Tax Haven ISA-Paying in

snarffie

I opened my Tax Haven ISA with an initial deposit from my Barclays Current Account of £1500.

I tried to set up a payment today to transfer some additional money from my current account into the ISA and there's no way of setting up a payment. My gf phoned Barclays (she had same problem) and they said that this method is disabled because they ad problems with people crediting/withdrawing amounts over the isa limits, which sounds like a load of cobblers to me. She had to transfer money over the phone!

Anyway, I just set up a £1 to be transferred into my isa from my Building Society account, and am just waiting to see if it works before trying anymore.

Has anybody else had this type of problem? Has anybody tried and succeeded in transferring from a bank/bs outside of barclays into their isa?

snarff

Lokolo

It won't work. They do not allow transfer online because of that reason simple as. You can go into a branch and pay in a cheque or set up a standing order as the clerk can then check it to make sure it doesn't go over your limit.

Its not a problem. Its the T&Cs on the account.

deep_pockets

finally!!
i applied for barclays tax haven a/c on 07th/April, the a/c was finally opened on 29th april with my £10 deposit.

then tried to pay in £3590 by online banking= not able
cash in branch= not able
transfer by "fax instruction" in branch on 02/may, this was eventually done yesterday 07/may.

Just received in this mornings post my welcome pack how efficient.

all thats left now is to formulate my compensation claim for loss of inter est whilst money sat in current a/c and aggravation in time,parking and petrol trying to pay money into this a/c. looking forward to venting my wrath to barclays complaints department!!!!

Lokolo

Stop complaining, at least yours is open and I applied before the tax had even begun!

snarffie

Lokolo wrote: »

It won't work. They do not allow transfer online because of that reason simple as. You can go into a branch and pay in a cheque or set up a standing order as the clerk can then check it to make sure it doesn't go over your limit.

Its not a problem. Its the T&Cs on the account.

Thanks for clarifying the T&Cs. It is still a problem for me however, since I would like to be able to do a simple electronic transfer, rather than having to actually walk to the bank with a cheque (which invloves finding, digging out and dusting off my chequebook!)

Surely it should be possible to set up electronic checks to ensure that the limits are not exceeded!

Ho hum.

Do you think that the cheque will be cashed without delay, as my account has actually been opened, or should I withdraw £2100 and walk it to the bank?

Lokolo

Um I can't say there won't be a delay, only because the people that are incharge of depositing the ISA cheques also opening the accounts... and thats taking forever so....

snarffie

Lokolo wrote: »

Um I can't say there won't be a delay, only because the people that are incharge of depositing the ISA cheques also opening the accounts... and thats taking forever so....

That is definately a 'problem' then!

I suppose I'll have to try it and deposit a cheque and go through the 'reclaiming interest' rigmarole...

jyp

Hello,

Having spent half my morning on the phone with Barclays I came to the conclusion that it's best to walk away from the deal (I applied for an ISA beginning of April and as of today they were still not able to tell me when it would be open). I put a stop on the £100 cheque I gave them when I applied for my account (that costed me £10) and just sent them a cancellation letter by special delivery (another £4). I hope to never have to hear from them again!

PS: Am new to the forum. Apologies if this appears as a reply instead of a new post.

snarffie

jyp wrote: »

Hello,

Having spent half my morning on the phone with Barclays I came to the conclusion that it's best to walk away from the deal (I applied for an ISA beginning of April and as of today they were still not able to tell me when it would be open). I put a stop on the £100 cheque I gave them when I applied for my account (that costed me £10) and just sent them a cancellation letter by special delivery (another £4). I hope to never have to hear from them again!

PS: Am new to the forum. Apologies if this appears as a reply instead of a new post.

This is the second year that I've had Barclays' 'high-rate' isa (tax-beater last year), and I must say that I'll be thinking carefully before opening one next year.

Pretty smooth last year as I deposited the full amount in one go. I decided to deposit £1500 to start with this year, so I lost interest for a whole month while the money sat in my barclays current account. Now I find that I have most sensible options to deposit additional funds (cash at branch and online) are closed to me. The restrictive deposit options is frankly, quite pathetic.

The excuse that the customer services guy gave was because so many people messed up their deposits last year, they decided to restrict deposits to streamline the applications. Looking at the number of complaints about this product, that strategy was also a complete failure!

Anyway, I think the whingeing is going on in the main Tax Haven thread

snarffie

Quick update:

My transfer from BS account has been deposited into my Tax Haven ISA, so it is actually possible to make a direct payment from another provider's account into the ISA.

It's even more perverse that you can't transfer money in from a Barclays current account!

bemrose

I tried to set up my ISA with Barclays for the 2008/9 tax year and put the money in current account paying little interest. Barclays set up the account a month later TWICE and sent me a letter saying it had not been able to set up my account. I have lost interest on my money and had to waste time chasing Barclays. Plus, after having an attractive rate to capture new business it has now lowered its rate before even setting up my account. This is shoddy behaviour. Avoid Barclays, they are just as bad as Northern Rock before they went bust, offering good rates only to cut them once they had your business. Martin should expose them on TV!