Barclays Wealth... Any good?

Cartwright

Hi,

I've been reading this forum for months, but only just joined today :T.

I'm thinking of joining Barclays Wealth (opening an account with them, etc.). I just wanted to know what their service is like... Could anyone tell me if they have used them/work for them and what they think of BW?

I would really appreciate any advice!

C.

Cartwright

Does anyone use or work there?

majicka

I haven't heard great things about them. Being part of Barclays, they're very sales-focussed; it's about selling products (their own), rather than providing a service.

peterbaker

They have an interesting 12 month Monthly Saver contract that pays 5% gross (but VARIABLE) on up to £2,000 maximum new money invested per month. It has amazingly remained at 5% for well over a year but don't bank on it remaining so too much!

Otherwise, haven't seen much else to write home about. For FOREX charges I think Citibank might be better.

Cartwright

majicka wrote: »

I haven't heard great things about them. Being part of Barclays, they're very sales-focussed; it's about selling products (their own), rather than providing a service.

Thanks for telling me, I've heard similar things myself about the selling... I wasn't sute if that may just apply to Barclays branches though.

I've done lots of Google searches for Barclays Wealth reviews and not come up with much at all.

Cartwright

peterbaker wrote: »

They have an interesting 12 month Monthly Saver contract that pays 5% gross (but VARIABLE) on up to £2,000 maximum new money invested per month. It has amazingly remained at 5% for well over a year but don't bank on it remaining so too much!

That does sound good.

peterbaker wrote: »

Otherwise, haven't seen much else to write home about. For FOREX charges I think Citibank might be better.

Thanks, I will look into that.

The main thing I wanted help from them with though was tax planning - as most of my income is from the US, I've been (vaguely) told that the use of a company and/or trust may help reduce the tax I pay, or at least allow some to remain in a company to be re-invested tax free rather than all of it being taken as income and taxed highly as such (which it is now!). BW's website said they offer such services, but I really need to speak to them about my options. Just wanted to look for some other peoples' opinions first

Thanks for the advice!

Cartwright

Does anyone else know how good Barclays Wealth are - compared to other similar banks?

Any comments appreciated! Thanks!

Ghostrider

It depends on your specific requirements, Barclays Wealth is not a product, it's a service tailored to the individual's requirements. For instance a person that has specific currency requirements, complicated investments to manage, expats, etc etc. Depending on your requirements they may or may not be useful to you.

Probably why you haven't been able to find much about them on the internet to be honest. If you are potentially looking at using their service you should call them up, arrange to meet and i'm sure you'll work out for yourself if they have any value to add, then your questions will be answered.

AnonymousForObviousReason

An accountant or IFA might be a better route for you.