Barclays isa

dottiepeper_2

Hello all, can anyone please advise me: opened an isa 1999, saved and saved but never really took much notice apart from balances, got a statement on Sat, £29.458 and only £27.00 interest! spoke to Barclays and met with adviser that day, because I now dont bank with them I am ticked as not contactable on there computer system? they apologised and offered me £100 compensation, I refused and a complaint was raised, today I was contacted by Barclays fast response team she offered my £200.00 as a token but said if I esculate the isse I may get nothing, I dont know what to do and feel so stupid to be in the situation, there rep is phoning back tomorrow to find out what i'm doing.
1 Isa is obsolete and only has a rate 0.010% no one told me or offered advise or alternatives
2 do i cut and run and take more care in future.
confused!

Froglet

I would definitely take the £200.The onus is on you to check the rate,not them to inform you when it changes,though i think the rules are a little different now?

Anyway,a salutory lesson,I know exactly what the interest rate on all my accounts is,and for how long if a bonus applies. It certainly pays to know!

Welcome to the board by the way.You will definitely save money here from now on!

oldvicar

Got to agree with Froglet. Take the £200 now, and take more care in future. Good luck.

innovate

Yep, agree with the previous posters.

Expensive lesson to learn, but not much you can realistically expect if you have left some £30K lying about for 12 years.

Get your ISA transferred to one that pays better interest, and watch the interest rate like a hawk. They tell you upfront when the bonus rate ends - diarise it, transfer again.

Oh, and don't move the money yourself - you must use the new provider's transfer service else you loose the tax-free status.

droopsnoot

dottiepeper wrote: »

no one told me or offered advise or alternatives

They never do - I think the idea is that you won't notice and leave the money in place earning next to nothing, so they can make use of it. I am a Barclays customer still, and had an ISA with a similar rate on it until recently, and they didn't tell me.

It's not just Barclays though - I've had accounts in all manner of places and never been told about drops in interest rates. In fact every time I have a "review" at any of these places, I suggest to them how great it would be if they were to be the first to do it. It's not like they're backwards at sending other junk through the post.

Thing is, you've no choice but to move it elsewhere to get a better rate because even though Barclays have a few ISAs available, none of them accept transfers in, even from another Barclays product.

dottiepeper_2

Thank you for the replies.