Barclays Golden ISA feedback

MrGumby

book12 wrote: »

Actually, you could have apply for the Golden ISA over the phone by calling 0800 49 49 49 instead of going to branch. Since you are an existing customer, you could use online banking to apply. By doing this, the account will be opened within minutes.

If you go on the Barclays website, all products can be applied over the phone or online through online banking, instead of going to branch.

I'm sorry, but that isn't correct.

I am an existing customer but my only account is an ISA. That does not qualify me for online banking. I believe I could apply for telephone banking, but that would not help.

You cannot apply for an ISA by phone or Internet if the only account you have is an existing ISA.

The reason they gave (I phoned twice, to check) is that you have to have a source of funding within Barclays, i.e. a Barclays account other than an ISA. If you don't have one, you have to go to a branch. A third person did say I could open it over the phone but, in the end, was proved wrong.

What they couldn't explain was WHY you have to have a Barclays source of funding. Every account I have opened elsewhere can be opened with zero balance and then funded by post or BACS.

I am not prepared to spend my time and money travelling to a branch and paying for parking, for the privilege of opening a Barclays ISA, so am taking my business elsewhere. Nor am I prepared to open a Barclays current account, after all the bad reports I have read over the years and my own bad experience many years ago. In any case, Barclays don't deserve my business after last year's farcical ISA experience - very slow to open, with much loss of interest despite an insultingly low offer of compensation. And then, of course, the interest rate dropped away to an unimpressive level - I have no doubt that the same will happen again this year. And probably next.

MrGumby

Bottom line: if you are a new customer or only have an existing ISA, but are prepared to go to a branch to open an ISA, then you may or may not have a good experience. But be prepared for the fact that the rate, while headline-grabbing right now, soon won't be.

StAnToN_2

MrGumby wrote: »

Bottom line: if you are a new customer or only have an existing ISA, but are prepared to go to a branch to open an ISA, then you may or may not have a good experience. But be prepared for the fact that the rate, while headline-grabbing right now, soon won't be.

Can I borrow that crystal ball once you have finished with it?

book12

MrGumby wrote: »

Bottom line: if you are a new customer or only have an existing ISA, but are prepared to go to a branch to open an ISA, then you may or may not have a good experience. But be prepared for the fact that the rate, while headline-grabbing right now, soon won't be.

Even though it did, it will be 'slight' drop and not a big drop, just like Natwest's e-ISA (I think).

book12

MrGumby wrote: »

I'm sorry, but that isn't correct.

I am an existing customer but my only account is an ISA. That does not qualify me for online banking. I believe I could apply for telephone banking, but that would not help.

You cannot apply for an ISA by phone or Internet if the only account you have is an existing ISA.

The reason they gave (I phoned twice, to check) is that you have to have a source of funding within Barclays, i.e. a Barclays account other than an ISA. If you don't have one, you have to go to a branch. A third person did say I could open it over the phone but, in the end, was proved wrong.

What they couldn't explain was WHY you have to have a Barclays source of funding. Every account I have opened elsewhere can be opened with zero balance and then funded by post or BACS.

I am not prepared to spend my time and money travelling to a branch and paying for parking, for the privilege of opening a Barclays ISA, so am taking my business elsewhere. Nor am I prepared to open a Barclays current account, after all the bad reports I have read over the years and my own bad experience many years ago. In any case, Barclays don't deserve my business after last year's farcical ISA experience - very slow to open, with much loss of interest despite an insultingly low offer of compensation. And then, of course, the interest rate dropped away to an unimpressive level - I have no doubt that the same will happen again this year. And probably next.

If I were you, I would open the Barclays account, as a secondary account for online access to the ISA. There's no need to use it often if you don't want to. I know some people do this. I do not know why a Barclays current account is needed to sign up and access online banking. Any Barlcays staff know why?

I think they want a Barclays source of income, so the opening deposit could appear in the ISA account straight away.

The Barclays ISA opening process has improved a lot now, and they learnt their lesson.

Why do Barclays work on an appointment base? It seems not a lot of banks do this, unless the customer requests it. Barclays staff might want to answer this.

MrGumby

book12 wrote: »

If I were you, I would open the Barclays account, as a secondary account for online access to the ISA. There's no need to use it often if you don't want to. I know some people do this. I do not know why a Barclays current account is needed to sign up and access online banking. Any Barlcays staff know why?

I think they want a Barclays source of income, so the opening deposit could appear in the ISA account straight away.

Yes, I think you're right - they want a Barclays source of income. But WHY? Most other ISA providers take the sensible approach - open with zero balance and let you fund the account by cheque or whatever.

Perhaps someone at Barclays is paid on getting customers to open current accounts.

MrGumby

StAnToN wrote: »

Can I borrow that crystal ball once you have finished with it?

I don't have a crystal ball, am simply going on history. I'm not saying the rate WILL fall away, just that it PROBABLY will. I would open a Barclays ISA only if prepared to monitor the rate and move my money once it became uncompetitive. Yes, that applies to any investment. But some ISA rates are more consistent than others, i.e. better long-term buys, and Barclays ISAs do not seem to fare well in this respect, even over just a few months.

Extant

StAnToN wrote: »

Can I borrow that crystal ball once you have finished with it?

The man has a fair point; the rate includes a 1% bonus for a year that will drop away - and assuming nothing changes, it'd be 2.61%. It'd no longer be market leading, but it still wouldn't be a bad rate.

That said, I don't see why this is a problem - it's clearly advertised, and has formed part of our ISA offering for three years now. Those unhappy will transfer their funds, that's fair enough.

It's not like we're completely oblivious to the rate tarts.

Extant

book12 wrote: »

If I were you, I would open the Barclays account, as a secondary account for online access to the ISA. There's no need to use it often if you don't want to. I know some people do this. I do not know why a Barclays current account is needed to sign up and access online banking. Any Barlcays staff know why?

For a member of staff to open a current account for that purpose is a breach of sales standards. It would also be returned as a dormant account under MI, and they would not be paid incentive for opening it - all around a dumb move for that staff member, really.

As for why it's needed - it's simply how our online banking is designed. Will they eventually change it? Maybe, they changed it so CCAs could have access. That said, I imagine it is low on the list of things to do - we're not an institution that traditionally focuses on savings.

I think they want a Barclays source of income, so the opening deposit could appear in the ISA account straight away.

If you're opening online, I'd imagine we'd require an existing relationship for various KYC reasons, as well as to ensure a subscription is made there and then - it creates problems opening an ISA which could then potentially be unused, there's HMRC filing considerations. Saves a lot of trouble if we require it as opposed to running the risk of someone forgetting to send their £1 from Natwest or whatever.

Why do Barclays work on an appointment base? It seems not a lot of banks do this, unless the customer requests it. Barclays staff might want to answer this.

Some staff will work on an entirely appointment basis, or near enough - business, premier, mortgages, blah blah. Our Personal Bankers can mix and match, seeing a mix of walk-ins as well as pre-booked appointments. PBs are encouraged to maintain their own portfolio and build relationships with their customers.

In some busier branches, you would expect to be seen on an appointment basis, or you'd just be waiting in the queue - and in our largest branches, that can easily be an hour's wait or more.

For ISAs, I believe the National Performance Director set a directive of 20 minutes per appointment with certain requirements for that 20m, StAnToN can correct/fill in on this.

edda

I found opening a Golden ISA could be achieved in 2 ways for those who don't have online access to Barclays.

(1) If you have a Barclays account that you don't object to transferring £1 from (e.g. regular or monthly savings) you can open it over the phone. Can then get more money in by transfer and/or cheque from any other financial institution.

(2) You can go into a branch (appointment advised for larger or popular ones, but you could be lucky and walk in straight away) and open with a cheque from anywhere. They can look up your details, but I would still take some ID in.

By the way - you can't pay an inital amount in by debit card. If you have a current account with no cheque book, this can catch you out.

(I don't work for Barclays and have had bad service from them in the past, but don't let that stop me going for an account if I think it's competitive)

HTH