is sitting in ING at this moment)

So do i have to have this amount ready in my current account now?

Or will it be taken when the new tax year starts? (giving me plenty of time to transfer it over) even if i open it today saying I want theat full amount in?

bryanb

Barclays tax haven ISA does not accept transfers in.
It's your choice which tax year you invest in.
You can only invest in one cash ISA in any tax year.
Full amount2007/8 = £3000
Full amount 2008/9 = £3600
Hope this helps.

polomint_2

yes thanx but i knew that. The question is when do they actually take the money out of your account?

10_66

When I asked Barclays this question a few days ago, I was told that the money had to be ready in my Barclays bank account (which I only keep open as it comes in useful for ID proof etc with paper statements). As I didn't want the money sitting earning nothing, I selected the option of opening with £1, and will then transfer the balance in by cheque at a branch, from my other current account on the 7th April. You can do this, even if you don't have an account number and sort code allocated, I was told (backdating the interest).

polomint_2

Thanx for that. DO you know if, you do open it with £1.00 you can transfer the rest of the amount online to the account from my barcleys account?

newcastlebelle

polomint........I opened mine in branch last week with £10 cheque and the lass told me to go back in on 6th April with a cheque for £3590 and deposit it on 6th[ they wont accept cash! only cheques or standing orders].......told it would start earning interest from the day it is deposited, not when finally clears the banking system.
dont know if you can do it on line though.

polomint_2

Thanx for that. Think i need a trip down to barcleys...lol

bryanb

newcastlebelle wrote: »

[ they wont accept cash! only cheques or standing orders]........

Hard to credit that a UK bank has reached the point where they won't accept cash. That's progress I guess!

Voyager2002

polomint wrote: »

Thanx for that. DO you know if, you do open it with £1.00 you can transfer the rest of the amount online to the account from my barcleys account?

I tried to do this, but the site kept giving me error messages. Apparently one pound is not a valid amount of money. I had to enter 3,600 in order to open the account!

Since my ISA is for next year, I shall have to ensure that this amount of money is in my Barclays account by 6 April.

10_66

newcastlebelle wrote: »

and the lass told me to go back in on 6th April with a cheque for £3590 and deposit it on 6th..

Crikey, your Barclays is obliging if it opens on a Sunday!