Barclays ISA transfer cashback

Section62

Can anyone see anything in this offer which requires the balance to be kept in the account for any length of time?

Barclay's rates are rubbish, but if a transfer in can be followed by a near immediate flexible withdrawal out to a better paying instant access account then £100 back for transferring £25k might be worthwhile for some.

https://www.barclays.co.uk/savings/isa-transfer-in-offer/

The only term I can see which might be used in this situation to avoid a payout is the general 'abuse' term.

Ch1ll1Phlakes

This was discussed a little last week in the following thread.

Two cash ISAs with Charter Savings Bank — MoneySavingExpert Forum

It seems the abuse clause is there to try and prevent a quick transfer in and out happening but not sure if they would class a withdrawal from a flexible ISA as abuse. Bit of a grey area.

Offer lasts until 28th November so plenty of time to consider or wait on it.

poseidon1

Section62 said:

Can anyone see anything in this offer which requires the balance to be kept in the account for any length of time?

Barclay's rates are rubbish, but if a transfer in can be followed by a near immediate flexible withdrawal out to a better paying instant access account then £100 back for transferring £25k might be worthwhile for some.

https://www.barclays.co.uk/savings/isa-transfer-in-offer/

The only term I can see which might be used in this situation to avoid a payout is the general 'abuse' term.

Apparently the reward is not payable until 60 days after the closing date, so minimally would have thought it would be wise to leave the transferred funds until that payment deadline before considering pastures new.

That said and as you point out could a transfer after 60 days constitute abuse?  If not 60 and you wait 70 or 80 days what then? 

35har1old

poseidon1 said:

Section62 said:

Can anyone see anything in this offer which requires the balance to be kept in the account for any length of time?

Barclay's rates are rubbish, but if a transfer in can be followed by a near immediate flexible withdrawal out to a better paying instant access account then £100 back for transferring £25k might be worthwhile for some.

https://www.barclays.co.uk/savings/isa-transfer-in-offer/

The only term I can see which might be used in this situation to avoid a payout is the general 'abuse' term.

Apparently the reward is not payable until 60 days after the closing date, so minimally would have thought it would be wise to leave the transferred funds until that payment deadline before considering pastures new.

That said and as you point out could a transfer after 60 days constitute abuse?  If not 60 and you wait 70 or 80 days what then? 

If you waited to the 28th before submitting transfer it might take 30 days for transfer to complete and then you would only have 30 days to wait for payout 

Is payout taxable?

Section62

Ch1ll1Phlakes said:

This was discussed a little last week in the following thread.

Two cash ISAs with Charter Savings Bank — MoneySavingExpert Forum

It seems the abuse clause is there to try and prevent a quick transfer in and out happening but not sure if they would class a withdrawal from a flexible ISA as abuse. Bit of a grey area.

Offer lasts until 28th November so plenty of time to consider or wait on it.

One of the options is an instant access ISA, so with no specific clause requiring the money to be in the account for a specific amount of time I can't see they could justify using the 'abuse' clause if the customer found they needed to withdraw their money soon after the transfer was completed...  but I wanted to check if I'd missed something obvious.

Ch1ll1Phlakes

Section62 said:

Ch1ll1Phlakes said:

This was discussed a little last week in the following thread.

Two cash ISAs with Charter Savings Bank — MoneySavingExpert Forum

It seems the abuse clause is there to try and prevent a quick transfer in and out happening but not sure if they would class a withdrawal from a flexible ISA as abuse. Bit of a grey area.

Offer lasts until 28th November so plenty of time to consider or wait on it.

One of the options is an instant access ISA, so with no specific clause requiring the money to be in the account for a specific amount of time I can't see they could justify using the 'abuse' clause if the customer found they needed to withdraw their money soon after the transfer was completed...  but I wanted to check if I'd missed something obvious.

That is fair enough. To be honest I highly doubt the abuse clause would be used in that manner but it's up to Barclays as they've left the T&Cs in the grey area.