Full ISA Guide Discussion Area

dmsu

Thanks for the advices

Just to report back:

I went to my local Halifax bank and talked to them directly. Apparently, I already opened an ISA account a few weeks ago. Strange that I didn't get a confirmation page when I applied online except I remembered I got a blank page one-time after submitting my application.

Halifax sorted it for me and I applied for an ISA transfer as well. Also, they are still doing the ISA 3% deal.

Thanks for helping.

peteduk

Sorry I am unable to help others. Instead I have an item I wish to be clarified.

I have more than 1 cash ISA.
The savings rates would be abysmal except that in previous years I have been offered "transfers" to a 1 year fixed rate say. I have taken these up.
I have now read the small print and it could be read to mean that these are new ISAs for the applicable financial year - and not a transfer.
I suspect the lack of clarity may be intentional.
If I have made no further deposits into this ISA but instead opened another for deposit then would the ISA I transferred still be considered as a transfer so that the new ISA remains legal.
Thank you,
Peter

Baldur

peteduk wrote: »

I have more than 1 cash ISA.
The savings rates would be abysmal except that in previous years I have been offered "transfers" to a 1 year fixed rate say. I have taken these up. I have now read the small print and it could be read to mean that these are new ISAs for the applicable financial year - and not a transfer.
I suspect the lack of clarity may be intentional.
If I have made no further deposits into this ISA but instead opened another for deposit then would the ISA I transferred still be considered as a transfer so that the new ISA remains legal.

A 'new' ISA is one to which new money (i.e. capital and/or interest not already contained in an ISA) up to the annual allowance is subscribed during a tax year. Merely opening an account with the word 'ISA' in its title is not 'opening a new ISA' as far as the ISA rules are concerned.

rb10

peteduk wrote: »

I suspect the lack of clarity may be intentional.

The banks are not 'out to get you'.

If you do an ISA transfer (i.e. make a request to the new provider to transfer your ISA), then it will never count as new money, but will always be a transfer.

I suspect that you are getting confused over the fact that they'll ask you to sign a declaration confirming that you're not subscribing elsewhere. It ONLY counts as new money if you actually pay it in, and not simply signing a declaration that allows you to put money in.

peteduk

Thanks for the quick replies Baldur and rb10
I am now reassured that my ISA arrangements are ok

rb10
I appreciate the banks are not out to get me but I do sometimes find their small print and account changes need some clarification.
But this could lead to a whole new thread. Apologies for my unnecessary cynicism.

typistretired

Baldur wrote: »

Barclays Golden ISA pays 3.25%, monthly interest and offers online access if you open a current a/c with them.

Just seen on Barclays Web site that the Barclays Golden ISA issue 3 closes today 15th May 2011

typistretired

Correction they have not closed it but from today they have removed the bonus.


This ISA is only paying 2.20% pa 2.22% AER from today 16th February 2011

Quote from their website

Golden ISA – Issue 3 accounts opened between 7 March 2011 and 15 May 2011 earn an introductory bonus of 1.00% tax-free interest pa, which is not included in the rate quoted above. The bonus is payable for 12 months from the date the account was opened, after which time the rate will reduce accordingly.

typistretired

SORRY I SHOULD HAVE SAID This ISA is only paying 2.20% pa 2.22% AER from today 16th MAY 2011

bottletop

Still Advertising 3.25% on their Internet Banking Home Page however.

Very naughty.

Nearly plunged in, but then read everything first. Thankfully.

silly_me_2

Hello

This might be a daft question, but...

I currently have an ISA opened last year. If I continue to pay into this one this year, can I still open a new one this year? I seem to remember reading somewhere that I couldn't do this (but can't remember where now).

Thanks!