Barclays 6.5% but Won't Open with a Transfer, Why?!

pjbltd

Hi

Taking the advice from the last email I went down to Barclays to inquire about their 6.5% Tax Beater ISA. I wanted to transfer from my existing HSBC isa to it (as I have already gone over this year's allowance), but the Barclays advisor told me they would not do this?

I am slightly confused as from reading this site and the emails I was under the impression you could always "transfer to the best rate".:money:

?

exel1966

Because the Barclays site as well as all the messages/threads within these forums clearly state that they DO NOT accept transfers in. It is for NEW money only.

'If you've got £3,000 to save take a look at our Tax Beater Cash ISA which pays 6.50% AER (6.31% tax-free). It also has a surprising degree of flexibility for a cash ISA with this rate of interest. And what's more if you've already subscribed to a Mini Cash ISA or Maxi ISA in the 2006/07 tax year, you can still take advantage of our Tax Beater Cash ISA in the 2007/08 tax year. Transfers from an existing ISA, either with us or with another ISA provider, are not allowed'

To find the best ISA's available read this very comprehensive thread :-

http://forums.moneysavingexpert.com/showthread.html?t=401374

masonic

Banks are allowed to impose whatever additional rules they like. In the case of Barclays, they are obviously losing money by paying people this rate - they want to make sure they minimise that loss, which they have done by limited how much people can have invested.

gelato_cat

Some ISAs don't allow you to transfer money in from previous years. However you can open a Barclays ISA for next year as long as that is the only one you want to contribute new money to.

How come you've "gone over this year's allowance"?

Suze

pjbltd wrote: »

Hi

Taking the advice from the last email I went down to Barclays to inquire about their 6.5% Tax Beater ISA. I wanted to transfer from my existing HSBC isa to it (as I have already gone over this year's allowance), but the Barclays advisor told me they would not do this?

I am slightly confused as from reading this site and the emails I was under the impression you could always "transfer to the best rate".:money:

?

Gordon_the_Moron

Barclays don't want to be paying the 6.5% rate on too much money, they want to attract new customers with the rate which drops after a year, they then *hope* the new customers will stay and not transfer elsewhere (don't if there is better available)

I wouldn't be surprised if when the 6.5% offer runs out they start accepting transfers.

Da Moron

oldagetraveller

"The bonus offer and the above rate may be withdrawn at any time without notice."
No doubt when sufficient people have been reeled in by the introductory rate.

Gordon_the_Moron

I can't see them cutting the introductory offer in the first year or people will leave so they will be shooting themselves in the foot a bit as someone said in another thread, I wouldn't be surprised if the don't pass on any rises in the base rate and leave it at 6.5% though and if as I suspect the interest rate goes up by 0.5% or so in the next year it won't be quite so competitive (still a good option though)

After the year is up unless it is a top buy (it nearly certainly won't be) leave or you are doing just what they want, letting them profit from your lack of action.

Da Moron