Barclays Tax Haven ISA: Have you opened one?

Rod1883

My wife opened/applied on line (as she is a Barclays current account holder)on 6th April, and I applied in our local branch on 12th April with a cheque, both for 08/09 tax year (obviously).

We have both had a letter confirming our applications within a few days, but no mention of any interest backdate.
It's a real pain carrying the money in our current accounts at low/no interest.

I've e-mailed Barclays, a few days ago now, to ask about progress and backdating of interest, but as yet no response.

Now that an interest rate cut has been announced, I wish I'd gone elsewhere.

GraemeW

I applied on-line for a Barclay's cash isa for the current year a few days before the opening date. Three weeks later the money is still sitting in my current account although I have received the paperwork. I have just queried this on the telephone with the department dealing with the Isas and it appears that they are having problems coping with the rush. I was told that they are scheduled to complete the applications from people buying at the end of the last tax year by something like April 25th and would then start on this year's application. However they assured me that interest would be credited from the start of the tax year even though they don't have my money yet! (?) Demand for new isas at the start of the tax year must have come as quite a suprise. Doh!
Without backdating the interest the higher rate of interest is wiped out simply because the money has been languishing in my current account. If I recall the interest is only credited at the anniversary date so there is a good chance that the precise promises about what interest paid then will be lost in the midst of time.
Did I also see that the rate has been reduced already?

nathanhill69

The rate has apparently been cut to 6.27% as of 1 May 2008 - although this still means the Barclays Tax Haven ISA will still be, for the time being, the market leader. However, I would suspect you will probably see further reductions in the very near future as the BOE is "likely" to reduce the interest rate even more to ease up the current credit crunch. Personally I reckon it won't be long before the Tax Haven ISA is paying an AER of below 6.00% in line with the BOE anticipated rate reductions - unfortunately this the nature of a variable rate ISA.

APF_2

We opened online for 3 people, on April 1 for 2007/2008 and on April 7 for the 2008/2009 year. Money still sits in Barclays account earning nothing but local bank manager says interest is backdated to the date of original application. I hope his information is correct or we are losing money! Then there will be trouble.

lizb46cc

gillbee wrote: »

Applied on the 2nd of April for 07/08. Letter recived on the 26th with account opened date showing as the 23rd. Ongoing compaling with Barclays as they have been unable to tell me if they have opened if for the correct financial year.

21 days from handing the forms to the branch to official opening date.

If your sort code is 204433 or 204439 the isa is for last tax year(I think those are correct but can check tomorrow). Interest will be backdated to 14 days after you applied for account(but if transferring from another bcys savings acc, money will have continued to get interest all that time) & the 1%bonus is payable for the full year from the date the acc is opened.

lizb46cc

GraemeW wrote: »

I applied on-line for a Barclay's cash isa for the current year a few days before the opening date. Three weeks later the money is still sitting in my current account although I have received the paperwork. I have just queried this on the telephone with the department dealing with the Isas and it appears that they are having problems coping with the rush. I was told that they are scheduled to complete the applications from people buying at the end of the last tax year by something like April 25th and would then start on this year's application. However they assured me that interest would be credited from the start of the tax year even though they don't have my money yet! (?) Demand for new isas at the start of the tax year must have come as quite a suprise. Doh!
Without backdating the interest the higher rate of interest is wiped out simply because the money has been languishing in my current account. If I recall the interest is only credited at the anniversary date so there is a good chance that the precise promises about what interest paid then will be lost in the midst of time.
Did I also see that the rate has been reduced already?

Interest is credited monthly & will be backdated to 14 days after you applied for ISA, with the 1% bonus paid for the full year after the account was actually opened.If the money was in a savings account it would still be getting interest(though not 6.6% or even 6.27%). Interest will be backdated at the correct rate ie 6.5% up till 30Apr & 6.27% from 1May. All savings rates have been reduced in line with the recent Base rate cut, as most other Banks will have done also, unless you had a fixed rate interest account.

ULTIMATE1

I am a customer of Barclays and decided to open a Tax Heavan ISA on 10/04/2008 for the full amount of £3600.
My money is still in my current account,I have had no paper work sent to me but when I went in to tu Barclays to enquire about my new ISA,I was told it would be back dated to the day I opened my account.I will believe it when I see it.
What now?

MTW_2

Having purchased an ISA through my bank in 07/08 I applied online this time thinking that things would go smoothly. (07/08 took a long time to open and when I complained in my branch they gave me some back interest into my current account)

08/09 application went in on 8 April and I received the standard welcome email and letter.
I sent an email last week through Barclays "contact us" facility on the website.
I received a reply saying they do not have the information I need and can I ring the premium rate number and be prepared for a long wait as demand on this number is heavy.

I then sent a sarcastic complaint through the online facility, mentioning the long wait and the fact they could/would not respond on line and they fact they wanted me to use a premium rate number adding further to their profits.

Response received saying the complaint will be replied to via land mail.

raclarke4567

I [thought I had] opened a Tax Haven ISA for 2007-08 on 18th March at the Swanage branch of Barclays with the full amount for that year. Copies were taken of my various ID.
I then received a letter from Glasgow to state that photo ID was required and would I take the letter into any branch of Barclays so that the ISA could be opened.
I did just that only to discover that an appt, or a wait, was required.
10th April I re-submitted my IDs and had a longer interview with additional info entered onto computer. My "complaint" also noted and entered on their computer.
24th April I received yet another letter stating the same thing and wold I take my ID into any Barclays etc.
I telephoned the Personal Banker who had achieved the last ID checks etc.
Left a message in the morning and then telephoned again the same afternonn to find she had not received my previous msg! Related same story and hope she is now dealing with it.
I am sure the interest will be backdated. I think Barclays are overwhelmed with the applications.
When I opened an ISA with A&L the delay was about the same, but without all the letters.

BruceyBonus

According to the Barclays site, the rate is now 6.25% AER
This means that National Counties Building Society's rate is now higher, at 6.26% AER. National Counties had my account open in less than a week (that included sending me a form, me returning it, then asking for ID and me sending that back).

It also has a guarantee (which Barclays don't offer): Guaranteed to be at least 0.4% above the Bank of England bank rate until 5 April 2009. After this date, it becomes a 2nd Issue Cash ISA (which currently pays 5.51% AER).