Transferring an ISA

altyfc

Hello, I have an ISA with Barclays and wish to add a further £3k after the tax deadline (I have already taken up my cash ISA allowance for the current tax year).

I am reading of lots of delays with transfers and am wondering if I am better off opening a new account and then adding my existing savings to that, rather than transfer the funds and then add my £3k once the transfer has happened, so as not to lose out on interest.

Is this something I can do? Is it straight forward?

Thanks

Paul

PS - Also, am I right in thinking that some of the deals are for new ISA savers only. How do I get a list of those accounts that are best for those who already have ISA savings? Thanks...

sloughflint

Firstly are you aware that you can place £3600 next week?
It should be straightforward but problems can happen. Don't be too put off if the rate of interest is very different.
You can do it any way you like. Open the new ISA and put new funds in and also instruct the new provider to instigate the transfer if they allow transfers in.You do not have to wait for the transfer to have happened before adding your new funds.

altyfc

Sorry, yes... I was aware of the increase to £3600. I was being a bit lazy there.

I was of the understanding that some offers were only available to people who are opening a new ISA account rather than those transferring funds. Is this correct? Although I'm wanting to transfer, I could be construed as a new account if I did the transfer second... yes?

Also, I read something about 'you can only open one ISA account per annum' or something to that effect.

If I opened a stocks and shares based ISA in the next tax year, would this mean that I would have to continue my cash component with Barclays?

Sorry for so many questions... any help appreciated.

Thanks.

Lokolo

They say you are only allowed to open one cash compnent ISA, but what they actually mean is: You can only put money into one cash component ISA.

You can open as many as you like and leave the balance as £0! But you can only put money into one.

A lot of people are opening new accounts where transfer aren't allowed because of the best rate. You can, if you want, open a new ISA without allowing transfers, put £3600 in that. You can then open another ISA e.g. with Egg and transfer your previous allownace from Barlcays ISA last year to the new Egg one.

And if you open a Stocks and Shares one you can do what you like with your cash component one, you can keep it . You can actually open both a cash and a stocks and shares one each year (each with a £3600 limit from 6th April)