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ISAs - can someone please tell me how they work?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
I currently have an ISA with Lloyds. I am thinking of changing banks because their service has been terrible.

Anyway, spoke to Barclays this morning and explained that I would like a current account and an ISA. I got asked if I already have one elsewhere, I said yes and have been told that I have to wait. So, is it true that I can only transfer my ISA after April 1st?

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hey there,

    Thanks for posting. ISA's can be a great way to save but they can be confusing at the same time!

    Not sure if you've had a look, but we had a post about this recently.

    Essentially you cannot open more than one ISA account in the same tax year. So if you opened one after April 2010 you have to wait until April 2011 to open another one. Although, you can still keep the first one too.

    Hope this helps. :)
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