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

cs95aam

I applied for mine about a month ago. I haven't received a letter yet but checking my online banking this morning I can see its there and funded with the £1 I stated in my application. However now I wish I'd added more in the first place.

The lady at the branch told me I could transfer funds online however attempting to this this is clearly not possible. I called up the ISA line and they put you through to an automated message which tells you they're too busy and it then hangs you up!

I then called my branch who confirmed that due to tax reasons we cant transfer funds using online banking however it will need to be done over the phone. She told me the line is very busy. So after being transferred twice and waiting for 10 minutes I am put through to the same line I called in the first place which just hangs me up!

I can't believe this. Whats the point of an ISA if you can't put money into it as and when you want to? Barclays have seriously messed up.

debbie42

You're not alone. See the following thread:

http://forums.moneysavingexpert.com/showthread.html?t=410526

cs95aam

I can't say I've read all the posts in that huge thread but a lot of those are related to delays in processing the application.

I've just discovered a way round this. Call 0845 603 0845 and instead of choosing option 1 for the Tax Beater ISA choose option 2 which I believe is for other ISAs. I then got through to somebody who performed an instant transfer.

bristolleedsfan

cs95aam wrote: »

I applied for mine about a month ago. I haven't received a letter yet but checking my online banking this morning I can see its there and funded with the £1 I stated in my application. However now I wish I'd added more in the first place.

The lady at the branch told me I could transfer funds online however attempting to this this is clearly not possible. I called up the ISA line and they put you through to an automated message which tells you they're too busy and it then hangs you up!

I then called my branch who confirmed that due to tax reasons we cant transfer funds using online banking however it will need to be done over the phone. She told me the line is very busy. So after being transferred twice and waiting for 10 minutes I am put through to the same line I called in the first place which just hangs me up!

I can't believe this. Whats the point of an ISA if you can't put money into it as and when you want to? Barclays have seriously messed up.

i transferred 2999 into my barclays isa from scarborough BS via bacs, reminds me of the saying "couldnt be made up" :rotfl:

flower_72

It's not all bad at Barclays...

I handed my application at a branche on the 16th May and the ISA account is showing on my online account page with the right amount of money in. :j

That's just under 2 weeks! Not bad eh?

They must be catching up on the backlog. There is hope for all...

steady__eddie

"Hi everyone!

I applied for the taxbeater in the last tax year...they've now told me that they have cashed my cheque for £3000 and cannot find it in their own accounts (!) whilst having lost my application and all of my sensitive documentation!

They say i've now lost the opportunity to invest in that tax year.

Furious.

I've written a letter of complaint...is there anything more I can do?

This was my first ever ISA"

Hello SPSP and welcome, I had some hassle not so long back with an ISA provider who sent me a cheque for interest when they acknowledged that they had received written confirmation from me that I wanted the interest to be compounded. Same old story, "There's nothing that we can do about it now". Well there was and I'm sure that there is in your case. Take a look at this link http://www.hmrc.gov.uk/isa/isagn.pdf It's rather "comprehensive", I made reference to it in an email to my erstwhile ISA provider and within 20 minutes they replied to my satisfaction.
There's a thread here http://forums.moneysavingexpert.com/showthread.html?t=405914 which although not identical to your prob, shows that errors can be rectified.

Donel261

I am quite amazed at how long it is taking them to open my account, I initially opened the account with £100 and stated I would like to save £220 per month by direct debit, I stated I would like deductions to start at the end of the month I went into the branch and opened the account, however as two payments have now passed and they haven't cashed the cheque either are they going to open the account and immediately take £540 (£760) if it drags on until the end of this month? do the direct debit rules allow them to backdate payments or will they just start the deductions from the month its opened? I need to know whether I will have to top it up with the payments missed.

Why is it taking so long?

TomsMom

cs95aam wrote: »

The lady at the branch told me I could transfer funds online however attempting to this this is clearly not possible.

I then called my branch who confirmed that due to tax reasons we cant transfer funds using online banking however it will need to be done over the phone.

Not sure what account you are trying to transfer from and I don't understand what they mean by "due to tax reasons" but I transferred an amount out of my A & L current account into my Barclays ISA by BACS with no trouble whatsoever, took about 3 days. Money arrived safely and I have a print out with the total that's in my ISA.

bristolleedsfan

TomsMom wrote: »

I don't understand what they mean by "due to tax reasons" .

means barclays dont like BACS receipts or any form of electronic automatic deposit into ISA account as it dont believe it can watch to see that amounts over 3000 dont get paid in, ud have thought all isa managers have a set up which throws out over deposited isas

BillytheFish_2

cs95aam wrote: »

I've just discovered a way round this. Call 0845 603 0845 and instead of choosing option 1 for the Tax Beater ISA choose option 2 which I believe is for other ISAs. I then got through to somebody who performed an instant transfer.

I tried this but it seems that that line is too busy now. Just try:

0845 603 0845 and then when the automated voice starts, just keep mashing the '#' key on your phone until you hear the 'ringing tone'.


Be very, very careful to stress that you want to make a deposit as I had to keep correcting the guy I got through to, that I did not want to withdraw money from my ISA but wanted to transfer to it.

I hope he got it right in the end....