Barclays, upto £2500 cash back for a cash, investments, or ISA transfer

granta

My past experiences of Barclays over several years of doing transfers in and out is that they are very slow. The overall gain from the cashback is still worth it for me which is why I do it but it has never got better.

I always do in specie transfers so my main cost is the fees whilst waiting for a transfer out. And the pain of having to keep chasing them to find out what is going on.

I've never transferred out until I have the bonus but it seems the terms this year allow it as long as you keep the account open so I might try that even though it feels a risk that they won't pay out!

friolento

my in apecie transfer has been going for 2 months so far, with no end in sight. I might regret I ever started this, though the lure of the bonus money is overwhelming…….

soulsaver

https://forums.moneysavingexpert.com/discussion/comment/81875274#Comment_81875274

Submit a complaint - maybe then they'll get motivated.

granta

https://forums.moneysavingexpert.com/discussion/comment/81875556#Comment_81875556

I submitted a complaint for my delayed transfers but it didn't speed things up as they said it would be reviewed once the transfer completed. I did, however, receive a small compensation payment as a result of the delay

soulsaver

https://forums.moneysavingexpert.com/discussion/comment/81875560#Comment_81875560

Worked for me. Plus (inadequate) compensation.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81875560#Comment_81875560

I intend to file a complaint once the transfer has been completed.

Not only are they treacle slow, the information provided by their tracker is also lightyears behind the II.com tracker. Aside from the juicy bonus, I have found very little so far that interests me.

pecunianonolet

Sounds like Barclays needs constant check ins to get things moving. I guess, moving shares has the fees as the main obstacle as cash holdings do not trigger a fee but it come with the rather low interest they oay on cash holdings, which eats into the reward for any day the cash is with them.

I hope I won't regret this move as a honeypot trap.

pecunianonolet

Barclays Email about Activation.

Is there anything I need to do, I have initiated a transfer in of a Cash ISA so that should be enough and the below email is just a standard email?

Hello pecunianonolet, We're delighted you've joined us. To get started on your Smart Investor journey you just need to activate your account in two steps: Step 1 – explore your investment optionsWe've a wide range of investment options to choose from to help make the most of your money. If you're not sure where to begin you can choose from our five Ready-made Investment funds - pick the level of risk that's right for you and we'll do the rest. Step 2 - buy your investmentsWhen you're happy with your investment choices, you'll need to add money to your account so you can buy them.

Activate your account

orange-juice

https://forums.moneysavingexpert.com/discussion/comment/81877883#Comment_81877883

I've received two of those emails and haven't done anything about it personally. I think they're just trying to nudge you into investing.

Tbh I'm yet to receive any correspondence regarding my transfer, initiated on the 27th of Jan, from either Barclays or my old provider. When I log in to Barclays online banking, I have noticed that the status of the transfer is shown as 'Pending – Mailed to FNZ' at least.

Have you registered for the cashback offer, using the same email address?

pecunianonolet

https://forums.moneysavingexpert.com/discussion/comment/81877924#Comment_81877924

Yes, registered with the same email address as they have on file for my accounts/profile before I signed up to Smart Investor.

You may want to contact your curent provider to confirm they have received a transfer out request and/or give Barclays a call and ask for a status update. I would also always ask for the person you speak to on the phone to make a note on your file that you inquired about the status. Helps later in case stuff goes wrong and you need to raise a complaint. At least they have in that case an audit trail that you got active when they failed to do so.

I submited my transfer in request on Sunday evening and upon checking now it also shows "Pending – Mailed to FNZ".

https://www.fnz.com/