saving NOT investing advice needed -polite request

johng_uk

When OH and I opened our Barclays ISAs we were also told the same. Our cheques were handed over, chap says it would be mailed that night and interest paid from day cheque received.

Here's hoping. I'll cal them today after work and let you guys know what the outcome is.

johng_uk

Just got off the phone from Barclays and it is bad news I'm afraid. It's as Lokolo says:

Actually they don't. They pay for when the account is open. And if it takes more than 2 weeks to open they will backdate it to the 2 weeks point.

[edit]

http://forums.moneysavingexpert.com/...03&postcount=1

see here

Unfortunately they were either misinforemd or fibbing both in branch and when I called the first time!!

Nessa56

wooders wrote: »

thanks gang, A&L also take 28days too, how does this sound- take the wifes £3009 out of Natwest and immediately put it into my new one, effectively filling it in 2 months time to £3600. she can then open a totally new one for the rest of the years dosh.

Surely you are better to transfer this to a new one. Don't just close the old one as you will lose the tax free benefit

Find one that takes transferred money and ask them for the form to transfer the ISA to them. That way you will keep the tax free benefit and still have the ISA for this year to use up.

I hope that makes some kind of sense.

v
x

wooders

If she withdraws all of the 2007-08 isa as CASH then surely the tax issue, won't be an issue!!! I'm then guessing I could walk into A&L with the cash and pay it in.
Therefore at no point would the tax become an issue.......or am I mistaken???

Also as an aside, having opened a new isa 08-09 how are the transfered monies shown? as an extra account, extra isa or what???

Lokolo

wooders wrote: »

If she withdraws all of the 2007-08 isa as CASH then surely the tax issue, won't be an issue!!! I'm then guessing I could walk into A&L with the cash and pay it in.
Therefore at no point would the tax become an issue.......or am I mistaken???

Also as an aside, having opened a new isa 08-09 how are the transfered monies shown? as an extra account, extra isa or what???

It just gets put on top and it basically becomes one ISA.

wooders

lokolo,
thankyou AGAIN!! for that.... but can you answer the first Q. If I take out 2007-08 ISA as cash, (rather than a savings/current account) and take the cash into another ISA then I will not get taxed at any point on that dosh?

Lokolo

wooders wrote: »

lokolo,
thankyou AGAIN!! for that.... but can you answer the first Q. If I take out 2007-08 ISA as cash, (rather than a savings/current account) and take the cash into another ISA then I will not get taxed at any point on that dosh?

Yes.

Unfortuantely thats not the way you do it. You have to do some long boring process of filling out some lame forms and get the banks to do it. Which ISA accounts are the money going from and to?

wooders

Natwest - £3009 out, and I'll either put it into A&L isa that I've opened but only got £20 in at the moment or open a Barclays (wife) for the extra 0.25%.

Lokolo

wooders wrote: »

Natwest - £3009 out, and I'll either put it into A&L isa that I've opened but only got £20 in at the moment or open a Barclays (wife) for the extra 0.25%.

Ok well I know where the A&L ISA transfer thing is:

http://www.alliance-leicester.co.uk/directisauserguide/index.asp?page=page5

Basically if you open an A&L ISA, fill in that form on the page, you put your Natwest info, give it to A&L, and it usually takes about 4 weeks (yes, that long!) to get everything sorted and transferred.

Nessa56

wooders wrote: »

lokolo,
thankyou AGAIN!! for that.... but can you answer the first Q. If I take out 2007-08 ISA as cash, (rather than a savings/current account) and take the cash into another ISA then I will not get taxed at any point on that dosh?

You are right - You won't get taxed on that money, HOWEVER, you will have lost the chance to continue earning tax free interest on that amount.

An ISA is not just for a year, it is for life (bit like a dog at xmas) so you should allways shop around for the best deal and never ever take the money out physically to move it somewhere else, always ask the bank you are going to to do the transfer.

v
x