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

carpy

just checked again and although it wasn't there this morning it's now appearing online!!!!..........hooray!!!!!

does that mean my cheque will be clearing soon?

it other people's experience, what is the time between the account appearing online and your cheque clearing?

suttonsaver

Yippee - my 07/08 ISA is now open.
The £10 that has been sitting in my Barclays current account since I posted my (online) application on 29 March was transferred to my Taxbeater ISA today.
(No indication that interest will be backdated to 6 April- but can't get too worked up about that.)
Barclays online banking screen gives me the new sort code and account number so I can transfer the remaining £2990 without delay.
I was on the point of cancelling Barclays and going with Egg ...

simongregson

Phoned to complain about the delay today. Couldn't get through on the 'savings help line' it just hung up on me. After 4 failed calls through to fairly useless customer service operators who just transferred me back to the same savings line and then let it hang up on me. FUME! I finally managed to get through to someone from 'Consumer relations' who seemed to talk slightly more sense. I still had to point out that it is not my problem if they are 'very busy'. They have confirmed that interest is backdated. They admit it is a stupid system unlike most other banks who just open accounts there and then - apparently it's 'just how Barclays works' (inefficiently and infuriatingly slowly!)

Anyway the Consumer relations departments direct number is 0800 282 390. At least that'll save having to spend another hour listening to lift music at my own expense.

Never again - they may not pay as much interest, but I'm sticking with my nationwide ISA from now on.

ukdutypaid

I've put an official complaint in about the back dating..
I opened mine on the 22 March. I obtained a photo copy of the whole form with the stamp and my cheque.
It's now opened, but it looks like they've batch processed everything to the 5th of April.. i.e tax year 06/07... I've complained that they wouldn't let me open 07/08 at the time, so I want backdating until April 6th, for that one.

If they don't, then I'm off to Ing, or I'll wait till this weeks inevitable rate rise. Have a look at the best buy tables this weekend and put my 3k somewhere else..... It's as if Barclay's are doing us all a favour!

I think we're in for a banking ombudsman job after this lot if they don't. Massive misrepresentation misselling...... ?

thumshie

Interest now been applied to the account, and visible online, but you've guessed it...Doesn't appear to work out correctly!! mines an 06/07 isa but deposit still showing for 16th April, interest however is about 26days-which i suppose is acurate if they back date to 5th and include the 1st -, considering original application was 19th, second application 2nd April - they lost the cheque!!)

Anyone got a formula that can accurately(rather than 0.0631/365) calculate daily interest?????

Kazza242

My first interest payment has been credited to my Barclays ISA, but surprise, surprise...NOT, they have not backdated it to the 6th April or the 10th, but have credited one days worth of interest - even though they had my application since the 2nd April! I will be on the phone to them shortly to complain and insist that they backdate the interest as they promised to do on their website.

Oxford_3

I also have had one day's interest credited to my 2007/08 ISA which I applied for before the start of this tax year, but was not opened until yesterday.

I called the ISA helpline, and the guy was very helpful, speaking to 'the people' in Glasgow who said that the interest would definitely be backdated. They haven't been able to do this straight away, and couldn't give date it would happen, but it does sound like they'll stick to their promise of backdating the interest. I just hope they also remember to backdate the interest on the interest, so to speak, if it takes them a while to credit it.

A slightly worrying aside though - I was speaking to a personal banker in Barclays a few weeks ago when a colleague asked him when the new £3600 allowance came in - he replied that he assumed itwas for the 2007/08 year, so let people pay that much into their ISA's!

exel1966

ISA now showing online although not the £1.00 I initially deposited. Took 22 days from handing the application to the branch.

Question is, has anyone tried to deposit £3K CASH as opposed to a transfer/cheque etc ? Now it's finally been opened I don't want to wait another few days for a transfer/cheque to clear. Have looked at the T&C's and can find no reference to deposits.

EDIT - have now found the answer so if anyone else was wondering -

'The minimum deposit is £1 by transfer from another account, standing order, cheque, or by paying a cash amount into any barclays branch'.

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=12261#terms

carpy

just checked this morning and my balance is £0.52!?!?!?

obviously 1 days interest even though my £3k is sitting elsewhere!!!

they better get this sorted and like others have said pay interest on the back-dated interest........

sly_dog_jonah

My £250 has gone from my source current account (non-Barclays) but I don't trust them to sort it out properly, and I haven't been able to top up to the full £3k as quickly as I wanted. I will 14-day cancel when I get the paperwork through and open an egg or NS&I - depending on what the BoE base rate does this month.