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

Magenta

When I asked I was told that you CAN put cash into your ISA, but that only a cheque was acceptable to open the account. When I opened my ISA I was "forced" to open a current account at the same time althougth I said that I did not want one! I have now received my cheque book but so far nothing about the ISA I opened.

bignred05

Compound wrote: »

bignred05: When did you go into the branch? If it was 5 April, it seems Barclays have processed your application properly and you have nothing to worry about.

i went into a local Barclays branch 2 days earlier (Tues 3.Apr) with my pre printed form + I.D. (i have kept a copy of my app form)

gelato_cat

Well, the letter definitely states the date of opening as 5th April.

I'm not really worried about getting in trouble with HMRC as the Egg one was opened first and I doubt Barclays have even got around to contacting the tax people yet. The true date of opening of the Barclays one is at least a week after the date of opening of the Egg one.

Tried ringing Barclays yesterday but got a msg telling me to ring back - will try again tomorrow or visit a branch this week.

Suze

Compound wrote:

It depends on the strength of your definition of ‘open’. You can take the first steps towards opening an account by making an application. But the account can’t formally exist on 5 April. I think in your case Barclays has made a mistake, ignoring the 2007-8 box. This may have worked out for the best, as this makes your Barclays ISA invalid which is what you want. If it had been correctly opened dated 10 April, you would have been in trouble with the Revenue for opening two ISAs simultaneously. Barclays should have received notification of cancellation before you applied elsewhere. Then you'd be in the clear and inefficiency at Barclays wouldn't matter. But you can now put the blame for breach of regulations on Barclays. Just point out their serious mistake, express your dissatisfaction and order the entire application be cancelled.

verntern

I fell for the Barclays ISA offer. Cheque and form submitted on April 5 for 2007/2008 ISA and still not processed. Inadequate service from a major bank. I should have noticed the negative atmosphere. Frustrated people in a long wait to see 'Customer Advisers' in my local branch. I observed. Tired and weary people almost apologising to Barclays for troubling them about their worries over their personal money that Barclays were manipulating.

Lesson and experience learned. The next stage, if ever this ISA is opened, is to plan for the transfer out of it in 12 months time. Savers, there will be equal chaos from Barclays in your order to transfer. Plan well in advance.

For the small extra few quid on £3000 it all wasn't worth it for the hassle. For me, back to the reliable NS&I.

I'm still enjoying hassling Barclays though. If you have the time and are equally irritated as I am, then keep posting on this excellent site and also complain to the Financial Ombudsman Service by email:

enquiries@financial-ombudsman.org.uk

You may not get satisfaction but it sure feels good to to vent some critism!

verntern

dlevene

On the Barclays site they say that of the 6.5% AER only (only!) 6.31% is tax-free. I thought the whole point of an ISA was that it was completely tax-free??

mleonard79

On the Barclays site they say that of the 6.5% AER only (only!) 6.31% is tax-free. I thought the whole point of an ISA was that it was completely tax-free??

Hi dlevene,

I've answered this question over on your other thread but just in case anyone else is wondering (although I'm sure this has been answered somewhere earlier in this thread too!) I've posted what I wrote below:

It is completely tax-free - the monthly interest rate on the ISA is 6.31% AER but if you leave the interest that accumulates every month in the account then it becomes 6.5% annually as the interest is compounded over the year (i.e. you're also getting interest on the interest so to speak.)

Regards

Michelle

jonnyb

I logged in to Egg Money Manager today, to find it telling me I had a new account with Barclays. Turns out they have finally opened my ISA but I've not had any confirmation since my application went it.
Just got to find another £2999 now.

Deal_Broker

Printed out the on-line form, completed it and went into the local Barclays branch to talk with the Personal Banker on 30th March. Eventually got the pack back. Noted it said "Account opened 5th April 2007". My daughter also opened a Barclays ISA, going into the branch on 26th March. Her account was also apparently opened on 5th April.
Bearing in mind Martin's comment on the ISA: Note 20 April ‘07. Many people have reported significant delays from Barclays, and it has confirmed that due to ‘unprecedented interest’ some accounts won’t be opened until mid-May; yet interest will be backdated to the day the application form was handed to the branch (and if you handed forms in for the 2006-7 tax year it’ll still count for that year’s allocation). While overall this means there’s nothing lost, if it worries you, see the alternatives below., she complained to Barclays. They had to ring their helpline for further information. They said that the ISA was opened within their normal timeframes and therefore no interest would be backdated. The date was backdated to the 5th April so that it fell within the tax year and she would get interest from that date.
Have Barclays actually put their guarantee to back date the interest in writing?

carpy

not happy!!!!

still no ISA showing online and £3000 still sitting in current account

i thought they had promised to have them open by today?!?!?

not happy!!!!

mau408

Well like some of the earlier accounts I HAD no problem opening up my ISA on 07.04.07. Giving the guy behind the desk a cheque and filling in a form which was stamped by the branch, and providing valid identification as a new customer. I only had to wait 10minutes.
During my experience I was told that I had to keep the ISA open for two years inorder to get the introductory bonus and when I asked for a receipt I was told I couldn't be given one because it had to be sent away. Well looking at the terms and conditions I've yet to find the 2 year bit.

Since then I've been in a branch a few times asking whether I would get documents of the opening of my account but told that a fax had said there were a back log of customers waiting for their isas to be opened. However I was told my interest would be backdated to when the form was stamped. Ok I thought UNTIL I got a letter attached to the form dated 24.04.07 saying that my cheque had been lost and I may have to cancel it.

So back into Barclays goes me! They filled in a complaint form, I asked for the cancelled cheque charges, backdated interest and gave them another cheque and this time got a receipt. I now await reply.

Is it me or do I look like I'm glutton for banks making mistakes!