Best Fixed Rate Cash ISA

Woo's_Dad

I have been using MSE to track best rates for Cash ISA accounts as I have two accounts maturing this month, and want a new fixed account into which to transfer them.  The 12 month fixed deal from Barclays Bank identified on MSE looks ideal for me, but as I am not an existing customer I cannot open this on-line.  I have to go to a branch.  OK so I went to the branch in my home town yesterday, 4th January, and I have to make an appointment to see an adviser in order to open the account.  The first available appointment is January 31st!  So I ring Barclays (central number - cannot ring the branch direct) and ask if there is an earlier appointment available at the next nearest branch to me in a smaller town 12 miles away.  The earliest appointment there is not until mid-February.  Clearly Barclays are so successful that all their advisors are completely maxed out for weeks ahead with new customer business and have no need of further investment from the likes of me!

Band7

Can't you apply for the current account in the app or online? As soon as you have the current account (which you don't have to use), you are an existing customer, and once you have online access, you can then apply for the ISA.

PeskyBlunder

That's bonkers! They only want to sell you something else as well. I had a savings account with them once and when I closed it I could only do so through an advisor.

Lifematters

Yes, just download the Barclays app and open a current account. Takes about 15 mins. You can then open an ISA in the app. Barclays also have the Rainy day account saver which was around 5% interest on up to £5,000 when I opened it with them last year. All done in app. 

Band7

PeskyBlunder said:

That's bonkers! They only want to sell you something else as well. I had a savings account with them once and when I closed it I could only do so through an advisor.

I have an 'unused' Barclays account for other reasons. Can't say they have ever tried to sell me anything else, and I have been able to open Barclays savings and other accounts online. As and if it comes to closing accounts: if they won't let me request this online, I am quite happy to let the accounts sit there with a zero balance.

They just have the peculiar practice, probably driven by the way their IT systems have been designed, that you have to have one of their current accounts before you have access to their other accounts. 

Ocelot

I opened an ISA with them March 2020, and didn't need to have a current account. Maybe it's changed since then.

refluxer

I don't think opening a current account is required for this ISA as such, however the ISA has to be opened online and as it appears you can't join Barclays internet banking as part of the ISA opening process as a new customer, then presumably opening a current account is the quickest and easiest way to do this.

I've been a Barclays customer for more than two decades and, while I normally open savings accounts and ISAs elsewhere to get better rates, their current account has been very reliable for me during all that time. I've been able to open and close all my Barclays accounts online (including children's accounts via video banking) without the need for a branch visit. The Rainy Day Saver @ 5.12% was a no-brainer for me as an existing customer and, as far as I'm aware, it's pretty-much the best place to keep easy access to £5k at the moment, rate-wise. 

I'm personally not the kind of saver who repeatedly opens current accounts just to gain access to specific savings accounts but I think the combination of their current ISA offering plus the Rainy Day Saver would be attractive enough for me to justify it, if I wasn't already a customer. Just be aware that you'd need to pay in £800 and have two Direct Debits coming out every month in order to join their Blue Reward scheme to get the Rainy Day Saver.

Tom_Hendo

Open a current account via the app (extremely easy and much quicker than a branch appointment) then you can open the ISA automatically. Had mine open within days 

Stargunner

I wanted to open the Barclays ISA in my wife’s name to shelter some of my savings from tax, but we are not Barclays customers so I just opened a Barclays current account from the app in my wife’s name. Test payment of £1 was sent to the current account and then I applied for the ISA from within the app and transferred the £1 in to it. All was done and both accounts showing in app within 30 mins.  Will give it a couple of days and will then maybe switch the Barclays current account to First Direct to get the £175 switch fee and will then be able to take advantage of their 7% regular saver.
Just to let you know that if you select to have the ISA interest paid monthly Barclays cannot pay it into your ISA account. They pay it into your current account or send it to you by cheque. You can only have it added to the ISA if you select the annual interest.