Barclays 4% fixed 1 yr ISA

Briskly

Sorry if this sounds like a strange post but I am thinking of opening one of these for my old Mum and transferring her existing ISA with the Coventry for the much better rate. Except that I have think the worst and that if anything should happen and probate should take endless months to complete the savings could revert at end of term locked into the usual Barclays diddly squat 0.0001% rate for ages. Is this being unduly cynical? Maybe we should stick where we are! Grateful for any thoughts. 

MACKEM99

The time probate takes I would have thought you would be ok.😆

eskbanker

Briskly said:

I am thinking of opening one of these for my old Mum...

If you'd be doing this under Lasting Power of Attorney then you're obliged to act in her best interests rather than yours, so can't factor probate timescales into your thinking....

Ocelot

Do you have a current account with them? If not can take months to open.

voleshafter

@Ocelot, out of interest is this a common problem, months to open an ISA account with a bank you don't have an existing relationship with? I was hoping to open something before the end of the tax year.

xylophone

 out of interest is this a common problem, months to open an ISA account with a bank you don't have an existing relationship with? I was hoping to open something before the end of the tax year.

It is not necessary to have a current account with Barclays to open this ISA.

But without a current account, you would need to make an in branch appointment to open it and this can take weeks.

Apparently if you can use the Barclays app, it takes minutes to open a current account and apply for the ISA.

https://www.barclays.co.uk/savings/isas/

Ocelot

voleshafter said:

@Ocelot, out of interest is this a common problem, months to open an ISA account with a bank you don't have an existing relationship with? I was hoping to open something before the end of the tax year.

No, Just Barclays, as xylophone points out.

Most allow you to open one online almost instantly.