barclays tax haven isa and following years..advice/help needed

cadguy

i'm new to isa's.

I opened a barclays tax haven account for 07/08 (just in time!). The rate was the best then which included a 1 year bonus. Does that mean i have to keep the money in that account to get the full benefit? do i also have to add additional funds this year to keep the account going?

I'm think the advisor at barclays said that following years would then be automatically opened i.e. 08/09. Is this treated like a different account?

i have some more money i would like to save in an isa this year. At the moment HSBC looks to be a better deal so for this year should i (and can I) open an hsbc isa for this years allowance?

any advice/tips on what i should do ?

nrsql

Check that they did open a 07/08 ISA - they got it wrong with some people.
No you don't have to keep it open to get the bonus or money in the account.
You don' thave to add additional funds to keep it going - in fact you can't add to a 07/08 ISA now.

The 08/09 ISA will be in effect a different account - it doesn't affect you unless you add funds to it - if you do you can't open another cash ISA this year.

You can open a HSBC ISA this year as long as you haven't paid into another cash ISA this year.

cadguy

thanks very much for the reply..

my account was opened (for 07/08) after alot of messing about (returning my cheque, multiple visits to branch).

so even if the account was opened for 08/09, as long as i don't put funds into it i can close it and have an alternative account with hsbc.

comparing the hsbc and the barclays isas. is the hsbc a better option. am i right to say that barclays account rate drops after 12 months by 1%. is that from opening the account?

for this year 08/09 would an hsbc isa look a better option due to not have the 1% drop after 12 months?