ISA for 2007/8 with Barclays

Suewellbrook

Hi everyone,

I have a Mini ISA with Barclays for 2007/08 and now need the money to pay for my holiday, but want to continue saving with the Mini ISA with Barclays for 2008/09.
How do I get the existing money out and how do I start a new one? Do I have to re-apply for the barclay mini ISA for 2008/09? Or does it automatically start again because I had one for 2007/08.

the same applies for my hubby who had an EGG ISA for 2007/08 he also needs the money out for the holiday but wants to continue saving.

Thanks
Sue

talana

How do I get the existing money out and how do I start a new one? Do I have to re-apply for the barclay mini ISA for 2008/09? Or does it automatically start again because I had one for 2007/08.

Generally, you withdraw money out of an ISA in the same way as for any other savings account, so in person at the bank or transfer it to a current account etc etc

You shouldn't have to reapply for anything now for this tax year. Just pay into the same ISA you already have.

It seems though you want to take money out of the ISA and still deposit savings into it. You can do that of course (it's your money) but I'd be loathe to if it were me for a holiday. That money in the ISA is in a nice tax-free wrapper. As soon as you withdraw it, it'll lose that status and you'll lose those past ISA contributions.

Can't you fund the holiday from these other planned savings perhaps and leave the ISA alone?

10_66

Suewellbrook wrote: »

Hi everyone,

I have a Mini ISA with Barclays for 2007/08 and now need the money to pay for my holiday, but want to continue saving with the Mini ISA with Barclays for 2008/09.
How do I get the existing money out and how do I start a new one? Do I have to re-apply for the barclay mini ISA for 2008/09? Or does it automatically start again because I had one for 2007/08.

I'm assuming that your existing ISA is a Tax Beater. If this is the case, I wouldn't add this year's funds to it, as was suggested in previous post, as the interest rate will be losing its 1% bonus on the anniversay of when the account was opened. If you wanted to stay with Barclays you'd be better off opening their Tax Haven for 08/09.