Method of paying interest on ISA.

Enfrance

My wife’s ISA interest is being paid by Barclays in the form of a cheque. As paying in the cheque via our iPhones or iPad has never worked, it’s a huge inconvenience with no Branches open near us. I assume she mistakenly chose this option when she opened the ISA. Can we change this arrangement to paying it into another account, online?

Isthisforreal99

This from the T&C's - "If you choose monthly interest, we can’t pay the interest you’ve earned directly into this ISA, or any other ISA or bond you have with us. We can pay it into another account you have with us in your name (held solely or jointly) or by cheque."

Seems odd they can't pay the interest into the ISA. Options seem to be another Barclays account or cheque? Does she have another Barclays account? Not sure if the cheque option can now be changed.

flaneurs_lobster

If you can't change the payment method to an existing or new Barclays account then do you have a Post Office within reach?

Need paying-in slips/envelopes which you order from Barclays.

https://www.barclays.co.uk/ways-to-bank/post-office-banking/

Robin9

Do you have an online facility with Barclays ?

xylophone

She could open a current account with Barclays and have it paid direct to that account?

This from the T&C's - "If you choose monthly interest, we can’t pay the interest you’ve earned directly into this ISA, or any other ISA or bond you have with us. We can pay it into another account you have with us in your name (held solely or jointly) or by cheque."

refluxer

Is it a Barclays Flexible (fixed term) Cash ISA ? With those, you have to choose between having the interest paid into the same ISA account at the end of the term or paid out monthly to another suitable Barclays account or by cheque if you don't have one (as mentioned in the quote above).

If you have online banking with Barclays then you could see whether there's an option to change from monthly to 'end of term' interest or, If you want to stick with monthly interest, see whether there's an option to switch from cheque to another Barclays account (and then open one if you don't have one already).

If there isn't an option to do either of those things in online banking then it would be worth a call to Barclays to ask if they can do it for you.

Interestingly, it looks like any monthly interest paid out from that account can be returned to it within the same tax year without it counting again towards your ISA allowance (if your account is actually a Flexible (fixed term) ISA with the same T&C's as the current issues)...

"When the interest is paid, we’ll reduce your ISA subscriptions by the same amount. This means you can manually pay some or all of the interest you receive back into your ISA without affecting your annual ISA allowance, as long as you do this within the same tax year."