ISA query

[rfn]

I currently have the following "savings"

C&G cash ISA - £4,500
Barclays Golden ISA - £2,000

I opened the Barclay's ISA during tax year 08/09. The money has been sitting in C&G since tax year 07/08. Barclays is paying 3.55% but the money is not earning much interest in C&G. Barclays ISA won't accept a transfer from C&G ISA.

Can I transfer the whole of C&G ISA to a better paying account, and then add money to the Barclays one (I can access that through my online banking so it's easier to add money to it), or is that not quite right?

Thanks in advance.

[Tiggsy]

Put the c and g money into any cash ISA that accepts transfers in.

New tax yr now so you can fund into the barclsys plan (assuming it takes new money) based on this years allowance which is the same as last year unless you are 50 plus

[Ribol]

Why can't you open a new Cash ISA that will accept transfers from existing ISAs and just add both to it?

[Ungarsee]

I work for Barclays so can confirm that the golden ISA can be topped up for this tax year. Word to the wise though, KEEP AN EYE ON THE INTEREST RATE. Barclays did this last year by offering the market leading rate (Tax Haven ISA) and then dropping the rate down quite drastically a few months after. It now pays a pretty poor rate compared to the Golden ISA.

Best bet is to review monthly with what else is out there and then, as above, transfer the funds as they are into a bank / building society that allows transfers in of existing ISA's and offers a fair rate.

[L500]

Ungarsee said:

I work for Barclays so can confirm that the golden ISA can be topped up for this tax year. Word to the wise though, KEEP AN EYE ON THE INTEREST RATE. Barclays did this last year by offering the market leading rate (Tax Haven ISA) and then dropping the rate down quite drastically a few months after. It now pays a pretty poor rate compared to the Golden ISA.

Best bet is to review monthly with what else is out there and then, as above, transfer the funds as they are into a bank / building society that allows transfers in of existing ISA's and offers a fair rate.

Ungarsee - bit of a side issue to the ISA query, but as an employee, do you get 'additional' financial benefits with Barclays? I guess not on the ISA front (legislation restrictions etc), but how about mortgages for example?

The reason I ask is that I've just accepted a job with them also (at 1CP). I'd appreciate you're input but understand its confidentiality, so feel free to email me.

Cheers.

[Ungarsee]

L500 said:

Ungarsee said:

I work for Barclays so can confirm that the golden ISA can be topped up for this tax year. Word to the wise though, KEEP AN EYE ON THE INTEREST RATE. Barclays did this last year by offering the market leading rate (Tax Haven ISA) and then dropping the rate down quite drastically a few months after. It now pays a pretty poor rate compared to the Golden ISA.

Best bet is to review monthly with what else is out there and then, as above, transfer the funds as they are into a bank / building society that allows transfers in of existing ISA's and offers a fair rate.

Ungarsee - bit of a side issue to the ISA query, but as an employee, do you get 'additional' financial benefits with Barclays? I guess not on the ISA front (legislation restrictions etc), but how about mortgages for example?

The reason I ask is that I've just accepted a job with them also (at 1CP). I'd appreciate you're input but understand its confidentiality, so feel free to email me.

Cheers.

Nice one on the job, although I'm normally in the City I can often be found on the 27th floor at 1CP with one of the Commercial team. We'll have to meet up for coffee (or something a bit stronger!!) I'll rack my brains over the benefits and drop you a PM later but unfortunately it's a no on Mortgages due to the benefit in kind tax on rates given to staff below 6%

[Ungarsee]

Just tried PM ing and your account doesn't allow it. Drop me a PM with your email address and I'll let you know what I can remember

[anonymous-user]

Ungarsee said:

L500 said:

Ungarsee said:

I work for Barclays so can confirm that the golden ISA can be topped up for this tax year. Word to the wise though, KEEP AN EYE ON THE INTEREST RATE. Barclays did this last year by offering the market leading rate (Tax Haven ISA) and then dropping the rate down quite drastically a few months after. It now pays a pretty poor rate compared to the Golden ISA.

Best bet is to review monthly with what else is out there and then, as above, transfer the funds as they are into a bank / building society that allows transfers in of existing ISA's and offers a fair rate.

Ungarsee - bit of a side issue to the ISA query, but as an employee, do you get 'additional' financial benefits with Barclays? I guess not on the ISA front (legislation restrictions etc), but how about mortgages for example?

The reason I ask is that I've just accepted a job with them also (at 1CP). I'd appreciate you're input but understand its confidentiality, so feel free to email me.

Cheers.

Nice one on the job, although I'm normally in the City I can often be found on the 27th floor at 1CP with one of the Commercial team. We'll have to meet up for coffee (or something a bit stronger!!) I'll rack my brains over the benefits and drop you a PM later but unfortunately it's a no on Mortgages due to the benefit in kind tax on rates given to staff below 6%

Barclays use the same trick every year, I am amazed they still get away with it.

As for the BIK rates, they were reduced to 4.75 percent from 1 March 2009.

What are you going to be doing with Barclays? I too used to work for them, although a bit further north than 1CP!

Edited by anonymous-user on Thursday 30th April 15:56

[L500]

Apologies for the delay, I took a holiday before getting started...

I'm going to be in one of the procurement teams, so should be interesting ;-)