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

Innys

According to this:

http://www.personal.barclays.co.uk/B... self&site=pfs

and this:

http://www.barclays.co.uk/isa/

The interest is monthly. Now I don't know if that means calculated on a monthly basis and not paid on a monthly basis, but why you would do one but not the other, I do not know.

HOWEVER, looking at the T&Cs on this Barclays ISA link:

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

See section 3.2 "Interest is....credited to the account annually..."

Can someone please explain this to me? Or have Barclays just screwed up?

cs27

Careful_ly wrote: »

Visited branch yesterday to add to ISA you cannot add inbranch either by completing a paying in slip or by speaking to a personal banker, as no credits can be sent to the ISA by branch.... but they have a form to complete which they faxed to the ISA department... the cash has been transfered from current account to ISA today. :beer:

On this thread http://forums.moneysavingexpert.com/showthread.html?t=417639 people confirm that they have sucessfully paid into the ISA with cash and cheques, and that a personal banker can do an instant transfer between your accounts - whether that is a deposit or a withdrawal. Hope this helps but I'm guessing its down to individual branches and how staff have been trained (or not!).

Has anyone used the savings line number to do an instant transfer into the ISA over the phone? Starting to think that would be the easiest way to get money in/out of the account with the added convenience of not having to visit a branch.

Kazza242

I've just spoken to Barclays customer relations about my ISA interest not being backdated to the date my application was received. The advisor was very helpful and promised to call me back, which he did within 20 minutes.

He had ran down to the ISAs department to check with them and then called me back. They told him that ISAs for 2007/08 that were officially opened before 27th April 2007, will have had their interest backdated and credited on May 1st. According to them, they run some sort of process which does it. He said that he was told that accounts opened after the 27th April will also have their interest backdated after the process is run on 29th May. It will then be credited on 1st June.

I am still sceptical about this, though the advisor did make a note about what he'd told me next to my account should the backdate of interest not occur. I await a response to the complaint letter I sent to customer relations by recorded delivery yesterday. Hopefully, they will confirm what will be done to rectify the situation.

Kazza242 wrote: »

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.

Kazza242

Innys wrote: »

The interest is monthly. Now I don't know if that means calculated on a monthly basis and not paid on a monthly basis, but why you would do one but not the other, I do not know.

HOWEVER, looking at the T&Cs on this Barclays ISA link:

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

See section 3.2 "Interest is....credited to the account annually..."

Can someone please explain this to me? Or have Barclays just screwed up?

You are referring to the general Barclays ISA T&Cs. If you scroll down the T&C document you'll see that the Tax Beater ISA has its own set of specific T&Cs.

Barclays Tax Beater ISA T&Cs (section on how interest is calculated and credited):

3 Interest is calculated on the daily statement balance and credited to the account on the first working day of each month. This condition replaces condition 3.2 of the general terms and conditions.

Careful_ly

cs27 wrote: »

On this thread http://forums.moneysavingexpert.com/showthread.html?t=417639 people confirm that they have sucessfully paid into the ISA with cash and cheques, and that a personal banker can do an instant transfer between your accounts - whether that is a deposit or a withdrawal. Hope this helps but I'm guessing its down to individual branches and how staff have been trained (or not!).

Has anyone used the savings line number to do an instant transfer into the ISA over the phone? Starting to think that would be the easiest way to get money in/out of the account with the added convenience of not having to visit a branch.

Thank you for the link.
I asked if I could use a paying in slip and was told that they werent allowed to accept money in this way, and the personal banker wouldn't/couldn't do the transfer
I am not really surprised that different people are given different information from the staff.
But the information sent with the welcome pack only mentions paying in over the phone, or sending the reply slip with a cheque or mandate to transfer from Barclays account. I really didnt want to post it and for it to end up in the backlog. Transfer was done next working day, so happy enough :j

hotspring

I gave the branch £3000 cash to open an ISA account on 26 March 2007. At first, I was told I would not get the receipt but would get a letter in 5 working days. This tuesday, I got an letter from the bank and the money was missing. I went back to the branch to confront the staff, but she could not remember and the cctv record had not be kept. What shal I do? oh my god.

SarahNeedle1872

Kazza242 wrote: »

I've just spoken to Barclays customer relations about my ISA interest not being backdated to the date my application was received. The advisor was very helpful and promised to call me back, which he did within 20 minutes.

He had ran down to the ISAs department to check with them and then called me back. They told him that ISAs for 2007/08 that were officially opened before 27th April 2007, will have had their interest backdated and credited on May 1st. According to them, they run some sort of process which does it. He said that he was told that accounts opened after the 27th April will also have their interest backdated after the process is run on 29th May. It will then be credited on 1st June.

I am still sceptical about this, though the advisor did make a note about what he'd told me next to my account should the backdate of interest not occur. I await a response to the complaint letter I sent to customer relations by recorded delivery yesterday. Hopefully, they will confirm what will be done to rectify the situation.

So according to what they have told you, because they've had ur app since the2nd April, ur interest should have been credited two days ago(?)

exel1966

hotspring wrote: »

I gave the branch £3000 cash to open an ISA account on 26 March 2007. At first, I was told I would not get the receipt but would get a letter in 5 working days. This tuesday, I got an letter from the bank and the money was missing. I went back to the branch to confront the staff, but she could not remember and the cctv record had not be kept. What shal I do? oh my god.

Think up another good story perhaps ?

hotspring

exel1966 wrote: »

Think up another good story perhaps ?

This is real. This happened in Barclays Edinburgh Branch. Currently I am fighting with the branch and my husband is the witness. But the branch has lost the CCTV record on 26th March. I will bring back the whole thing later. anyone can help me?

Kazza242

SarahNeedle1872 wrote: »

So according to what they have told you, because they've had ur app since the2nd April, ur interest should have been credited two days ago(?)

According to the advisor at Barclays, the ISAs dept told him that accounts opened before April 27th will have had their backdated interest credited to their ISAs on May 1st. Although Barclays had my application since 2nd April they didn't open my ISA until 28th April. I've had only one days interest credited to my ISA. I am very sceptical about what I've been told so I'll wait for Barclays to respond to my complaint letter.