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barclays

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I and my wife each have a Barclays cash isa tax beater we opened them with £3000 in April 2007 just before the deadline , we then put another £3000 IN OCTOBER 2007.

The interest on each acount is now at £ 6290 . the interest on the statement is shown for the last 5 months at 5.37 inc bonus oct ,
5.37inc bonus nov 31 ,5.06 inc bonus dec , 5.09 inc bonus jan , 5.29 inc bonus feb, 4.97 inc bonus (mar 31 08) is this correct? i was led to believe the interest would be 6.5%inc bonus . is this right . does any one know why they flutuate so much not one is shown at 5.5% does not included the 1% bonus .
forums thoughts on this one please .

Comments

  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    The rate is variable so they can change it whenever they feel like it. Usually its in line with the Base Rate, decided by the Bank of England.

    The rate doesn't include the 1% because its a bonus. If they started saying 6.5% then everyone who didn't have the bonus would think they would be getting 6.5%!
  • surreysaver
    surreysaver Posts: 4,795 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The interest rate on this account fluctuated with the BoE base rate, as the interest rate is variable.
    I consider myself to be a male feminist. Is that allowed?
  • thomas1
    thomas1 Posts: 22 Forumite
    Part of the Furniture Combo Breaker
    THANKS FOR THE QUICK REPLYS .
    i was considering putting the funds into the new tax haven but that product iill not transfer funds in even from there own bank , it seems barclays just want to collect new money .
    today is the last day to get the tax haven at the rate they have been giving out , but as its varible its not such a good deal because they could drop that within a week or two . am i rioght in thinking my best option would be to transfer the 6000 to a new isa with a different bank/building to get a higher rate .
  • BruceyBonus
    BruceyBonus Posts: 1,143 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    thomas1 wrote: »
    today is the last day to get the tax haven at the rate they have been giving out
    No. Even if you open it today, the rate will still drop tomorrow.
  • bristolleedsfan
    bristolleedsfan Posts: 12,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    thomas1 wrote: »
    am i rioght in thinking my best option would be to transfer the 6000 to a new isa with a different bank/building to get a higher rate .


    :T And pick a new provider whom guarantees to fully backdate interest on ISA transfer ins. e.g Nationwide, Halifax, Abbey. ;)
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