Thank you very much Barclays

chris_h

chris_h

chris_h

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Joined
12 May 2014
Posts
173
Got a letter through the post this morning, basically informing me that barclays will be moving my cash ISA into one if their new products which offers nearly half the interest at a crappy 1.28%.

Their reason? They can no longer afford to offer me the 2.02% due to 'current market conditions' I was previously getting. Fine, I will be withdrawing every - penny.

And my credit card will be cut before the 0% purchase interest finishes.

Greedy bankers.

I think this has something to do with it!!

http://www.bbc.co.uk/news/business-28675631
 
Got the same one... I like the way it was all about "simplifying the number of different products in order to give better customer service blah blah" then at the end sneaks in how it will drop to a lower rate :| was still at 2.08% on one of mine and 2.5% on another so its a pretty big drop :S

"Barclays said that 95% of those who would see their rate fall would receive an average of £2.22 a month less in interest than they did now." - .... right gonna hit me a bit more than £2 a month...
 
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A run down on the new fantastic offers...

1.29% £1-£14,999
1.39% £15,000-£29,999
1.49% £30,000 and over

at those rates shoving the cash on the mortgage would be better :(
 
chris_h said:
at those rates shoving the cash on the mortgage would be better :(
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If you have a mortgage then why the heck haven't you been doing that for the past few years?!

Think of us poor sods who are watching our rent go up and our savings go down.. it's disgusting.
 
Only had the mortgage 7 months. I aim to re-mortgage at a later date with some inheritance in the pipe line.

In the mean time the money I did have was going in the ISA...Time to reconsider.

I actually blame 'super ISA' for this drop
 
Lloyds impressed me today. My chip and pin stopped working so I phoned up to get a new card ordered but all I could get through to was an automated phoneline. It asked me to state my problem and I said my chip and pin stopped working so it decided to try and change my pin number.

After I had calmed down I fired off a ccomplaint about their automated system via the webpage complaints form and an hour later a nice Scottish woman phoned me, sorted out NOT changing my pin number and ordered me a new card. She then appologised for the pin number issue saying this function we new ans they welcomed feedback and as I had been inconvenienced she was crediting £50 to my account plus £1 to cover thebcost of my phonecall.

tl;dr

Lloyds gave me £50 today to compensate me for 5 mins of my time arguing with an automated phone system.
 
AtticusFinch said:
Just put it somewhere else, this is pretty standard for Banks generally, shop around if you want to keep it in an isa as cash, may be better offers.
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Had my ISAs for a long time and nowhere else has been even close to comparable for a new customer to the rates I was still getting. Not sure its really worth the hassle of changing for the pathetic amount of interest available at the moment.
 
Fair enough. I don't use the ISAs for cash myself, just max out allowance on stocks and shares. I think the rates everywhere now are pretty rubbish. Maybe fixed term deposits are a better bet for cash and the obligatory premium bonds obviously...
 
Edrof said:
Barclays are a terrible bank, in my experience.
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I agree. My missus got into a bit of finacial mess and Barclays representatives phone on aversge 10 times a day for about a fortnight. I started to tape the calls and eventually sued them for harassment and although they denied the charge, they settled out if court on the day the case was due to be heard.
 
Don't forget you'll want to transfer the money to another ISA, rather than withdraw and pay into your new ISA (which would obviously need to allow transfers in)
 
Just in case this hasn't been said already, I hope by "withdrawing" you mean "transferring" as it would be rather silly to use up this year's ISA allowance by moving from one ISA to another.
 
I hate Barclays too. When my dad died, every single financial institution was happy to sort things with just a death certificate.

Barclays stated I needed a grant of probate due to company policy.

How much did he have with them?

A single penny.
 
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