Barclays customers who applied for the Tax Haven Cash ISA have received apologies from the bank following significant delays before their accounts were opened.
An apology is all they are going to receive though it appears as Barclays has stated it will not pay the interest that investors would have accrued if the accounts had been opened on time. It seems that a particularly heavy demand for the ISA created a number of administration difficulties for Barclays leading to delays in accepting applications and opening the accounts.
Assuming the person applying for the Barclays ISA had invested the maximum allowed of GBP3,600, they would have lost around GBP9 in interest so far. This in one way is not a vast amount of money, but the underlying principle is of much greater importance. Multiplied by the number of people taking out this particular Tax Haven Cash ISA it also becomes a much larger sum.
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The decision by Gordon Brown to review the state of social care in order to make them more affordable and fairer for everyone has been welcomed by Saga Insurance.
The insurer has asked for steps to be taken as quickly as possible to help those who need it but also advises people to take independent financial advice in the meantime to ensure they make the best decision. Saga Insurance research shows that the typical cost of a 4 year care home stay is expected to almost double in the next twenty years, from GBP112,000 to GBP223,000.
A Saga Insurance spokesman said that it was vital to get professional financial advice since it could help inheritances be protected rather than seeing it all eaten up in care fees as is currently the case.
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The Abbey National has announced a reduction in the interest rates offered on several of its savings accounts, with cuts of 0.25 percent to match the recent base rate cut by the Bank of England.
Commencing on 1 May all Abbey National savings accounts with the exception of the eSaver Direct, Super 50 Plus and 50 Plus Saver will have the 0.25 percent cut on their rates. These ones mentioned will keep their rates as they were.
The Abbey National savings and investments director said that although the rates had been reduced on their accounts it was important to have a savings plan in place, especially in the current economic climate. It is a very competitive market and Abbey are committed to doing the best for their customers.