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Barclays Bank launches 6.5% Best Cash ISA on the market and new simple savings accounts

Personal_Finance / Savings Accounts Mar 20, 2007 - 10:30 PM GMT

By: Shahla_Walayat

Personal_Finance

With less than a month left for UK consumers to make the most of their current tax-free ISA savings allowance, Barclays from Friday 16th March introduces a new cash ISA paying 6.50 per cent AER interest. Customers are able to save from as little as £1 and up to £3,000 in each tax year.

Andrew Jones, Barclays Product Director, said: “This is the best no catches cash ISA rate to hit the high street this year. Interest rates have been going up in recent months but until recently the best AER you could get on a cash ISA was below 6 per cent.


“We believe that this ISA at 6.5 per cent offers the best ISA rate to the greatest number of people on the market – it's available from £1, where many ISA's at this rate require upwards of £500; it's not linked to the opening of another account like some of the recent “so-called” best rate ISA's and you're not tied to direct only servicing as it is available through all our branches as well.”

Savers who already have an ISA in the current tax year will still be able to take advantage of the Tax Beater Cash ISA from 6th April. See table 1 for competitor information.

Features for Barclays ‘Tax Beater Cash ISA':

  • Interest rate of 6.50 per cent AER/6.31% tax free (variable)
  • Rate includes an introductory bonus of 1 per cent payable for the first 12 months.
  • Minimum balance £1, maximum deposit £3,000 per tax year
  • Instant access
  • Transfers from existing cash ISA's not allowed.
  • The account can be opened in branch or applications can be obtained online or by phoning.

At the same time Barclays is launching a further two saving accounts available to all customers through the branch network:

The new ‘instant access' account is Day to Day Savings which allows instant access on savings of £1 or more. The flat interest rate of 4 per cent AER is the highest rate of the main banks for branch based accounts on the high street. Details are:

  • It pays a flat rate of interest of 4 per cent AER on any investment over £1
  • Comes with an ATM card
  • Instant access with no loss of interest for withdrawals
  • Designed to encourage people to put money aside for their day to day savings needs, it's just one step away from a current account.
  • Can be operated via branch and for Barclays current account customers via phone or online
  • See table 2 for competitor information

The new ‘serious savings' account is about longer term savings, and is aimed at those saving for a purpose, wanting a monthly income and needing occasional access to their savings. The account is called ‘Savings Builder'.

  • Pays a higher rate from 4.50 per cent AER on £10,000 savings up to 5 per cent AER on £250,000.
  • Lower rates apply for each month where withdrawals are made (see table 3 for competitor information and table 4 for all rates).

All of the new accounts can be operated through Barclays branches or application via telephone or internet banking. The Barclays Tax Beater Cash ISA and other new account details can be found at: www.barclays.co.uk or by telephoning 0845 300 5854 or by visiting a Barclays branch.

Barclays also offers a full range of investment ISA's either online for customers to choose or with advice via Barclays Financial Planning.

By Shahla Walayat
http://www.moneyforums.co.uk

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 UK Housing market . The best Savings & Deposit Accounts etc.


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


Comments

Sarah J
30 May 07, 01:33
UPDATE 29th May 2007

Some of the best Cash ISA's available post the rise in UK interest rates to 5.5% are -

Derbyshire 6.00% fixed for two years

NS&I at 6.05%

Northern Rock at 6.01% for a 1 year term

Egg at 6.05%

Norwich & Peterborough BS 2 Year Fixed Rate Mini Cash ISA - 5.90%

The deadline for the Barclays 6.5% ISA is today, so get a move on ! Go to the branch today if you want this one.


David Schneerson
03 Jun 07, 05:38
Mini Cash ISA

URGENT

I completed an application form for a Mini Cash ISA at your Catford, London SE6 branch on 15 May 2007. This, with a Barclays 1st Class envelope, was posted to you on 15 May 2007, having been checked etc by the bank. A cheque for £3,000 was enclosed. This was therefore in time for the deadline for this issue.

The cheque has not been cashed and no acknowledgment has been received. Can Barclays please confirm at my e mail address that you have received this? With thanks, D Schneerson


Shahla_Walayat
03 Jun 07, 09:20
Barclays Account Opening Delays

Barclays Account Opening Delays

There is heavy demand for the barclays cash isa

Please take note of the following announcement by Barclays

Our Tax Beater Cash ISA was withdrawn from sale at close of business on Tuesday 15 May 2007. Instead, take a look at our other tax-free savings.

Still got your application?

If you have printed off your application form, or picked up a form in branch, and not yet returned this to us you still have time.

Existing Customers

Completed application forms can be posted to us to arrive no later than Wednesday 30 May 2007. Send your form to:

Barclays ISA

Freepost RRGK-YYAS-LTST

Barclays Service Centre

Glasgow

G58 1AA

Alternatively, you can hand in your application form at any Barclays branch no later than Tuesday 29 May 2007 and we will post it for you.

New Customers

If you are not currently a Barclays customer you will need to visit one of our branches with your identification and address verification documentation and your completed application form no later than close of business on Tuesday 29 May 2007. Details of suitable documentation are given within your application pack.

If your application is received between now and 30 May 2007, you should receive notification of your account details by the end of June.

So if they recieved your app by 29th or 30th May, then the account should eventually be opened and the interest back dated to the date of the application, even if they have not cashed your cheque.


Maurice Cole
06 Mar 08, 13:19
BARCLAYS 6.5% Isa

I am interested in this product for myself and my wife.

Also,we have not yet taken our isa allowance for 07-08.

Regards M Cole


Shahla_Walayat
07 Mar 08, 01:58
tax Beater Isa withdrawn

The tax Beater isa was withdrawn in May 2007.

I will be posting an updated article on the best current cash isa's within the next few days.


Mrs. J.A.Plowright
10 May 08, 07:22
Barclays ISA 6.5% interest account

I applied to open an ISA with Barclays on the 5th April. I received an acklowledge from dated 7th April. After 2 weeks I had heard nothing so visited my local branch.The person I saw got onto the office dealing with ISA applications and he was assured that the interest on my ISA would be back dated to the 5th April.

I received Barclays confirmation that my ISA has now been opened but not from 5th April from the 6th May. Which means it is costing me £19.50 in lost interest for the whole of the month of April. Barclays should rectify this.


L.C.Budden
11 May 08, 04:02
Barclays ISA 6.5% interest

I put in an application for the Tax Haven ISA with Barclays for Yr 08/09,in april tempted by its 6.5% interest rate. Took them a while to set it up,(say the delay was due to high demand) even though I am an existing customer.

Eventually got confirmation weeks later in May to say it was all finally set up. But when the paper work arrived, I noticed that the interest rate is only 6.08% NOT 6.5% as advertised!!! Barclays should retify this.


Brian O'Neil
10 Jan 09, 03:56
Cash ISA

We have not purchased any ISAs for the current tax year 2008/9.

Any suggestions as to which is the best buy at this moment would be appreciated. Also if it can be purchased on line.


Nadeem_Walayat
10 Jan 09, 09:25
Cash ISA's 2009
An update is pending this weekend. Click on ISA's for the most recent articles
james
21 Jan 09, 10:45
Cash ISA

it 2009 what is the new isa rate thank you


terry brooks
03 Feb 09, 12:51
barclays cash isa new rate

what is new rate for CASH ISA THANK YOU 2009


Joginder Swami
05 Mar 10, 17:13
isa

I would like to invest in cash isa for this year allownce and next year allownce


Carole
21 Mar 10, 17:15
2010-11 ISA

When can 2010-11 ISA's be applied for? What is the new ISA called for next year?


Nadeem_Walayat
21 Mar 10, 18:43
Barclays Current ISA
2010-11 ISA from 6th April 2010

Current Barclays ISA pays 3.1%

However there are better ISA's paying 3.5%+

http://www.marketoracle.co.uk/Article17758.html


Nadeem_Walayat
17 Sep 10, 17:16
Barclays Best Cash ISA Update

Unfortunately the best cash ISA from Barclays currently pays a miserly 2.06%

An update for the best ISA provider will follow this weekend.


Best Savings Accounts
05 Oct 10, 05:07
Best Savings Accounts

When you compare savings accounts, check out the Annual Equivalent Rate, or AER. This figure takes into account things like high introductory rates that drop off after an initial period. The AER also accounts for compounding of interest to give you a better estimate of your rate of return at the end of the year.

===========================

http://www.bondssavingsus.com


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