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

Alexland

friolento said:

Alexland said:

 
I'm tempted to give them my T212 ISA for a few months.

Just make sure they can both do in-specie transfers (in and back). You can quickly verify this by opening the Barclays ISA and playing with the transfer form, without submitting it. If you can add your investments to the transfer form, in-specie will be ok. If you can't, Barclays would only accept cash transfers - probably not something desirable. It would still get you the cashback but you'd be out of the market for potentially several weeks.

My T212 S&S ISA is currently in cash anyway just getting the 4% rate as part of my emergency pot. Every so often they email me to remind me it's not their cash ISA and they would like me to actually invest. I'd probably just stick it in a MMF at Barclays. I use a SW(iWeb) ISA for actual investing. I'd get £250 but I''m divided on if it's worth the effort given the money would be getting no return for a number of days, there would be some platform fees and I'd have to onward transfer it (back to T212 maybe) etc. Maybe I could use CSH2 for in-specie as the spread is usually tight.

itwasntme001

Having read the terms, am I right in thinking I can transfer back out straight away after the transfer into Barclays is done, and still be eligible for the cashback?  All it says is that on the date all transfers are completed, the value on this last transfer date is what detemrines the cash back and nothing about holding the value until a certain date or on any specific date.

granta

itwasntme001 said:

Having read the terms, am I right in thinking I can transfer back out straight away after the transfer into Barclays is done, and still be eligible for the cashback?  All it says is that on the date all transfers are completed, the value on this last transfer date is what detemrines the cash back and nothing about holding the value until a certain date or on any specific date.

I think the cashback is payable after 60 days so you would need to hold until then. In past years, I have transferred out as soon as I received the cashback. 

Gambler

poseidon1 said:

friolento said:

This looks a really attractive offer and I am seriously considering moving the majority of my iWeb ISA to Barclays. I don't want to close the iWeb ISA just yet, as it's a low cost account that I have held for many years. I reckon I would pay about £40 - £50 a year more at Barclays, and I might take the opportunity to switch from ACC to INC, or replace some investments altogether with lower risk ones, as I am entering the decumulation phase of my investment life. 

One factor that holds me back a bit is my experience over the years with Barclays on current accounts. Dreadful CS, but I suppose their investment people are a completely different department and I haven't heard horror stories about them so would perhaps be able to chance it.

Anything glaringly obvious I am missing?

I will be a taking a suck and see approach with this Barclays isa product since I particularly want access to its flexible status.

However, did have a bad experience with their fixed rate cash isa in 2023 when they took 3 months to set it up after HL transferred the cash within 1 week ( Barclays were swamped with applications). However they did eventually cough up compensation of £200.

I've tried to transfer a cash ISA from Chip on their previous cash back offer. 3 rejections so far and I'm just wasting my time going around in circles.

apf666

thanks for info all.........i have registered, no email confirmation, but will look to transfer over shortly with view to transferring out mid next year, hopefully another offer to consider at that time 

DottilyOtterly

The FAQs say payment is 60 days from the end of the offer period and that the account needs to be open at the end of the offer period to be eligible. The offer period runs to 14 Feb so you might not want to rush with the transfer. 

"9. Is there a minimum amount of time the assets have to

remain in my account in order to receive the payment?

No, but your account needs to be open at the end of the offer

period to be eligible to receive the cashback payment.
"

itwasntme001

They can also withdraw the offer anytime so if you have not initiated the transfer, even though you have registered and opened the account, you won't be eligible for the offer once they withdraw the offer.

apf666

paperwork for online account just came through and i have initiated transfer, hopefully all goes through, have requested in species.....no mention of cashback at any point, i suppose a bit disconcerting but fingers crossed £2.5k will hit my account in the new year 

Essex123

Anyone else finding the transfer in process extremely slow compared with other providers?  I initiated my transfer over a month ago, and nothing has moved yet although the donor provider said this week that the transfer out was imminent.

The longer it takes, the longer until fees accrue but I can’t say I’m impressed with Barclays service so far.

As a long term/long suffering (almost 20 year!) Barclays shareholder the way they’re splashing the cash here with few strings and no apparent urgency to get the assets in and start charging fees gave me pause for thought.  

And with the shares at a 15 year high, I decided it was time to sell what I can within the CGT limit and if they’re still at these levels come April I will be looking to do the same again!

soulsaver

Essex123 said:

Anyone else finding the transfer in process extremely slow compared with other providers?  I initiated my transfer over a month ago, and nothing has moved yet although the donor provider said this week that the transfer out was imminent.

Yep - I have a complaint running. I pointed out to them at 15 days that there was no excuse for them not having effected the transfer as, although it was iWeb S&S ISA, my funds were in cash. They kept saying they have 30 days. It took 39 days in the end and happened within a couple of working days from raising the complaint.

The complaint is yet to be resolved.

PS Not my first transfer with iWeb that took forever.