Barclays Tax Haven ISA 2008/09

bristolleedsfan

londonman81 wrote: »

I've yet to use my ISA allowance this for year. So if I deposit £3000 with Barclays on 5th April and then £3600 (all of next years allowance) on 6th April, does this mean I get 6.5% for one year starting from 5th April?

This way I am getting 6.5% on £6600 for almost a full year? (less one day on 5th April when I can only have £3000 in the account).

Is this correct?

There is actually nothing to be gained by waiting until April 5th to put 3000.00 into 2007/08 Tax Year ISA due to the fact that Barclays ISAs are variable rates so will reduce should base rates fall.

( The likelyhood of you getting 6.5% for 12 Months is 0/10 IMO )

In addition Barclays Tax Beater and Tax Haven ISAs pay interest at a current "applied" variable rate of 6.31%, the interest is paid monthly which if added to the account effectively gets paid interest on top of the interest thus equating to a quoted variable A.E.R of 6.50%.

The quoted A.E.R of 6.50% assumes that the current rate will remain the same throughout the 12 Month period ( which is unlikely) and that the investor keeps the investment (s) invested for the whole 12 Months. ( The only way someone can keep the investment in these ISAs for the whole 12 months is if they are extremely lucky and Barclays subsequently transfer the ISA (s) out exactly at the end of the 12 Month Period or if the investment is still in the Barclays ISA (s) after the 1% bonus period has finished in which case the investment will be earning a lower rate.

April 5th 2008 is on a Saturday, if a cheque is deposited on a Saturday the earliest it is likely to earn interest is from the following Monday and the latest it will earn interest is from the following Wednesday. ( Unless Barclays pay interest "from" non Banking days)

Bradford and Bingley are reported to be launching a One Year Fixed Rate ISA @ 6.25% A.E.R at the end of this week aimed at 2008/09 ISA Money which will yield more interest should Barclays ISA rates drop by more than 0.25% within the next 12 Months.

bristolleedsfan

I have a 2008/09 Barclays cash ISA application form that i wont be using.

First person to PM me with address details can have it.

Would suit someone who is not a Barclays Current account holder whom just wants to go to a branch like I did in March 2007 and say to Barclays.

" Here is a completed application form with personal cheque, I have original ID here please copy it while im here"

Just leave everything bar the original ID with them.

Lokolo

Bagsy! PMing you now

bristolleedsfan

Lokolo wrote: »

Bagsy! PMing you now

Ill post it on thursday saves it going to waste being as Barclays dont like giving them out. :beer:

PasturesNew

I went into the Barclays branch last Thursday and had to make an appointment, which was for today.

I have a Barclays account with the money in, so they pulled that up on the screen. Didn't need any further proof I am who I said as I had the account. It was all done on the screen in about 10 mins.

Tax Haven ISA sorted.

bristolleedsfan

PasturesNew wrote: »

I went into the Barclays branch last Thursday and had to make an appointment, which was for today.

I have a Barclays account with the money in, so they pulled that up on the screen. Didn't need any further proof I am who I said as I had the account. It was all done on the screen in about 10 mins.

Tax Haven ISA sorted.

Thats quite a normal routine for existing Bank customers although its not true that appointments "have" to be made

"Pop in to a branch to apply" http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=14424&target=_self&site=pfs

So u have your 2008/09 ISA account number already ...thats very good. :beer:

Just out of interest what sort of interest rate are u earning on the money earmarked for the Tax Haven ISA while u are waiting for the 2008/09 ISA to be funded?

Crabman

After I went to the trouble of visiting the branch to open an account they sent my cheque back today :rolleyes:

Apparently I didn't provide proof of ID (I did, they photocopied both items) but when I phoned to query, it turned out they did have proof of ID but were now lacking my mother's maiden name.

Quick look at the printout given at branch confirms they had my mother's maiden name on the day I attended the branch

Welcome to Barclays... :rotfl:

bristolleedsfan

Crabman wrote: »

After I went to the trouble of visiting the branch to open an account they sent my cheque back today :rolleyes:

Apparently I didn't provide proof of ID (I did, they photocopied both items) but when I phoned to query, it turned out they did have proof of ID but were now lacking my mother's maiden name.

Quick look at the printout given at branch confirms they had my mother's maiden name on the day I attended the branch

Welcome to Barclays... :rotfl:

As they say every cloud has a silver lining at least they are sending cheques back quicker in 2008 than they did in 2007.

antispam246

Hi, I'm completely new to ISA's. I've been reading up on everything I can for about a month and now the time is drawinign really close to do something. I haven't opened a cash ISA before and therefore haven't yet made use of this year's.

I'm looking to go with Barclays Tax Haven ISA as I'm already a current account holder with Barclays and can seemingly do it swiftly online. I also have the funds readily availble for transfer for bothi this year and next (6th Apr).

This thread has been really helpful but I just want to 100% clarify a few things. Assuming I opt for Barclays Tax Haven ISA the best thing for me to do would be to open the Tax Haven ISA for this tax year 04/07 to 04/08, immediately deposit £3000 then come 6thApr 07 deposit a further £3600 giving me £6600 at 6.5% (variable). That's simply the best way to do it, right? I'd be transfering all funds directly from my Barclays account so I assume I can simply do this online?

Does my 6.5% start from the momeny I deposit £3000 or does it restart when I add in the £3600 (I'm assuming the former).

In regards to the interest rate, I'm curious on how people think it will change during the year. I noticed someone mentioning if it dropped more than 0.25% I'd have been better off going with one of the fixed rate ISA's. Althoguh this doesn't worry me greatly, what is the likely hood it will drop by a significant rate, say 1% or more during the year?

One other thing. With Barclays Tax Haven ISA, when the 12 month bonus expires, so, say April 09 am I free to move this to another ISA and/or free to withdraw it without any penalties? I'm guessing this is also dependant on the new ISA I wish to transfer it to, if at all possible. Not sure how transferring out works exactly and transferring in doesn't affect me (yet) as this is my first ISA.

I'd greatly appreciate any advice or help, specifically to the questions I've asked. Hopefully I'll have this sorted by tomorrow. Many thanks!

PasturesNew

bristolleedsfan wrote: »

Thats quite a normal routine for existing Bank customers although its not true that appointments "have" to be made

They didn't know I was an existing customer. The form-filling-woman wasn't there that day.

bristolleedsfan wrote: »

"Pop in to a branch to apply" http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=14424&target=_self&site=pfs

That doesn't mean they will have somebody sitting there waiting

bristolleedsfan wrote: »

So u have your 2008/09 ISA account number already ...thats very good.
Just out of interest what sort of interest rate are u earning on the money earmarked for the Tax Haven ISA while u are waiting for the 2008/09 ISA to be funded?

I wasn't sure when I went if they could take the money out of my Barclays account. But they could. So I had also moved the cash from another account into my current account "in case". I had no idea what would happen or what method of payment would be acceptable, so when I went in I had the money available in about 6 ways.

Ultimately, once I've shuffled money around next Monday, the ISA money will have come out of my lowest interest account, which would mean something about 5% ish.

This is my first ISA. Never had a bean before.