Barclays Cash ISA - Crap!

Shanker

Last week I went in to the Llandudno branch of Barclays to enquire about a Cash ISA. I was given the details and the rate of 3.6%. I said that I would telephone later that day to make an appointment.

When I returned home I discussed the matter with my wife and decided to phone the branch. I said that I wanted an appointment to arrange opening a Cash ISA, when I suggested a date, (which was after 02/06/10), I was told that I would be better to arrange the appointment before that as the rate was changing on 02/06/10, so we agreed on 01/06/10 at 2:00pm.

I withdrew the funds from various other interest paying accounts to my current account so that I could open the Cash ISA with the full allowance for the year of £5,100.

I collected the necessary proof of identity documents etc. and arrived at the branch at just before my appointed time.

At 2:15pm no one had summoned me, so I approached a member of staff.

I said that I needed to get into my appointment because my car was on a timed car park and needed to get back.

The member of staff said that she could reschedule my appointment, I said that it was out of the question because of the impending withdrawal of the 3.6% rate. She replied that the rate had already gone down that day to 2.6%.

Understandably I was momentarily speechless, totally confounded, angry to the point of fuming, and appalled. I informed her of the arrangement in that I had come all that way on that particular day because it was the last day of the 3.6% rate offer. No one, not one single person, had made any effort to contact me to warn me or inform me of this action which was apparently brought forward by one day. I was allowed to continue in the knowledge that I was going to get the 3.6% rate, waste time and fuel getting to the branch when the branch must have known knew fully in advance that it intended changing the rate.

I demanded to see the manager, I was told that he was not in that day, it took the girl over 5 minutes to find that out! I suspect that he was cowering in his office!

I have demanded that he telephone me tomorrow morning at or before 10:00am. An apology will not be good enough for the way in which I have been messed around today. We'll see how much courage he has tomorrow.

I feel that Barclays have blatantly wasted my time. I have also lost interest on the money I have withdrawn that I intended to open the account with. I have demanded that they make some sort of offer of compensation.

I was quite willing to go in and do business, but I feel that I was brought in on the pretext of a higher, more attractive rate which just wasn't there. I feel as though I was lied to by the Barclays staff.

I do not appreciate being lied to, nobody does. My feelings at the moment lead me to the conclusion that the bad press that the banks, (including and especially Barclays), are currently receiving is well deserved. They do nothing to improve their image whatsoever.

Needless to say, I shall not be depositing any of my money with Barclays and have said that I will certainly be passing on my comments both verbally and in internet blog. The sooner more people learn of the sharp practice and poor customer relations that are evident of Barclays the better.

In the meantime, does anyone have any good suggestions where I can invest this £5,100 so that the bloody Chancellor can't get his thieving hands on any of it?

HarrowArrow

We don't "do" money matters, here.;) This is like the pub where work-talk is off-limit:rotfl:

flowerscotland

That's banking I'm afraid

I'm sure there are lots of articles on this site about ISA's.

Oh and The Chancellor doesn't get his hands on any of your money, it's only the tax on the interest you gain, in a non ISA

Oblivion

Shanker wrote: »

Last week I went in to the Llandudno branch of Barclays to enquire about a Cash ISA. I was given the details and the rate of 3.6%. I said that I would telephone later that day to make an appointment.

When I returned home I discussed the matter with my wife and decided to phone the branch. I said that I wanted an appointment to arrange opening a Cash ISA, when I suggested a date, (which was after 02/06/10), I was told that I would be better to arrange the appointment before that as the rate was changing on 02/06/10, so we agreed on 01/06/10 at 2:00pm.

Hang on a minute. You don't say that this was a fixed rate ISA and I'm not aware that Barclays are offering a Fixed rate ISA anyway (happy to be corrected, I know they offer fixed rate bonds but that's different).

If it isn't a fixed rate offer, your interest rate would have gone down on the 2nd June no matter when you took it out ... or am I missing something?

Glad

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL]

Lokolo

I can't find any Barclays account that pays 2.6%. Can you please link me to it?

Also I doubt the original person lied to you on purpose, they most probably just got their dates mixed up.

http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

Here is the best paying ISAs currently (updated once a week, hence why Barclays is still there)

charlieboycat

So far as I can see Barclays only offer two cash ISAs - basic (pays 0.1%) and Golden Issue 2 (pays 3.1%). Can't see any other type of account paying 2.6%.

You obviously have internet access - so you too could have seen this.

geckofabulous

That's Barclays for you, infact that's any bank. But Barclays have done the same trick to me and weren't prepared to tell em that the rate had gone down even until after I'd parted with my savings, till I put them on the spot. I think you'd only be wasting your own time complaining about it and just write it up to experience.

withabix

The correct answer:

There was never an ISA at Barclays that paid over 3.06% this year. I think the OP probably mis-heard 3.06% as 3.6%.

Barclays Golden ISA went down to 2.06% today (2/6/10), only because the 1% bonus has been removed:

https://ibank.barclays.co.uk/olb/s/IndividualSavingsAcctOverview.do?action=displayIndividualSavingsAcctOverview

Exactly the same as they did on the same day (after late spring Bank Holiday) last year.

The variable interest rate on the ISA has not changed, it is just that the early bonus of 1% has been removed.


Customers who fully opened it before today still get the 1% bonus on top of the current 2.06% rate for 12 months from the day they opened the ISA.

You can't fully open a Cash ISA 'on the day' in-branch (in any bank AFAIK).

Did the OP have online banking with Barclays? If so, they could have opened the ISA online instantly (during the day). Also, why wait until now? What was wrong with 6th April onwards?

Other Cash ISAs are available:

http://www.moneysavingexpert.com/savings/best-cash-isa#iproduct

bendix

Precisely. I'm afraid it isn't Barclay's that are crap - it is the OP's hearing or understanding that seems a bit iffy to me.

Mickygg

If there was an ISA offering instant access for 3.6% - everyone would have been all over it like a rash!!