Barclays Tax Haven ISA: Have you opened one?

brigg099

[(Quote= brigg099 I applied on line 01/04/08, Received a letter from Barclays dated 02/04/08 confirming they had received my application but stating (that due to high demand it may take longer than we would like to process your application) I would however receive a Welcome Pack once the ISA has been successfully processed.
Decided to telephone them yesterday to find out when I may receive my Welcome Pack ,they stated that they expect to send it me sometime next week but that it would only be backdated to 14 days from dated of issue ie 06/04/08 when I queried this the operator stated that as everyone had 14 days to decide if they wished to retain or cancel the ISA application, therefore the BANK would not pay any interest until after the 14 days had expired. It looks like my application may take some 40/45days from date of applying.

bashful

Applied online 6 April 2008 for 2008/9 ISA and opened account with £1. Followed up with a visit to the local branch on 7 April 2008 and they took a cheque for £3,599 for which I have a dated receipt. As of today the cheque hasn't been cashed and the Barclays online banking system doesn't show the new ISA account as having been opened.

Abbey isn't any better though! I am transferring (or trying to) funds from my 2007/8 Barclays Tax Saver ISA to Abbey. Applied online on 28 March and had a letter today querying my National Insurance number so they haven't even requested the transfer yet from Barclays.

amarh111

Applied online on 28th March. Was told it'd be open within 2 weeks. It's still not open... Now, over a month later, I phoned them and asked what was happening and they said that the demand had been higher than expected but it should be done by the end of this week. I'll be sure to check. She also said that all interest will be backdated to the beginning of the tax year.

And now they drop the rates for it. I asked one guy at Barclays whether the rate (6.5%) was guaranteed for 12 months and he said yes. I should have got him to sign something...

Starting to think I made a mistake... Hopefully they won't drop rates any more...

Shiggaddi

I opened this account, as I thought 6.50% for a year was better than A&L paying 6.25%. I currently bank with A&L, and I could have opened my ISA with them, and transferred the money from my savings account.

But instead I opened the Barclays ISA just over a week ago, so now I have some of the £3600 earning no interest as A&L only pay interest up to £2500 balance, and this money can't be moved to a savings account as I don't want the cheque to bounce.

So in effect I'm going to lose maybe a month worth of interest if they take a month to present the cheque, and now I've just read this article and I'm not even going to get my 6.50% anyway!!!

I was always going to transfer in a years time anyway to the best rate in a year, but delaying opening accounts for about a month has the same effect as bringing down the rate to about 6%

Gwenynwyr

Same delay happened last year with the top-recommended "Tax Beater Cash ISA", but the account opening and interest was back-dated to the day I gave the branch my cheque! Only snag is that you can't withdraw until you get the account details, but who would want too anyway?

Shiggaddi

I don't have a problem if they promise to backdate. As it is, I'm just under 14 days from applying, so even if they backdate from 14 days after, I'm left in the same situation as cancelling and opening an A&L account instead. Also, although A&L don't pay interest above £2500 on current accounts, I do have some of the £3600 earning whatever A&L pay in interest, so if they do take a few more weeks to open, I have a case to ask for backdated interest, and I'd be getting some interest anyway on the current account with A&L.

When I opened in the branch last week, I was told they have been busy with applications both sides of the tax year, but it's getting quieter now we're a few weeks in the new tax year.

thechor

Thanks Lokolo, it appears I can do that. Interesting how when on their helplinewas not given that option

jtaylor2008

christopherjohn wrote: »

You could transfer the funds to a Barclays e-savings account which can be opened on-line; and transfers in and out can be done electronically without notice. In fact, anyone who has a Barclays account should also have an e-savings account to keep surplus funds in, even if it's only for a couple of days.

However, with the introduction of the card reader / PINsentry, does that mean taking it with you to work, checking it "when your boss isn't looking 24/7", and frantically checking it when you are back home? (So you do not get overdrawn at £3600?), and in theory leaving £1 in the e-savings?

Shiggaddi

On call to their helpline now. They knew nothing of the drop in interest rate!! She even checked with the supervisor who said there isn't going to be a change in interest rates, and it's still 6.50%

Also, I do get interest backdated on anything longer than 14 days, so seeing as it's only a few more days including a bank holiday until I start earning interest, I'm better off staying put.

Lokolo

Shiggaddi wrote: »

On call to their helpline now. They knew nothing of the drop in interest rate!! She even checked with the supervisor who said there isn't going to be a change in interest rates, and it's still 6.50%

Also, I do get interest backdated if it takes longer than 14 days, so seeing as it's only a few more days including a bank holiday, I'm better off staying put.

Yep pretty much.

And also the rate drop were rumours on other sites and aren't commencing until 1st of May, so the staff either a) don't know b) aren't allowed to say c) its all a hoax and there is no drop at the moment