Cancel Barclays Tax Haven application

nrsql

Has anyone tried to do this?
I had a letter a week or ago saying it'll be another 30 days. Would probably rather cancel and go for Egg - lower rate but easy.

I could cancel the cheque but that would be charged I guess. I assume as the account hasn't been opened then there's nothing in their system (application is in a pile somewhere?) so they won't be able to cancel it without finding the application?

Anyway - I sure someone's tried this (think I remember seeing a post) and would like to know how they got on.

10_66

You probably won't be able to stop the application form being processed, but there's nothing stopping you from opening an ISA elsewhere and then when Barclays (eventually) send you the paperwork, you have 14 days' cooling off period in which you can advise them that you no longer want their ISA.

When Barclays do present the cheque, if the cheque's been cancelled, I think you may incur a charge from your bank for that (not sure). You don't get charged for stopping a cheque that hasn't been presented (ie, if you think it's been lost - which isn't an impossibility with Barclays!).

nrsql

Thanks, that's very tempting.

Dagobert

I have just done this after having received the paper-work. I had only opened the ISA with a £1 cheque. However, you will get the gross interest credited (no tax deduction). I am not sure from what date on the cheque payment starts earning interest.

nrsql

They say the interest will be backdated to the account opening date which I guess is when the cheque is presented. Might get a couple of days extra but will lose all the interest difference for the 35-40 days it takes to get that far.

Lokolo

sql - do you have proof of this? I presented my cheque on 30th March and my account still hasn't been opened

johng_uk

You will receive interest backdated from the 15th day AFTER the account is opened.

Here is a thread detailing other peoples experiences:

http://forums.moneysavingexpert.com/showthread.html?p=10908971&posted=1#post10908971

I complained that I was mislead....See my post in the other thread....And a cheque for £20 is on it's way to me now.