Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Best Stocks for Investing to Profit form the Metaverse and Get Rich - 29th Nov 21
Should You Invest In Real Estate In 2021? - 29th Nov 21
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21
Stock Maket Trading Lesson - How to REALLY Trade Markets - 26th Nov 21
SILVER Price Trend Analysis - 26th Nov 21
Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving - 26th Nov 21
Is the S&P 500 Topping or Just Consolidating? - 26th Nov 21
Is a Bigger Drop in Gold Price Just Around the Corner? - 26th Nov 21
Financial Stocks ETF Sector XLF Pullback Sets Up A New $43.60 Upside Target - 26th Nov 21
A Couple of Things to Think About Before Buying Shares - 25th Nov 21
UK Best Fixed Rate Tariff Deal is to NOT FIX Gas and Electric Energy Tariffs During Winter 2021-22 - 25th Nov 21
Stock Market Begins it's Year End Seasonal Santa Rally - 24th Nov 21
How Silver Can Conquer $50+ in 2022 - 24th Nov 21
Stock Market Betting on Hawkish Fed - 24th Nov 21
Stock Market Elliott Wave Trend Forecast - 24th Nov 21
Your once-a-year All-Access Financial Markets Analysis Pass - 24th Nov 21
Did Zillow’s $300 million flop prove me wrong? - 24th Nov 21
Now Malaysian Drivers Renew Their Kurnia Car Insurance Online With Fincrew.my - 24th Nov 21
Gold / Silver Ratio - 23rd Nov 21
Stock Market Sentiment Speaks: Can We Get To 5500SPX In 2022? But 4440SPX Comes First - 23rd Nov 21
A Month-to-month breakdown of how Much Money Individuals are Spending on Stocks - 23rd Nov 21
S&P 500: Rallying Tech Stocks vs. Plummeting Oil Stocks - 23rd Nov 21
Like the Latest Bond Flick, the US Dollar Has No Time to Die - 23rd Nov 21
Why BITCOIN NEW ALL TIME HIGH Changes EVERYTHING! - 22nd Nov 21
Cannabis ETF MJ Basing & Volatility Patterns - 22nd Nov 21
The Most Important Lesson Learned from this COVID Pandemic - 22nd Nov 21
Dow Stock Market Trend Analysis - 22nd Nov 21
UK Covid-19 Booster Jabs Moderna, Pfizer Are They Worth the Risk of Side effects, Illness? - 22nd Nov 21
US Dollar vs Yields vs Stock Market Trends - 20th Nov 21
Inflation Risk: Milton Friedman Would Buy Gold Right Now - 20th Nov 21
How to Determine if It’s Time for You to Outsource Your Packaging Requirements to a Contract Packer - 20th Nov 21
2 easy ways to play Facebook’s Metaverse Spending Spree - 20th Nov 21
Stock Market Margin Debt WARNING! - 19th Nov 21
Gold Mid-Tier Stocks Q3’21 Fundamentals - 19th Nov 21
Protect Your Wealth From PERMANENT Transitory Inflation - 19th Nov 21
Investors Expect High Inflation. Golden Inquisition Ahead? - 19th Nov 21
Will the Senate Confirm a Marxist to Oversee the U.S. Currency System? - 19th Nov 21
When Even Stock Market Bears Act Bullishly (What It May Mean) - 19th Nov 21
Chinese People do NOT Eat Dogs Newspeak - 18th Nov 21
CHINOBLE! Evergrande Reality Exposes China Fiction! - 18th Nov 21
Kondratieff Full-Season Stock Market Sector Rotation - 18th Nov 21
What Stock Market Trends Will Drive Through To 2022? - 18th Nov 21
How to Jump Start Your Motherboard Without a Power Button With Just a Screwdriver - 18th Nov 21
Bitcoin & Ethereum 2021 Trend - 18th Nov 21
FREE TRADE How to Get 2 FREE SHARES Fractional Investing Platform and ISA Specs - 18th Nov 21
Inflation Ain’t Transitory – But the Fed’s Credibility Is - 18th Nov 21
The real reason Facebook just went “all in” on the metaverse - 18th Nov 21
Biden Signs a Bill to Revive Infrastructure… and Gold! - 18th Nov 21
Silver vs US Dollar - 17th Nov 21
Silver Supply and Demand Balance - 17th Nov 21
Sentiment Speaks: This Stock Market Makes Absolutely No Sense - 17th Nov 21
Biden Spending to Build Back Stagflation - 17th Nov 21
Meshing Cryptocurrency Wealth Generation With Global Fiat Money Demise - 17th Nov 21
Dow Stock Market Trend Forecast Into Mid 2022 - 16th Nov 21
Stock Market Minor Cycle Correcting - 16th Nov 21
The INFLATION MEGA-TREND - Ripples of Deflation on an Ocean of Inflation! - 16th Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Barclays 6.5% Fixed Rate Mini Cash ISA Account Opening Delays Continue

Personal_Finance / ISA's Jun 15, 2007 - 11:59 PM GMT

By: Shahla_Walayat

Personal_Finance When Barclays first announced their 6.5% Mini Cash ISA account to the public on 16th March 2007, many savers leapt with joy at this excellent 12 month fixed rate ISA. However, having applied for the account months ago, people are still waiting for the accounts to be opened.


What's Going on ?

Many, many, many account applicants are still waiting on not only confirmation that the cash ISA accounts have been opened but the actual deposit monies to be taken from chequing accounts and credited to the new accounts. The delay in corresponding with clients on account status is now running into several months, as customers increasingly wonder whether or not the account will actually be opened or not.

Barclays withdrew the cash ISA's from the the market place on 15th May 2007, citing exceptional demand which is understandable. However what is not understandable is why such a big bank as Barclays is showing itself at being so inept at processing customer applications?

The branch staff on queries tend to respond with the message that on account opening, interest will be back dated to the date that applications were checked by the branches or applications received by post. This would be amazing if it occurs, as months on monies remain in client bank accounts waiting to be taken by Barclays.

The Barclays website stated on account withdrawal that savers had until the 30th of May to return completed applications, which would be processed by the end of June, though did not mention the back dating of interest.

However the Barclays website subsquently carries the following message -

Have you already applied for a Tax Beater Cash ISA for the 2007/2008 Tax Year?
Due to a high demand for our Tax Beater Cash ISA, you may experience a delay in hearing from us. We are working very hard to ensure applications are processed as quickly as possible and interest calculations on your initial deposit will be backdated to the date we received your application - so you won't miss out on a thing.

Applications received before 15 May 2007

You should receive notification of your account details by the end of June.

Which does imply that interest will be backdated to the date of the account application.

Therefore the best thing for customers to do is to wait until the beginning of JUly before chasing Barclays on the status of their Cash ISA applications. And we shall just have to wait and see if Barclays does back date interest to the date applications were received, as branch staff are informing customers on queries as to the delay in account opening.


By Shahla Walayat

http://www.moneyforums.co.uk

Copyright © http://www.moneyforums.co.uk 2007 - All Rights Reserved

The UK Money Saving & Investing Forums is a free online publication providing, FREE Online Tools including Credit Score Calculator and the Savings Calculator . Money Saving Guides such as Credit Card Stoozing , Savings Tree , Money Saving Guide . Personal Finance Discussion Forums open to ALL, supported by experienced moderators, to discuss any personal finance topics from 0% Credit card deals , to the state of the Housing market . The best Savings & Deposit Accounts etc. This article maybe reproduced if reprinted in its entirety with links to http://www.moneyforums.co.uk

Shahla Walayat Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Jane
16 Jun 07, 10:37
Opened

I applied in the last tax year 23rd MArch and had to wait until to 12th May when they finally wrote to me to let me know my isa had been opened.

The Cheque had been cashed the day before the letter.

However I applied for 2006/7 tax year and account was reported as opened on 5th April. Not sure now which year I am in so have tried phoning them. Do not try this unless you have endless days to spare. It doesnt matter what button on the menu you press they cut you off and say they are too busy. Makes no difference what time of day you call either.

I am so glad I dont have any other accounts with them as they are useless.

I would not recommend barclays in the future.

Jane.


Marge
16 Jun 07, 10:57

According to the advisor at Barclays, the ISAs dept told him that accounts opened before April 27th will have had their backdated interest credited to their ISAs on May 1st.

Although Barclays had my application since 2nd May, they did not open my ISA until 28th May. I've only had one days interest credited to my ISA.

So I would be very skeptical about the promise of getting full interest backdated.


Stella
19 Jun 07, 23:25
2006-07 isa

Still waiting for anyword from my application that I made on 25th March 2007 !

About 4 weeks ago I went to the branch and was told nto to worry that the account would be opened and I would get interest backdated, but no specifics about the account.

I really regret applying for this ISA, my £3k has been sat on my current accoutn do nothing for nearly 3 months !

if any barclays staff are reading this, they should take note to get their act together and not to advertise products they cannot manage properly !


Joe - Barclays staff
28 Jun 07, 16:29
Barclays Cash ISA - To Stella

it is understandable that you are annoyed that barclays took a while to process your application, take it from me, everytime 1 of these applications came in, we no longer were alowed to pass it over to a personal banker to open the account (i am a cashier) due to the high amount of applications we had, SO, we had to send them off to our external personal bankers as we called them, which due to it being a non existant job roll, there was such a low quantity of people willing to process this application, the reason a regular PB couldent process the application is because extensive NI checks needed to be delt with, SO when you say "barclays staff" specify WHO you mean because NONE of the branches at all had any news on delay time, we were struggling as much as you trying to explain. but as most misruble 50+ customers are, they have no patience as there horrible ill ridden lives are slowly vanishing, an ISA is the only way to retain your youth.... as long as you get it open before you are 60. but unfortunatly you are most proberbly over that mile stone aswell arnt you. awww poor granny


Ken L Evans
12 Jul 07, 14:00
Barclays Cash ISA

I agree with all comments re:Barclays Cash ISA's.

I opened one with £3k on May 11th & was told written confirmation was not neccessary (it' all on computer) After 4 visits to local branch in an attempt to check progress. June 26th. I was advised to write to Liverpool to cancel the account.July 9th phoned Liverpool only to be told there was no record of my application (they must have ignored my correspondence) July 11th back to local branch this time advised to cancel my cheque and re-invest in some other company's Isa. I was only able to cancel my cheque when my Barclays advisor went to my bank to personally confirm original cheque had been misslaid I calculate loss of interest about £35

Bank with Barclays? Not Likely !


Diane
13 Aug 07, 09:06
Joe - Barclays staff

You were a bit personal to Stella, Joe. Don't see where she mentions her age. My ISA has taken 5 months and I have received an application form to complete as they have lost the original. I am struggling to find a reason to keep my Barclays account if you are a reflection of its staff. One day you will be over 50 and by then, you may be able to spell.

Its allowed not alowed; non-existent not non existant; job roll? do you mean job role?; couldn't not couldent; dealt not delt; miserable not misruble; unfortunately not unfortunatly; probably not proberbly; aren't not arnt. Oh there is more but it will take you until your 50+ to know and then one day, you will come across a know-nothing young sprat and you will know what it feels like to deal with someone like you. awww poor baby.


Glyn
12 Jan 09, 11:54
Barclays Mini ISA

I too had problems with Barclays, the lady opening the account asked lots of private questions, regarding my children etc, nothing to do with the account, after all I have banked with them for over 50 years, so why ask now!

She got a rocket!

My account took over 6 weeks to be opened,on 23 May although the cheque was cleared from my current account straight away.

Then they tried to only credit interest from 1st June.

After one MIGHTY kick, I did get full interest backdated

and a bouquet of flowers.... but not until August.

So dont mess about, its your money... kick!

Far too many of these young ones who know diddly squat,

in charge of our important matters.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in