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

R164ard

I applied for this ISA before the end of the last fin. year. Told no problems, backdating would be OK as application properly made.

Two weeks later I check....overwhelmed story.

Two weeks later I chack again - and open a complaint when story is the same. Receive acknowledgement letter - bleating about work overload.

4 weeks later I receive a letter saying that they are waiting for information and will keep me informed.


Yesterday I get a phone message to call them.

Today I call and am told that they have no record of my application and since the money has not been taken from my account - hard luck.

When I tried getting tough - such as you can on the phone there waqs some mention of compensation. They were offering £200. It sounded rather glib. I thought there must have been a number of others in this situation already....

I'm not sure but I got the impression that the offer was conditionally exclusive of complaints to ombudsmen. AND it would only cover one year's losses even though the loss of that year's ISA is permanent.

I demanded a letter setting out their position and am awaiting developments.

Richard

bristolleedsfan

R164ard wrote: »

I applied for this ISA before the end of the last fin. year. Told no problems, backdating would be OK as application properly made.

Two weeks later I check....overwhelmed story.

Two weeks later I chack again - and open a complaint when story is the same. Receive acknowledgement letter - bleating about work overload.

4 weeks later I receive a letter saying that they are waiting for information and will keep me informed.


Yesterday I get a phone message to call them.

Today I call and am told that they have no record of my application and since the money has not been taken from my account - hard luck.

When I tried getting tough - such as you can on the phone there waqs some mention of compensation. They were offering £200. It sounded rather glib. I thought there must have been a number of others in this situation already....

I'm not sure but I got the impression that the offer was conditionally exclusive of complaints to ombudsmen. AND it would only cover one year's losses even though the loss of that year's ISA is permanent.

I demanded a letter setting out their position and am awaiting developments.

Richard

funny they wanted to tell u by phone rather than in writing, good move to demand their position in writing.

one thing i will mention while they are offering what appears one years interest at current rates, the taxable element of 200.00 approx is 40.00 a year so their offer is effectively 5 years of tax free allowances uve based on full 3000 investment, + u are able to invest that 3000.00 somewhere else and earn interest on it albeit paying tax on it. ( these are rough figures before someone quotes exact amounts and mentions compound interest)

james10999

7% interest!!
Great news!!

Quite worrying about what my mortgage rate might be in 3 years time though

10_66

james10999, do you mean the interest rate's gone up to 7%, and if so, where have you seen this. I've been checking Barclays website and it's still showing 6.56% (6.76% AER).

james10999

10_66 wrote: »

james10999, do you mean the interest rate's gone up to 7%, and if so, where have you seen this. I've been checking Barclays website and it's still showing 6.56% (6.76% AER).

It will be going up to 6.81% (7.01% AER) as the BOE have raised interest rates AGAIN to 5.75%. I have no date however to when Barclays will be doing this. Guessing 1st August?

bristolleedsfan

james10999 wrote: »

It will be going up to 6.81% (7.01% AER) as the BOE have raised interest rates AGAIN to 5.75%. I have no date however to when Barclays will be doing this. Guessing 1st August?

i wasnt aware that barclays had guaranteed to pass on every base rate rise on in full , do u work for barclays and therefore have inside info ?

james10999

bristolleedsfan wrote: »

i wasnt aware that barclays had guaranteed to pass on every base rate rise on in full , do u work for barclays and therefore have inside info ?

No I don't work for barclays.
They are one of the top 4 banks and very reputable therefore they will honour the increase. I've never known barclays not to honour an increase from the BOE rate?

bristolleedsfan

james10999 wrote: »

No I don't work for barclays.
They are one of the top 4 banks and very reputable therefore they will honour the increase. I've never known barclays not to honour an increase from the BOE rate?

if u are correct we will be :j

ukdutypaid

So that one was pure speculation on your behalf, then was it?
It's a closed account. Still market beating, so why should they, increase the rate...
I suspect they only did last time because the dust hadn't settled and people who had applied, still had a choice with 07/08 contributions.....
A few of use trawled through the Barc's site on that one.
So that was a bit of a wild goose chase, without a source.

Sorry if I appear ratty, but "I hope it will increase", or "it's my belief that it will", rather than a pure statement of fact, would have saved a bit of time there, for a few of us as well I suspect....

More than prepared, nay I hope that I'm in a position to eat my words..... but until then....

Tony_Webster

7.03% AER from 1 Aug according to the new list of rates in today's Mail.