Barclays Golden ISA feedback

StAnToN_2

BarclaysManager wrote: »

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.



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.



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.

Spot on. We as Personal Bankers have to ensure that we are not merely executing demands, or 'order taking' as it were. If we can establish ways in which we can make your money work harder for you or potentially save you money we will point these out. At the end of the day you are not obliged to take the product/service(s) we offer.

Through the use of the Customer Discussion Document we have to record data about the customer that we have 'interviewed' and use a tick list to summarise what has been discussed and why a particular product/service has been recommended if any cross sales have been made from an ISA application. Such as a Current Account, Home Insurance for example.

I have interviewed many customers that have actually applauded the use of such a document, as it is a tool that actually ensures we remain compliant and if there is a discrepancy six months down the line then it is a document that can be referred back to.

Several customers I have spoken to have then opened a Current Account with Barclays as they are either unhappy with their existing bank or they were impressed with the service from Barclays, all established through the use of such a document!

It is important to not tar everyone with the same brush, as there some genuine people out there that truly want to help customers!;)

byb3

I spent a good hour with a personal banker setting up the ISA along with another Higher Education Account. The guy was professional at all times and although he tried to sell me the Graduate Additions account he realised straight away he wasn't going to sell anything to me.

He did sell me the Barclays Regular Savings account which I was skeptical about at first as I am with everything I am being sold. However I looked at the interest rate which is 5.84% fixed, and as a basic rate tax payer this works out at 4.67% after tax. So you are better off using the Regular Saver (3k max) for the entire year and then putting it into the ISA by the end of the tax year. That way you get the best of both worlds.

MrGumby

BarclaysManager wrote: »

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's a very big assumption and one that history says will be false.

When I opened a Tax Haven ISA a year ago, the rate was a market leading 6.5% including 1% bonus. Now the rate is just 2.1% including bonus. So, even before the bonus drops away, the rate is distinctly average. (And please, people, don't write and point out all the lower rates - they are not relevant to this point).

henben

Has Barclay's service improved you ask. Dunno. But it's certainly still pretty terrible.

I'm not a Barclay's customer but want to open a new savings account ...

1.The website tells me I can't do this online, but to call in at a branch.
2. Call in at branch. "Sorry, no-one is able to see you. Can you make an appointment?". Haven't got diary so agree to arrange by telephone.
3. No non-premium telephone number in phone book; get a 'proper' number from SayNoTo0870 but Barclay's customer service can't connect me direct nor give me the local branch's number; they work on a ring back basis.
4. Someone DOES ring back 90 minutes later but the earliest appointment they can offer is 7 (seven - count 'em) days later.
5. This date doesn't suit me and anyway I consider that a ridiculously long delay. Ask the person to check that new customers definitely can't do it on-line. She doesn't know.
6. She goes off to ask the manager. Manager confirms that I definitely CAN open a new account on-line.
7. Go back on-line. It says you can't if you're a new customer so I press the 'existing customer' button to see where that gets me. Understandably it says that I will need details of my existing account but also gives me a link to follow for new customers. This leads to a another page with an error message saying that their security certificate is not up to date.

So - I'll be saving elsewhere.

henben

byb3 wrote: »

He did sell me the Barclays Regular Savings account which I was skeptical about at first as I am with everything I am being sold. However I looked at the interest rate which is 5.84% fixed, and as a basic rate tax payer this works out at 4.67% after tax. So you are better off using the Regular Saver (3k max) for the entire year and then putting it into the ISA by the end of the tax year. That way you get the best of both worlds.

Hmm. 4.67% applies to what is in the account at the time they give you the interest (monthly). So in month 1 you get 4.67% on a max of £300; in month 2 on a max of £600 etc. As a rough rule of thumb you should halve the interest rate quoted on these regular saver accounts to get an idea of the average rate you will get on your entire £3000. (Of course you might be keeping your monthly £250's in some other interest-bearing account until they're needed each month to feed the Reg Savings one; but it's all getting a bit complicated by then ...)

Bob_Bridges

Barclays Golden ISA - feedback on service.
Appointment 4pm today in my nearest branch was organised last Wed. ( don't forget two Bank Holidays in between).
Took less than 10 mins.
Staff - efficient and knowledgeable - I was reminded about what documentation to take when I booked the appointment.
No problems.
Bob

hebron

I am looking into this Golden Isa and I went to the Barclay's website; whilst there I came across another ISA paying only .10%. Is this last years ISA that was the high interest ISA at the time?

Baldur

hebron wrote: »

I am looking into this Golden Isa and I went to the Barclay's website; whilst there I came across another ISA paying only .10%. Is this last years ISA that was the high interest ISA at the time?

Last Year's was the 'Tax Haven' and the previous year's was the 'Tax Beater', both of which were at the top of the variable rate Cash ISA pile when they were released.

hebron

Many thanks for the info.

The interest rates are a little better but not much. Tax haven now 2.08 inc bonus of 1% and tax beater .81%.

Are Barclays in the habit of offering high interest rates and than dropping them?

Thanks,

john_s_2

hebron wrote: »

Are Barclays in the habit of offering high interest rates and than dropping them?

Are any banks / building societies not?