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

bristolleedsfan

QUOTE=Joscar;5407398]I called Barclays to ask about statement"s" as I do not have online banking with then and it seems crazy to have to open another current account just to know what my interest is "every month"
They have ordered me a statement to be posted to me but said normally I would get a statement by post every 6 months.[/QUOTE]

james10999

when does the increased rate of 6.75% get applied from?

bristolleedsfan

james10999 wrote: »

when does the increased rate of 6.75% get applied from?

1 june 2007 the rate is actually 6.56%, as the interest is paid monthly, if u leave the interest added to the balance the interest itself is earning interest in which case the rate equates to 6.76%

SarahNeedle1872

bristolleedsfan wrote: »

1 june 2007 the rate is actually 6.56%, as the interest is paid monthly, if u leave the interest added to the balance the interest itself is earning interest in which case the rate equates to 6.76%

Is that what is called 'compound interest'?

Compound_2

SarahNeedle1872 wrote: »

Is that what is called 'compound interest'?

Yes.

Statements: I thought the literature referred to annual statements rather than every 6 months.

neetugopal

I applied on 7th April and still waiting for my account to be opened. I have been to my local branch 3 times (once to submit application, 2nd time to change address as I had a closed Barclays card account with the previous address and 3rd time last Tuesday to again update the address as incompetent person did not update the address correctly).

I had to go to post office to collect a letter sent by the bank as they did not put correct stamp on the letter. I had to pay £1.06 to get the letter. I could not believe that one of the richest bank in the UK did not have enough money to put correct stamp :-)

TomsMom

Do Barclays take longer to open the Tax Beater ISA if you're not already a Barclays customer?

Hubby and I have our mortgage with them and our account was opened reasonably quickly. Son applied a couple of weeks later than us, around end of April but well within the time before they stopped the Tax Beater ISA account, and he has heard nothing. Branch have told him that it could be because he is not already a customer and it's taking longer to ascertain his identity Does that make sense? He took in proof of identity when he opened the account.

dc74_2

Hi all,

I am like the rest of you I think. After much complaining and pestering I have finally got an apology from Barclays. They have also backdated my interest to the 5th April, when I submitted my cheque.

I am a bit confused by this compound interest malarky. I invested £3000 on the 5th April. Assuming present interest rates remain unchanged (unlikely), does anyone know how much interest I can expect at the end of the tax year?

Cheers...

Joscar

Assuming the int rate remains at 6.56 for the rest of the year, I work it out to be £199

polomint_2

Simon my bank manager in Lancing has been wonderful..sorted mine out for me...gave me £20 comp and back dated my intrest to the £1000 i had been trying to put in my isa (adding to the original £500 i had opened it with) to the day i opened it. Well done Lancing Barcleys.