Barclays Golden ISA feedback

lost_in_paperwork

An existing Barclays customer, it took just 2 mins to set up on line. The ISA account details are displayed with my other account numbers allowing easy transfer of monies across. Thanks Martin for letting me know about it.

torchie

I am not an existing Barclays customer so needed to go into my local branch to open the ISA. Made an appointment, got good service - they didn't even try to sell me other products. I was given details of my account number and sort code immediately and made my initial deposit. A nice straight forward transaction.

path20

I opened a Golden Isa online tonight and was amazed how hassle free it was. I am an existing Barclays customer.Well done Barclays...you have got it right at last.

RubleyDubley

Thought I would quickley get in on the ISA act before the end of the year, so tried to open a Barclays Golden ISA this morning online. No such luck! Am an existing customer and have been for years (previously with the Woolich) but was informed online that I have to go into a branch to get a form of ID copied to keep on file! So will probably not bother as don't get to a branch often - this bank drive me mad!!!:mad:

Castrovalva

MrGumby wrote: »

Yes, all ISA rates have gone down. I think people may have spotted that. The point is that the Barclays Tax Haven ISA has gone down disproportionately, from top spot to something closer to bottom spot in well under a year.

That seems unlikely to be an accident, to me. Announce a top-paying ISA, draw people in, reduce the rate until it's uncompetitive and hope people won't notice. Then start all over again, by announcing a brand new top-paying ISA that doesn't accept transfers in.

They won't be getting any of my business again.

I've checked back on the rates of this ISA (and cross checked with my source). The only time this ISAs rate was reduced was as a result of the Bank of England reducing its rate. AND the ISA was only reduced by the same amount - never more and never less.

MrGumby

Analayse and compare it to death, if you like, but the fact is that, a year ago, the Barclays "Tax Haven" ISA was offering the best available rate. They drew people in, but the rate quickly became distinctly average (competitors did not cut their rates by the full amount of the BoE cuts), even though it still included a 1% bonus. Now they won't let people transfer to the new "Golden" ISA. And the 1% bonus will end soon.

I'm simply warning that the same is likely to happen again. By all means go for the "Golden" ISA, but only if you are prepared to monitor the rate and switch. Keep in mind that it usually takes several weeks to transfer an ISA, and you will be stuck on the old rate for those weeks as well as facing hassle.

It's much easier for anyone short of time or disinclined to keep a close eye on their money to choose a consistently high-paying ISA, even if it is not often top-paying.

Remember the word "planning" in "financial planning".

Baldur

MrGumby wrote: »

.....a year ago, the Barclays "Tax Haven" ISA was offering the best available rate. They drew people in, but the rate quickly became distinctly average (competitors did not cut their rates by the full amount of the BoE cuts), even though it still included a 1% bonus. Now they won't let people transfer to the new "Golden" ISA. And the 1% bonus will end soon.

I'm simply warning that the same is likely to happen again.

On past history, that's highly likely - their previous offering, the 'Tax Beater', had similar Ts & Cs to the 'Tax Haven' and the current 'Golden ISA' (apart from the name changes).

If you have a winning formula (from the bank's perspective), why change it?

tithyrin

So opening the account was quick and easy however transferring the cash isn't so easy...

"online transfer sir - not a problem...."

received a rejected bill payment from my online bank because the Barlcays golden ISA account will only accept CHAPS payments for which there is a £25 charge...or you can give them a cheque....not useful if you have online banking with no cheque book.

Probably the shortest account lifetime they've had.

MrGumby

tithyrin wrote: »

So opening the account was quick and easy however transferring the cash isn't so easy...

"online transfer sir - not a problem...."

received a rejected bill payment from my online bank because the Barlcays golden ISA account will only accept CHAPS payments for which there is a £25 charge...or you can give them a cheque....not useful if you have online banking with no cheque book.

Probably the shortest account lifetime they've had.

I had an equally bad experience last year. Had to go to a branch and spend an hour there, wait a month or two for them to open the account, losing interest while waiting for them to take the funds from my current account, then spend loads of time and phone calls trying to get compensation - with some success but not enough to make me ever use Barclays again.

Not that the other big banks are any better, in my experience. That includes Abbey and, most recently, Halifax. I stick to the smaller guys now, as far as possible.

Castrovalva

tithyrin wrote: »

So opening the account was quick and easy however transferring the cash isn't so easy...

"online transfer sir - not a problem...."

received a rejected bill payment from my online bank because the Barlcays golden ISA account will only accept CHAPS payments for which there is a £25 charge...or you can give them a cheque....not useful if you have online banking with no cheque book.

Probably the shortest account lifetime they've had.

This one I can answer without checking - the fault has got to be with the sending bank, or operator error. :rolleyes:

My Golden ISA accepted my transfer from HSBC using faster payments in the time it took to refresh my browser.