Barclays Cash ISA - Daft Question????

partyqueen

Can anyone help I have applied for a Barlcays cash ISA for 2007-8.
This application is being processed (I am a Barclays customer) However I now have had a thought I have a SMILE ISA that I opened in 2002 and have paid in to fairly regularly including this year. Therefore am i still eligible for a Barclays one?? Totally confused by the rules tried to ring Barclays on hold forever gave up.
Can anyone help???

Many thanks:j

[Deleted User]

You can have as many ISAs as you like open at any one point however you can only pay into 1 of these ISAs e.g. if u started paying into ISA1 then open ISA2 you can't put anything into ISA2 until the next finanical year comes round.

Hungerdunger

This site explains the general rules and the changes which take effect from Sunday 6th.

For the year just ending you have been allowed to pay up to £3,000 into one cash ISA. So my understanding is that if you paid anything at all into your Smile account, you would not be eligible for the Barclays one. As you have submitted your application, I think you will still need to contact Barclays to explain the situation. I wonder whether they can set it up for the 2008-9 year instead. (Assuming you're OK with that).

partyqueen

Thanks lot thats great, will need to contact Barclays again.