Barclays launches new cash ISAs allowing Transfers-In

26 Feb 2013 11:00 GMT

Barclays today launches its new cash ISA range allowing Transfers-In, which includes a 3 Year Flexible Cash ISA and Instant Cash ISA both paying up to 2.30 per cent AER/ tax free per annum, available to both new and existing customers to help them make the most of their tax-free savings allowance.

The 3 Year Flexible Cash ISA – Issue 1 gives customers the peace of mind of a fixed rate of interest throughout the term, whilst also giving them the flexibility to make three withdrawals each up to 10 per cent of the current balance to cover those unexpected costs that arise. There are no withdrawal charges and no notice required. It also allows customers to continue to subscribe up to their annual cash allowance right up until 5th April 2014. It will pay 2.10 per cent AER/tax-free for balances between £1 - 14,999; 2.20 per cent AER/tax-free from £15,000 to £29,999 and 2.30 per cent AER/tax-free for balances above £30,000.

Alongside the 3 Year Flexible Cash ISA – Issue 1, Barclays is also launching Instant Cash ISA – Issue 1 for savers who need full access to their savings. This provides customers with a simple and transparent account, giving customers unlimited instant access to their money and the flexibility to save either the full cash ISA allowance in a lump sum or contribute over the course of the tax year. The same rates and tiers apply as the 3 Year Flexible Cash ISA but are variable and include a fixed 12 month introductory bonus of 0.80 per cent tax-free per annum, which reinforces our commitment to savers that they will continue to earn a credible rate of interest over the longer term.

Both cash ISAs allow Transfers-in from existing cash ISAs held with Barclays as well as other providers. Transfer-In requests to the Instant Cash ISA – Issue 1 can be made at any time. Transfer-in requests to the 3 year Flexible Cash ISA – Issue 1 need to be with Barclays within 30 days from opening the account. Barclays is also participating in the new Electronic Cash ISA Transfer Service which will significantly improve and speed up the transfer process for customers.

Lee Chiswell, Head of Savings at Barclays said “This year sees the launch of our exciting new Flexible Cash ISA which will give customers the best of both worlds, peace of mind of a fixed rate over the longer term with the flexibility of being able to access a proportion of their savings when they need it.

“We understand that times are tough, with inflation running high and household budgets squeezed, it is now more important than ever for savers to make their money work as hard as possible by taking advantage of their full tax-free allowance. With this in mind, we’re enabling customers to Transfer-In to our new range of cash ISAs this year so they can earn a competitive rate on the cash ISA balances they have built up historically – which could be up to£85,000 if an individual has put away the maximum allowance each year since cash ISAs launched in 1999.”

In addition, Barclays is offering a range of 70 easy-to-manage funds available within an investment ISA, all provided with 0 % initial charge and cashback on eligible funds. Investors can monitor the value and performance of their investments at a glance, 24/7 with secure online access through their online banking or through the secure Barclays Investments online hub.

Customers can open both cash ISAs through Barclays branches. In addition, existing Barclays customers using online and telephone banking can apply for Instant Cash ISA – Issue 1 at www.barclays.co.uk/isa or call 0800 494949. Existing telephone banking customers can also open the 3 Year Flexible Cash ISA – Issue 1 by calling 0800 494949. For investment ISAs customers should visit the online portal www.barclays.co.uk/investmentisa.

Notes to Editors:

To qualify for the 2012/2013 tax year the account must be opened by Friday April 5, 2013 or from Saturday April 6, 2013 for the 2013/2014 tax year.

Product Features

3 Year Flexible Cash ISA – Issue 1

  • Limited offer
  • Pays a tiered rate up to 2.30 per cent AER/ tax-free per annum
  • Interest rate is fixed during a fixed term of 3 years
  • Choice of interest payment: End of Term (for maximum growth) and monthly interest (for regular income)
  • Open from £1 or £0 if you Transfer-In
  • 3 withdrawals, each up to 10 per cent of the current balance available in the account over the term with no charges for withdrawals
  • Additional subscriptions (deposits) allowed until 5th April 2014, so customer can make the most of their annual cash ISA allowance.
  • Allows Transfers-In from existing cash ISAs held with Barclays or with other providers. Instructions must be received within 30 days of account opening.
  • Transfers-Out allowed, no penalty.
    • Account can be managed in branch and Telephone Banking, as well as Online Banking (for customers registered for this service)

Instant Cash ISA – Issue 1

  • Pays a tiered rate of up to 2.30 per cent AER/ tax-free per annum
  • Rate includes a fixed rate introductory bonus of 0.80 per cent tax-free per annum payable for the first 12 months from the date of account opening.
  • Interest is variable and paid monthly on the first working day of each month
  • Open from £1 or £0 if you Transfer-In
  • Unlimited instant access with no charges for withdrawals
  • Allows Transfers-In from existing cash ISAs held with Barclays or with other providers, as well as Transfers-Out any time, any amount.
  • Balances can be offset against a Woolwich Offset Mortgage
  • Account can be managed in branch and Telephone Banking, as well as Online Banking (for customers registered for this service)

Displaying rates:

For several years Barclays has been providing the interest rate on all customer statements and the website to help customers make an informed choice as to where they wish to save their money. Since November 2009 Barclays has been notifying savings customers of any unfavourable changes to their terms and conditions, including all downward rate changes regardless of account balance or the size of the change. This notification is by personal letter giving two months’ advance notice of the change. At the same time details of such changes are provided in branch, on the telephone and online.

Cash ISA Transfers-in

  • Customers can Transfer-In existing cash ISAs held with Barclays or other ISA providers to our new range of cash ISAs.
  • Customers should refer to the rates, terms and features of their existing cash ISAs to make sure that they do what is right for their personal circumstances.
  • Interest will be paid from the date the funds are received into the cash ISA at Barclays.
  • Barclays is one of several providers participating in the Electronic Cash ISA Transfer Service, which is designed to significantly improve and speed up the experience for customers in the time it takes to complete the transfer and minimise errors.
  • Customers can provide their Transfer-In instructions via all main channels – in branch, Telephone Banking and Online Banking (for customers registered for this service).

Investment ISAs

  • 70 easy-to-manage funds available within an ISA – includes five ready-made portfolios, The Foundation funds, and the full fund range of hand-picked funds.
  • The five ready made portfolios carry different risk levels allowing investors to choose how much risk they want to take
  • The full range of 70 funds is more suited to the experienced investor
  • 0 % initial charge
  • Cash back on eligible funds
  • Designed to be held for 5-10 years
  • Funds are available by phone for existing customers or through Barclays online platform for new and existing customers
  • Customers can transfer in existing cash and investment ISAs held with Barclays or other ISA providers to a Barclays Investment ISA
  • Further information on the fund range and Barclays Investments is also available from branches across the UK and by telephone on 0800 445 443 and www.barclays.co.uk/investments.


About Barclays

Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions – in the right way.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 135,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com.