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

bristolleedsfan

djbd1973 wrote: »

Probably be a good time to start thinking about moving it to a better rate in the next few months.

1% bonus applies for first 12 months from account opening date. ( so if account was "opened" on May 15th 2007 with interest backdated till april 6th 2007 then the 1% bonus applies until the anniversary of May 15th 2007 )which should save Barclays getting innundated with transfer out requests at start of 2008 tax year.

wording the rate as it is now avoids people believing that the rate has been slashed on the anniversary of the account opening.

SalsaDanca

I've just noticed that the rate has been cut by 0.25% to 6.56% (6.76% AER) from today.

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=12333&target=_self&site=pfs

harryhound

harryhound wrote: »

Yesterday (Tuesday) Mrs Hound got a surprise pack from Barclays: All the paperwork and the CHEQUE from about a month ago sent back.

Harry.

PS When should I sell my shares? (last week ?) I only got them as a result of having more than 100GBP in my Woolwich account.:D

PPS I did not like the cost of my latest haircut, so I chucked 7000 GBP into a last minute ISA with M&G (Mean and Greedy - part of Prudential) for them to put into inflation proof gilts. Excellent administration. Mrs Hound and I will compare notes this time next year.

How are we all a year later ?

My M&G investment is up about 12%, having gone down 2% in the first three months, so that goes some way towards the slump in value of the Banks' shares:eek:.

Mrs Hound eventually did get her Barclay's ISA back dated to 06/07, but she is not risking Barclay's again for 07/08.

The question is - Should I risk another 7K in inflation proof government bonds? (I see oil has just hit 108 dollars a barrel:mad:, thanks to the war in Iraq, and the Euro is now worth 78 pence).

Harry.

steady__eddie

Due to the ongoing trials and tribulations of contemporary events, I had completely forgotten the administrative errors created by Barclays last year when O.H. opened her Tax Beater. (Wrong I.S.A. opened, wrong opening date, 05/04/07 when she applied for a 07/08 on the 19th of April 2007 and cheque was dated same etc.) Letters and 'phone calls persisted throughout the summer but I cannot recall a successful outcome before other more pressing activities occupied my time.
The issue has however resurfaced today when she received a letter from H.M.R.C. The relevant part reads, "Your ISA providers have told us that in the tax year ended 5 April 2007 you saved £3000 with Barclays Bank Plc and £3000 with National Savings.

That means you have saved too much in your ISAs. If you do not agree with this information you should contact your ISA provider."

From some posts on here, I understand that there are a few problems contacting Barclays re 2008/09 ISAs.
Is anyone still in negotiations with Barclays re 2007/08 ?
Due to the time period that has now elapsed since the original complaint was raised and the fact that the delay has not been caused because they have been waiting for information from O.H., I am tempted to notify them that she will give them an additional 5 working days to resolve the issue and if no reply is received, then she will follow the route to the ombudsman.
Any comments and suggestions greatfully received.

carpy

steady__eddie wrote: »

The issue has however resurfaced today when she received a letter from H.M.R.C. The relevant part reads, "Your ISA providers have told us that in the tax year ended 5 April 2007 you saved £3000 with Barclays Bank Plc and £3000 with National Savings.

That means you have saved too much in your ISAs. If you do not agree with this information you should contact your ISA provider."

what exactly is the 'penalty' for this? is it just a case of having to pay back any interest earned on the 'extra' £3k?

steady__eddie

I don't really know. On the reverse of the letter which appears to be a standard form with spaces for specific words (name etc.), it goes on to say "What you need to do next" The answer given is "Nothing - you do not to take any money out of your ISAs You can continue to save but you should take care not to save too much in your ISA again."

bristolleedsfan

Just out of interest SE, did your wife open another ISA for tax year 2007/08 or does she merely have two ISAs covering two tax years albeit not allocated to the correct tax year due to Barclays mistake.

steady__eddie

Your latter assumption is correct BLF.

pigeonpie

Just received a letter returning my cheque and app form saying the NI no is different from the one they have for me. I checked and the form is filled in 100% correctly. Last week got a phone call to the same effect and the Barclays employee on the line said she's corrected it, it was a data capturing error of one digit. Now they expect me to go into the branch today or tomorrow and find someone "to sort it out" as they cannot process it. I told them that it's their fault, which they admitted and said they will file a 'complaint' (ha ha). This is tax year 07/08. If they had sent me this letter earlier, I would have had time to pick another ISA as Barclays are a bad joke. My original app btw was on 18 March so I'm not a last minute minnie either.

gillbee

I stuck a cheque in today - however I think I forgot to date it. Any idea if I will be rejected a couple of weeks down the line? It was for this years allowance.