Barclays Tax Beater Cash ISA - experiences so far (merged)

gelato_cat

I did tick the 2007-8 box. I don't know the answer to your second question...

Suze

Compound wrote: »

Suze, didn't you tick the 2007-8 box? How can they put a date which would make the account belong to the 2006-7 year?

beansy

hereford wrote: »

All I got was a promotional booklet and a welcome letter which included the ISA account number and a couple of paying in forms and prepaid envelopes.

Nothing to admit they had £3000 of my money. The account was opened within a few days back in March for the 2006/2007 tax year. However I sent them a cheque on the 7th April for the current tax year and the money was taken from my account last night, so just over 2 weeks. Not bad I suppose considering the backlog.

Now I have leant them £6000 of my hard earned money, I'd really like a piece of paper from them admitting they actually have it.

Anyone know if you can get a statement by going into a branch?

Same here.

beansy

Is it right that from 6 April this year we can now invest £3600 into a Cash ISA?

isabelle304

beansy wrote: »

Is it right that from 6 April this year we can now invest £3600 into a Cash ISA?

No. This comes into force next financial year (ie 08/09).

oscarhugo

Barclays has finally cashed my cheque! Now just waiting for some sort of acknowledgement from them [the Royal mail's not yet arrived today].

LankyMoneySaver

I went in to apply on the 5th April and my cheque got cashed yesterday so was 3 weeks exactly for me. Not sure if I've had anything through the post yet - it’s at my parents address.

Was just thinking, since Barclays are going to backdate the interest will I also get the interest from Nationwide where 3000 has been sitting waiting to be cashed for the last 3 weeks?


On another note, now that I have finally got my money into Barclays I've realised I might need to make a partial transfer out.:doh: I'm going to open an Abbey to transfer in my previous years ISAs but am about 1000 short of the 9000 needed for the higher interest rate and there’s no chance of me saving this much anytime soon. After doing the sums I've worked out I'm better off with only 2000 in Barclays and 9000 in Abbey. I'm guessing no one has tried to do a transfer out yet since most people only just seem to have had their accounts opened?!

Will let you know how it goes but I'm not expecting it to be easy.

ED

LankyMoneySaver wrote, ''will I also get the interest from Nationwide where 3000 has been sitting waiting to be cashed for the last 3 weeks?''

Indeed your £3,000 will have earned interest while Nationwide still had it in their coffers. Nice.

MiserlyMartin

My ISA was opened on the April 24th. I know this because I looked at it on the Barclays online banking. Yesterday the £3000 left my current account, leaving me £600 overdrawn because on the same day I had a credit card payment taken too. Not knowing when Barclays would finally take the money its been difficult to manage my finances. I didn't spot this until today, so I'll have to pay an overdraft fee thanks to Barclays.

Yet the balance on the ISA account shows still zero so exactly where is my money? And how can they backdate the interest if the account wasn't opened on their system until the 24th despite them having the application and cheque in March??!

So I'm hacked off. I wrote a complaining email about this to their customer relations dept who emailed back and said they have to respond by post. What if they claim they didn't get the application until sometime in April? I am wondering if, by the time they finally get back to me I'll be outside the cooling off period so I won't be able to protest and move the ISA elsewhere in case of further dispute. They've announced they will backdate but in my case its not looking like they are.

Oh how I wish I'd put my money in Egg instead, the money would have been there 3 weeks ago with no hassle.

gelato_cat

I believe you can only transfer current years' subs in their entirety (while you are able to split previous years'). Is your ISA for the last tax year or the current one?

Suze

LankyMoneySaver wrote:

After doing the sums I've worked out I'm better off with only 2000 in Barclays and 9000 in Abbey. I'm guessing no one has tried to do a transfer out yet since most people only just seem to have had their accounts opened?!

Will let you know how it goes but I'm not expecting it to be easy.

gelato_cat

... and you've lost the difference in interest through the overdraft fee too

Suze

MiserlyMartin wrote:

Oh how I wish I'd put my money in Egg instead, the money would have been there 3 weeks ago with no hassle.