Barclays Tax Haven ISA: Have you opened one?

Baldur

lucyd wrote: »

....imagine my dismay when after seeing adverts throughout Feb and March for a whopping 6.41%, the actual interest rate on my Tax Haven ISA is 6.08%!!!!

You may have to prepare yourself for more dismay if there are further drops in the BOE base rate this year, as most institutions will be likely to reduce their variable rates accordingly.

mgh

Opened 1st April and heard absolutely nothing. With the drop in interest rate as its not open yet can I move to another provider?

bobpat_2

We applied on April 9th, and apart from the standard letter the next day, had heard nothing. I called into the local branch on Friday, and was told that there was still a backlog, but we would be credited with interest from the application date.

UK007BullDog

OK, first of all My daughter and myself have opened each one of those. It went smooth as we did it online as we did not have one before, but are existing Barclays customers. A week later the letter came that we were accepted.

Then last week we got the letter that they lowered the rate. Con, con,con. Had to check to see it it was still in the best buy league tables.

Now to the SAD SAD SAD part.....
Hubby has an ISA with them for years. Due to that he could not do it online even as an existing customer.
Last year he also signed up to the one which was around 8% (cant quite remember exact rate) but they never changed it and they left him on the 4.75% for the whole year. They gave us £75 in January 08 to make up the difference but I have to check if it was actually added to the ISA or paid into his current account. Sadly we only seem to get one yearly statements for the ISA. Would prefer quarterly. Anyone get quarterly statements from Barclays?

So end of March we went into our branch to sign up hubby. They were clueless or lets say confused :rolleyes: over the procedure for existing customers on what needs to be done. To be fair the young lad was stressed out, had not eaten or drunk anything all day, was new in the role, did go and ask more seniour including the branch manager. They signed hubby up but he needs to cancel the old ISA as well which they could not do, but gave us a number to call and do it over the phone.

So a couple of days later hubby calls up the savings department to tell them to cancel the old ISA monthly direct debit payments and to set up a new DD for the new ISA. He had to explain a couple of times :mad: what he wanted to do and then spoke to a more seniour person, who said all was set up now. A good 30 min on the phone if not longer to a premium number. Happy days, or so we thought. Then last week we get a letter saying that because hubby has existing ISA he cannot have the new ISA. Hubby livid!!! :mad:

So again on the phone, again having to explain, this time passed to a higher manager. Promised a resolution and a fix to the problem. Weeks later a letter last week to explain that they are looking into our complaint!!!! :mad: :mad: :mad: :mad: :mad:

DON'T LOOK INTO OUR COMPLAINT. FIX THE PROBLEM!!!!!!!!!!!
Sorry to shout but just fix the issue? How hard is it to cancel a DD and start a new one?

And anyway, why not just change the rate in the system for the ISA? A lot easier than having to re-apply, cancel and restart DD's..... calling different departments not in the know.... them having to send letters.... :mad:

But we will stay on top of it and will ask for some sort of compensation for the hassle.

BruceyBonus

UK007BullDog wrote: »

DON'T LOOK INTO OUR COMPLAINT. FIX THE PROBLEM!!!!!!!!!!!
Sorry to shout but just fix the issue? How hard is it to cancel a DD and start a new one?

If the direct debit made a payment into the old ISA after 5th April 2008, then he has subscribed to the old ISA for this tax year again and can't open a new one.

UK007BullDog

Baldur wrote: »

You may have to prepare yourself for more dismay if there are further drops in the BOE base rate this year, as most institutions will be likely to reduce their variable rates accordingly.

Typical, but not for the mortgages. I am becoming more cynical by the day.

UK007BullDog

BruceyBonus wrote: »

If the direct debit made a payment into the old ISA after 5th April 2008, then he has subscribed to the old ISA for this tax year again and can't open a new one.

But because of that we went before April. We went end of March and cancelled the DD before April 5th. And they said they set up new DD for the new ISA they saw on the "system". That is what is so galling and they did the same with him last year too. Existing ISA customers get screwed over big time.

Baldur

UK007BullDog wrote: »

Existing ISA customers get screwed over big time.

They certainly appear to as far as Barclays are concerned, cancelling a Cash ISA and potentially losing the previous year's/years' tax free status is the last thing that one should do - and being told to do so by a financial institution is (IMHO) unforgiveable.

Personally, I would be transferring away from Barclays ASAP.

timo58

aliwali wrote: »

I've just sent my email complaint, highlighting that they have no interest in customer loyalty. We'll see what comes back.
Alison

I email a complaint about ISA somewhere in mid April
To be reply in 5 working days
Received letter telling me how busy they are and would reply by middle of May
Middle May received letter explaining how busy they are and would be in contact in JUNE (I wonder which year)
So far... of this ISA which I started at 6.5% on the 7th April which I eventually recieved on the 7th May and went down to 6.25% plus loss of 1 months ISA Interest 0.5%? Plus another 0.5%? of my money sitting in their current account so this BEST RATE ISA was CON at 5.25% and I am probably Lucky

timo58

mgh wrote: »

Opened 1st April and heard absolutely nothing. With the drop in interest rate as its not open yet can I move to another provider?

Same problem but i got mine but still would like to move
Is it possible??