Barclays Golden ISA feedback

MrGumby

I went for the Barclays Tax Haven ISA in April last year. The rate then (6.5% with bonus) was about the best available, just like the rate currently being offered on new ISAs. Gradually they reduced the rate to an uncompetitive level, even with the bonus, hoping no one would notice. It's now 2.1%. I've little doubt that this was a deliberate ploy. They won't let customers transfer to the new ISA.

I'd advise against the current Barclays ISA. If you insist, then check the rate at least monthly and be ready to transfer your ISA elsewhere at short notice. The trouble is that not all ISAs accept transfers in, so you might not be able to get the one you want. Much better to go for a consistent best-buy ISA, one that is perhaps rarely at the top of the table but always near it.

john-306

MrGumby wrote: »

I went for the Barclays Tax Haven ISA in April last year. The rate then (6.5% with bonus) was about the best available, just like the rate currently being offered on new ISAs. Gradually they reduced the rate to an uncompetitive level, even with the bonus, hoping no one would notice. It's now 2.1%. I've little doubt that this was a deliberate ploy. They won't let customers transfer to the new ISA.

Show me an ISA that hasn't gone down over the last year, at least it's not as bad as the West Bromwich Building society one..... that's down to 0.6%:eek:

Baldur

john-306 wrote: »

Show me an ISA that hasn't gone down over the last year,

There are probably several FRISAs which haven't reached maturity that have not - yet...........

SavySaver_2

2.1% sounds not bad for an isa! many isa's r paying 0.1%

MrGumby

john-306 wrote: »

Show me an ISA that hasn't gone down over the last year, at least it's not as bad as the West Bromwich Building society one..... that's down to 0.6%:eek:

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.

MrGumby

SavySaver wrote: »

2.1% sounds not bad for an isa! many isa's r paying 0.1%

I don't understand the relevance of that. You wouldn't have to be a money saving expert to spot the 3% deals and switch. The point is that they attracted business with a headline rate last year and then quietly reduced it to an uncompetitive level, and I wouldn't mind betting they do exactly the same all over again, benefiting from the top billing being accorded them here and elsewhere.

Incidentally, that 2.1% includes the 1% 1-year bonus. Without the bonus, it would be even worse.

Look for consistent good payers rather than today's top payers. Even if you don't mind transferring your ISA every few months, chasing the best rate, it takes weeks to do the transfer, during which time you're losing out.

Frugal_Moose

smudger70 wrote: »

I bank online with Barclays already and as per previous posts, I opened my Golden ISA online in about 2 minutes. It showed instantly alongside my current account. Cant fault them on this one.

Ditto, can't fault them so far.

john-306

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.

Worked out that my WBBS isa last year was around 5%, as i've said it is now 0.6%, my Coventry one is 1.35% and Britannia one is 1.5%, so your Barclays one definately ain't "closer to bottom spot", and yes mine are in the process of being moved;)

soundsdodgy

Finally decided to get my first ever ISA - Not being a Barclays customer already, I've had to apply to be before I can get the Barclays Golden ISA. Have applied online for this, the welcome pack apparently takes 4 working days to be posted, I then have to take in proof of who I am to a branch I think, then I'll be able to apply for the ISA. Hope the postie gets his skates on!

SavySaver_2

The relevance is ur 2.1% is not a bad rate to be fair, especially in the current down turn. You will find your rate at has been dropped due to the reduction in the BoEBR since Oct. Barclays rates are based on this as they are variable. As rates are at historical lows then I doubt very much if the 3.61% AER will go down much. So i dont think your comments are justified to be honest. No offence.

And yes there are some good FRISAS but then there are more restrictions arent there.

Regards.

MrGumby wrote: »

I don't understand the relevance of that. You wouldn't have to be a money saving expert to spot the 3% deals and switch. The point is that they attracted business with a headline rate last year and then quietly reduced it to an uncompetitive level, and I wouldn't mind betting they do exactly the same all over again, benefiting from the top billing being accorded them here and elsewhere.

Incidentally, that 2.1% includes the 1% 1-year bonus. Without the bonus, it would be even worse.

Look for consistent good payers rather than today's top payers. Even if you don't mind transferring your ISA every few months, chasing the best rate, it takes weeks to do the transfer, during which time you're losing out.