Barclays Blue Rewards

macman

How long does the 'digital wallet' take to show up in your online account? I've signed up, received email confirmation yesterday, but nothing is yet visible.

ceredigion

As all ready said. I shall not take Barclays up on this offer. That doesn't stop me having an interest in such things though.
However, I have noticed that their premier account has a £ 1000 fee free overdraft, so im tempted to open an account , cross fund with 7.5k a month and after awhile apply for the upgrade and stooze the overdraft.

Archi_Bald

anoncol wrote: »

Why even bother with this if you earnt so much in interest?

you don't easily get to more than £1,000 annual interest by not going after all possible opportunities.

Having said this, the Barclays offer doesn't tickle my fancy at all. It's laid out way too confusing and I can make more money by buying one less drink in the pub every month.

banjobob59

Archi_Bald wrote: »

Just to throw in a few more wobblers: If it was interest, Barclays would have to, by law, withhold 20% interest until the law changes. As they don't, it is not interest. Therefore you cannot set it off against the £1,000 (or £500) tax free interest allowance (should that actually happen).

Also, even if the Barclays payments did count against that potential tax-free interest allowance, this wouldn't apply before next April.

There is no interest or tax applicable on the Blue Rewards wallet itself, however the funds may be subject to income tax.

This is upon withdrawal and will be dependent on the individual, and the type of account so there isn't a definitive answer.

Let it sit there until 2016/2017. Then withdraw it.

ColdIron

macman wrote: »

How long does the 'digital wallet' take to show up in your online account? I've signed up, received email confirmation yesterday, but nothing is yet visible.

I have bothered to open one as I have a Barclays account and it turned up in online banking immediately

macman

anoncol wrote: »

I am so confused about the tax. How can there be no tax applicable but there is an income tax?

They are simply saying that they don't deduct basic rate income tax at source, so you need to declare it. It's subject to income tax at your marginal rate, like any savings interest (except ISA's and certain National Savings products).

ColdIron

Archi_Bald wrote: »

Just to throw in a few more wobblers: If it was interest, Barclays would have to, by law, withhold 20% interest until the law changes

I had some accounts that changed from gross interest to net but NS&I still pay some accounts gross, perhaps the law applies differently to them

Ed-1

macman wrote: »

They are simply saying that they don't deduct basic rate income tax at source, so you need to declare it. It's subject to income tax at your marginal rate, like any savings interest (except ISA's and certain National Savings products).

As I understand it, it's not subject to income tax until it is withdrawn from the wallet. If it could be withdrawn into an ISA, for example, it would not be subject to income tax at all, although I'm not sure whether you have to withdraw it into the nominated current account.

Steve_xx

Archi_Bald wrote: »

Just to throw in a few more wobblers: If it was interest, Barclays would have to, by law, withhold 20% interest until the law changes. As they don't, it is not interest. Therefore you cannot set it off against the £1,000 (or £500) tax free interest allowance (should that actually happen).

Also, even if the Barclays payments did count against that potential tax-free interest allowance, this wouldn't apply before next April.

Might this be regarded as a gift do you think Archi?

Archi_Bald

Steve_xx wrote: »

Might this be regarded as a gift do you think Archi?

I have no idea, sorry.

May be the Barclays UK boss, Ashok Vaswani, knows - he and Martin Lewis seem to be having a bit of a twitter spat over Blue Rewards in general. Why not tweet the man and ask him? https://twitter.com/MartinSLewis/status/591258715346571266
https://twitter.com/MartinSLewis/status/591966274185523200