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

ukdutypaid

bashful wrote: »

It took a little while to open a Barclays current account and to go on line to see my ISA account. Just had a look and it seems that I have had some backdated interest.

Interest for June for the two years £3k allowances was £33.80 which seems par for the course looking at other messages.

Unfortunately I can't see my transactions prior to beginning of June (how poor is that!) but my current total balance is £6,101.23 which seems to show that I have had full interest credited back to 1 April for both 2006/7 and 2007/8 ISAs :T

Thank you Mr Barclay - it obviously pays to complain - although shame we had to

B

Either you've had a 'bonus' on top of yours, or are you sure you didn't open it before April 1st?.... I went through the interest on the phone with a woman at barclays.. I'm on £100.11 interest.... See post above yours......
Don't get me wrong, I'm not moaning about pence, just my maths now..... My whole understanding of the universe is undermined, if it turns out my calculations are wrong, for every other account I have everywhere....with every single institution....!

bashful

ukdutypaid wrote: »

Either you've had a 'bonus' on top of yours, or are you sure you didn't open it before April 1st?.... I went through the interest on the phone with a woman at barclays.. I'm on £100.11 interest.... See post above yours......
Don't get me wrong, I'm not moaning about pence, just my maths now..... My whole understanding of the universe is undermined, if it turns out my calculations are wrong, for every other account I have everywhere....with every single institution....!

Opened the 2006/7 account on 2 April 2007 - or at least that is when we took the applications in to the Exeter Branch. My acknowedgement letter said opened on 5 April 2007.

Because of the delay in opening the account, the second cheque for 2007/8 ISA didn't get sent off to Barclays by post with their slip until 10 May 2007.

I doubt that helps. I have no idea why the interest isn't the same as yours

ali-the-drowned-rat

Applied for 2 isas ( one for me one for hubby) both straight £3k at the end of March. Transferred the money from e savings account so that the cash was available when needed. No paperwork arrived. No cheques cashed. Went into branch 10 days later and was told patronisingly not to worry. Hubby called in 2 weeks later, told not to worry. Wrote a letter to the bank manager to confirm all is in order. No reply.

Received a brown envelope from royal mail ('lost in post' envelope) which contained our applications and cheques. It had been addressed to a different Barclays on internal post and ended up in my kitchen! (gold star to royal mail!) Took it back into the branch, received an apology and I watched the 'personal banker' log it in the system and she reassured us that the application was in hand.

Last Wednesday 27th June, we received letters from Barclays to say that they were sorry but time had run out to open the isa's. Went into the branch. The manager said it was Inland revenue who wouldn't open the account now as it was too late. We could open a savings accounts or isa's for next year! What has happened to last years tax free savings? What has happened to the interest lost in three months of my e-savings account? I am waiting for a response from the complaints department. I'm not holding my breath.
Barclays! A Joke.:eek:

ukdutypaid

bashful wrote: »

Opened the 2006/7 account on 2 April 2007 - or at least that is when we took the applications in to the Exeter Branch. My acknowedgement letter said opened on 5 April 2007.

Because of the delay in opening the account, the second cheque for 2007/8 ISA didn't get sent off to Barclays by post with their slip until 10 May 2007.

I doubt that helps. I have no idea why the interest isn't the same as yours

Thanks for the reply to that one.... I gave up understanding money a long time ago.. I'll start trying to understand women next.... Now where's the Excel formulua to that particular conundrum... lol

As matter of interest, I make your total up to and including July 1st
£6,093.78..........
6.31%/365= 0.01728% (This changes with the interest hike to 6.56% on June 1st)
Original deposit+(0.01728%xOriginal stake)


Hope that's everybody confused now... hehe.

carpy

mary wrote: »

Yes, similar £3046.44, with £16.88 credited this month. Curious how you managed to get 1p more than me!

that is odd that's yours is 1p less???

i wonder why???

even a days interest would amount to more than that!!!

Voyager2002

ali-the-drowned-rat wrote: »

Applied for 2 isas ( one for me one for hubby) both straight £3k at the end of March. Transferred the money from e savings account so that the cash was available when needed. No paperwork arrived. No cheques cashed. Went into branch 10 days later and was told patronisingly not to worry. Hubby called in 2 weeks later, told not to worry. Wrote a letter to the bank manager to confirm all is in order. No reply.

Received a brown envelope from royal mail ('lost in post' envelope) which contained our applications and cheques. It had been addressed to a different Barclays on internal post and ended up in my kitchen! (gold star to royal mail!) Took it back into the branch, received an apology and I watched the 'personal banker' log it in the system and she reassured us that the application was in hand.

Last Wednesday 27th June, we received letters from Barclays to say that they were sorry but time had run out to open the isa's. Went into the branch. The manager said it was Inland revenue who wouldn't open the account now as it was too late. We could open a savings accounts or isa's for next year! What has happened to last years tax free savings? What has happened to the interest lost in three months of my e-savings account? I am waiting for a response from the complaints department. I'm not holding my breath.
Barclays! A Joke.:eek:

Spectacular incompetence! Your story deserves a thread to itself.

Cemetery

carpy wrote: »

that is odd that's yours is 1p less???

i wonder why???

even a days interest would amount to more than that!!!

Mine is the same, bit odd but there we go, Barclays for you...

harryhound

mary wrote: »

Yes, similar £3046.44, with £16.88 credited this month. Curious how you managed to get 1p more than me!

This is probably a sign of Barclay's professionalism, their management might be out of touch and bitten off more than they can chew, but their computer programming is probably still up to the high standard of the 1960's & 70's City of London workers.
If there is a Barclays IT person out there, please let us know

The way it probably works is:

Here we go let us calculate the interest at x.xx% on a balance of yyyy.yy; ah it is zz.224 so knock off the 0.004 and pay out zz.22. Leave the 0.004 in a "saucer" as a sort of tip. Do the next calculation. Here we go again, next punter's account x.xx% of aaaa.aa = bb.773, ah but we still have 0.004 left in the saucer from the last customer, let us give it to this punter so his payout is bb.777; but he was only expecting bb.77 so that is what we will give him. Here comes the third punter, this time we have 0.007 left in the saucer and his payout is 16.884 but after we add the 0.007 we have 16.891 so lets give him 16.89 and leave 0.001 in the saucer.
A slightly fraudulent firm would simply chop off the 0.00x amounts & keep the contents of the saucer for themselves and a fraudulent programmer would leave all the tips in the saucer until the program got to "Ah here is my account being processed so put the contents of the saucer into my account and only then start dishing the tips out at random". Did I see somewhere that millions of people had opened Barclay's ISA accounts ? Well 1,000,000 accounts with an average of a halfpenny chopped off comes to 5,000 GBP; handy monthly spending money, even for a city slicker and nobody has complained of fraud.

Harry

mary

Quite an eye opener. Might big saucer in that case!
Didn't know how it worked, someone's pocket must be pretty big therefore!

melpomene

I haven't received a statement as yet although they took the £3,000 (ie finally cashed my cheque) about 3 weeks ago. should i be worried?