How long before the Barclays ISA cheque is cashed?

gillbee

For anyone who has recently opened a Barclays ISA - can you give me an idea of how long it took for the cheque to cash?

My new current account earns no interest so I'd like to keep the cash in my savings account as long as possible. If they are cashing cheques quickly then I'll just move the money today and not risk a bounced cheque - however last year they took 6 weeks to cash mine and because they backdated the interest I did very well out of the delay.

Thanks for any help.

bristolleedsfan

gillbee wrote: »

For anyone who has recently opened a Barclays ISA - can you give me an idea of how long it took for the cheque to cash?

My new current account earns no interest so I'd like to keep the cash in my savings account as long as possible. If they are cashing cheques quickly then I'll just move the money today and not risk a bounced cheque - however last year they took 6 weeks to cash mine and because they backdated the interested I did very well out of the delay.

Thanks for any help.

Barclays will backdate the interest anyway so u wont lose anything should their be a delay in cashing your cheque.

Last year the clever people kept their ISA funds in a high interest current account so they effectively earnt interest twice for 6 weeks.

When u issue a cheque its your responsibility strictly speaking to ensure the funds are there ready for the cheque to be banked.

People who have a large overdraft facility can obviously watch for the cheque going through and then move funds over from a high paying account to cover the cheque debit.

gillbee

I spoke to my bank today and they are happy that if I can balance my accounts at the end of the day I wont be charged for not having the money in the current account on the day of processing.

They did however mention that it's the call of the credit team whethere they belive I can balance at the end of the day. If they don't think I can - they may bounce the cheque. Hopefully it wont be an issue as there is more than 3K in the saving account.

It would be handy to have an idea of how long it's taking Barclays. I suppose the longer it takes the better off I am.