Barclays Tax Haven ISA: Have you opened one?

temba

Update:

I phoned the local branch 3 times, each time leaving an answer phone message asking for Mr E (who was the personal banker who assured me that the interest would be backdated) to ring me back. He never did.

So.... I phoned the number on the letter informing me the Isa was eventually open. The lady very quickly said that it was their policy to backdate it 14 days, but as I'd been assured then she would she would see what they could do for me. It went down as an official complaint, and she said I'd hear in 5 days. The implication was that I WOULD get my back dated interest.

Problem is, it's not only interest back-dated from the gap between application and opening, but also the accumulated interest on the interest which you should have had. I'm going to do my sums carefully, and make sure I get what I'm owed, and I'm never opening an ISA with Barclays again.

owitemisermusa

Opened one? yes i have. Do i regret it? Maybe.

Here's why:

Rang Barclays today to ask why i couldn't transfer money from Barclays current acct to ISA online. "We've disabled that facility to prevent you from exceeding your limit"

Can I pay into it by transferring into it from another current a/c? "No, you can't transfer in from other bank accounts cos it doesn't work that way."

How can I pay into my ISA then? "You have to ring us (0845 no) or come into your local Barclays branch and ask us to transfer it from your barclays bank account into your ISA."

OK, so I can walk into the branch and pay in cash then? "No, you can't. You cannot pay in cash into your ISA, we have to do it for you."

From my other account? "No, you need to pay a cheque into your Barclays account and then ask us to transfer (in-branch or on the phone)."

What about loss of interest? "When we move funds from bank account to ISA, it's instant."

All this seems rather strange. "It's because we had problems with people overpaying and getting letters from HMRC/Tax Office saying they've exceeded the limit. So now we have a system in place that checks with the tax office before we process your payment."

So why can't it work online like other ISA providers? Silence.

I wish you had told me all this before I opened my Barclays ISA, I thought it was supposed to be instant access? Silence.

Do I regret it? Pretty much.

sparrer

I applied in branch on 10th April, phoned them twice since to see what was happening and was fobbed off with 'well we've had a lot of applicants, you'll hear next week'. Or 'the computers are down but if you phone this number, they'll be able to tell you' when I was already speaking to that number! Received a letter this morning stating 'Date opened 15th May'. I now have the hassle of going to see if I can get the opening date backdated to the 10th April, hassle I really don't need. My previous (07/08) ISA may pay slightly less interest but it was opened in branch, verified and set up all on the same day - thanks Halifax. What a waste of my time and money this exercise has been. I've never dealt with Barclays before and never will again.

Lokolo

owitemisermusa -

I don't think thats entirely true. Because I don't have a Barclays current account so god knows how I am meant to pay in.

10_66

owitemisermusa wrote: »

Opened one? yes i have. Do i regret it? Maybe.

Here's why:

Rang Barclays today to ask why i couldn't transfer money from Barclays current acct to ISA online. "We've disabled that facility to prevent you from exceeding your limit"

Can I pay into it by transferring into it from another current a/c? "No, you can't transfer in from other bank accounts cos it doesn't work that way."

How can I pay into my ISA then? "You have to ring us (0845 no) or come into your local Barclays branch and ask us to transfer it from your barclays bank account into your ISA."

OK, so I can walk into the branch and pay in cash then? "No, you can't. You cannot pay in cash into your ISA, we have to do it for you."

From my other account? "No, you need to pay a cheque into your Barclays account and then ask us to transfer (in-branch or on the phone)."

What about loss of interest? "When we move funds from bank account to ISA, it's instant."

All this seems rather strange. "It's because we had problems with people overpaying and getting letters from HMRC/Tax Office saying they've exceeded the limit. So now we have a system in place that checks with the tax office before we process your payment."

So why can't it work online like other ISA providers? Silence.

I wish you had told me all this before I opened my Barclays ISA, I thought it was supposed to be instant access? Silence.

Do I regret it? Pretty much.

I despair with all ISA providers. After the fiasco with Barclays last year, I vowed never to go to them again. The year before, I had transfer problems between A&L and Abbey, and vowed never to go to them again. Next year I’m dreading transferring out of B&B after having read the problems people are having trying to transfer from them, so I guess next year I’ll be vowing never to go the them again. I’m running out of ISA providers!

jimbow25

I was told you couldn't transfer in from a Barclays current account to the ISA via online banking as well, when I applied, though only because I asked about the online facilities. I don't have any other Barclays accounts so it didn't make any difference to me.

I've never heard of this problem with other banks (though admittedly my ISA has never been with a bank that I also use for everyday banking). However regarding what owitemisermusa said, if I can't pay money in by cash or from another bank's current account how on earth will I get the money in?? I said monthly standing orders would be paid in from another bank current account they said that was OK.

I applied on 25th April in the branch, I had the "please bear with us" letter. My opening cheque hasn't been banked yet but fortunately having read people's woes on here I only opened it with £1. I can't afford to pay more than a few hundred in now anyway so I don't mind a short delay, can understand people with the full £3600 in limbo being frustrated though.

Smartinvestor

I've just read Martin's page. he seems to believe backdating to 14 days is fair.

I disagree. If I'd gone to any of the High Street Building Societies, as I have in previous years, it would have been opened and credited instantly.

Come on, Martin. why are you letting this go?

By the way, it's now 9 days after I complained officially. Nothing heard, despite their 5 working day service standard.

iolande

ho hum

another day without an ISA account.

The most depressing thing is that my boyfriend has not only received the ISA will be opened in 4 weeks letter and I haven't - despite me opening my account earlier than he did, but he has also received a letter acknowledging his complaint, even though it was me that phoned Barclays and complained about both our ISAs not being opened. humph.

And I won't get any backdated interest because they told me to write a cheque for £1 and now won't accept any more money from me.

chalkysoil

I'm a Barclays customer. Telephoned to open an ISA at 6.5% on 24th April by transferring funds from our current account. Long tedious process on the phone. Today got the paperwork saying it was opened on 16th May at 6.25% including a 1% bonus over 12 months. So I can't ditch it until 16th May 2009. Husband ditto on 25th April - no news yet on his.

I was under the impression it was done and dusted on 24th April. What a con. I haven't got the Maths skill to work out how much interest we lost between 24 April and 16 May on £3600 but I bet it would have made this
"top" account look average let alone the rate has gone down anyway.
I am totally p155ed off with Barclays.

sjoe

Took two cheques into my local branch and they have taken 5 working days to even show in my ISA and then on top of that there is now the clearing time. So at least 14 days lost interest on opening the account and a further 5 days on paying in a cheque.

Waiting for the outcome of my complaint, but I really think it is time to say goodbye to Barclays. This is the second year in a row they have messed up and without the full backdating it would have been better to get a lower rate and none of the agro :mad: