Barclays Tax Haven ISA: Have you opened one?

A question about : Barclays Tax Haven ISA: Have you opened one?

What's this about?

The Barclays Tax Haven ISA has been our top pick Cash ISA since the end of February, paying 6.5% AER (including a 1% bonus for twelve months). It's about to drop to 6.27%, but remains the highest payer around.

Barclays set a 14 day timescale for opening these accounts, and if it takes long than this, any interest will be backdated to the 14 day point once the account is fully open.

Yet we've heard some bad feedback on the setting-up process, with people still waiting for their accounts to open weeks after applying.

Let us know how it went for you...

We are trying to gauge the level of problems experienced. If you grabbed one of these ISAs, and have a few minutes to spare, please reply to this thread and let us know how it went for you.

Most important for us to know is when you applied, whether the account is open yet, and how long that process took.

Thanks folks,

Dan

This Forum Tip was included in MoneySavingExpert's weekly email
Don't miss out on new deals, loopholes, and vouchers
FAQs
Privacy Policy
Past Emails
Unsubscribe

Best answers:

• Applied 30th March for 08/09 ISA, still not opened.
  Update:
  Finally opened 30th April. Informed 7th May. That is 18 business days.
• Applied few weeks before new tax year. Got told to wait a few weeks after new tax year. Recieved letter saying we have a huge number of applications so may take a while. Still waiting.
• Applied the day it was launched over the phone as i already held an account with barclays for an 08/09 account, it has only just been opened on the 25th April 08 even though i was one of the first people to apply for the account!
• Applied 8th April, had a letter, but that is all.
• Applied on 14th May. Received my pack today.
• Electronic registration for existing customers is followed by a letter saying
  " We apologise that we are experiencing a short delay in the opening of our ISA accounts. You should expect your ISA account to be opened within approximately 4 weeks."
  No mention of 14 days
  "your savings will start earning tax haven interest from the date the account is opened, and this will receive the 1% bonus for a full 12 months"
  Nothing about backdated, nothing about interset rate if rate drops whilst being procesed.
  More interestingly there is a lot of money waiting to be transferred from my current account. It gets naff all interest in my current account nice little earner for barclays.
  Second year running Barclays cannot handle demand. (sigh)
• Applied on the 2nd of April for 07/08. Letter recived on the 26th with account opened date showing as the 23rd. Ongoing compaling with Barclays as they have been unable to tell me if they have opened if for the correct financial year.
  21 days from handing the forms to the branch to official opening date.
• Now with added poll
• I opened mine in a branch on 7th April but have had no paperwork from them with regards it at all - they told me that there would be a couple of weeks delay but that it will be backdated to 7th April and if I wanted to pay in to it in the meantime I had to do so via a branch (yuk!)
• Now 17 working days since chq to branch but still Barclays behemoth cannot bestir itself. What a shower.
• Opened account for 08-09 tax year in branch on march 24th. Received letter on 26th March. Phoned a week ago to ask what was happpening and was told that it should definitely be open by 1 month after receipt of letter - and that all interest would be backdated to april 5th. Still no sign of welcome pack to date.
• Opened my account on the 6th April (on line) - received a letter about a week later then have heard nothing else. I have now made an official complaint, suggesting that this is a 'ruse' to get people to commit themselves, then not opening the accounts properly for some time facilitates them paying a higher rate of interest! (which in reality will cost them less because of the delay's). Rubbish
• Not having an account with Barclays, I was informed that I had to make my deposit using a Cheque from myself, which I found a bit archaic especially as I could not locate it.
  I am surprised that I was not allowed to use my debit card, or these strange thing called Cash....
• Staff from other departments (including mine) have now started doing overtime at weekends and evenings so I expect the application process to speed up a bit now.
  Btw, I opened mine for 08/09 tax year through my Online Banking at the end of March and it was opened a week ago.
• Visited branch: 12th March 2008
  Cheques were returned to me a couple of weeks later. This turned out to be an error so cheques were sent back.
  Confirmation of application receipt: 3rd April 2008
  Still waiting for the welcome pack (now 7 weeks since the branch appointment) & Barclays have still not cashed the £3000 deposit cheques.
  I was informed during the branch appointment that interest would be paid from that day. The 14-day point is news to me and wasn't stated on any of the T&Cs shown.
  Edit - Letter received 2nd May 2008 - advising to return to branch to provide ID again