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Barclays Monthly Saver

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  • TomsMom
    TomsMom Posts: 4,251 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    cslogg wrote: »
    Is the Barclays Monthly Saver limited to one per person.
    My wife and I already bank with them and hold a joint account and was wondering if we can have one each.
    cslogg

    Do you mean you and your wife have a joint monthly saver?

    It says on their website and in their savings booklet
    Monthly Savings: Available to
    Applicants must be 16 or over.
    One Monthly Savings account per person
  • The_Fat_el_Hombre
    The_Fat_el_Hombre Posts: 230 Forumite
    Part of the Furniture Combo Breaker
    I applied for an e-saver the other day, I'll try and open a Regular saver online when the e-saver stuff comes throuh
  • cslogg
    cslogg Posts: 342 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Sorry,Tomsmom, I should have made it clearer.
    My wife and I already have a joint Open Plan account with Barclays but we are looking around for somewhere to save a bit of extra cash we have.I haved applied for a Monthly Saver in my name and was debating weather my wife can also have one.A couple of queries I have though is,1,should we keep all our eggs in one basket (or bank)2,Is there a better deal to be had elsewere ?
    cslogg
  • TomsMom
    TomsMom Posts: 4,251 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ah, OK cslogg. Well you can definitely have one each, OH and myself have done just that.

    As for keeping your eggs in one basket - depends how much you have to save. Your savings will be safe up to £50,000 each (£100,000 joint account) in any one institution (check for non-British based banks, plenty of info around on here, can't just bring it to mind at the moment).

    If you've got a lump sum then once you've maxed out your ISAs (£3,600 each per year, interest tax free) at the best rate on offer, then look for the best rate to suit yor needs - instant access, 1 year bond, etc. You can check rates on Moneysupermarket, Moneyfacts, This is Money, etc.

    If you're finding you have spare money on a monthly basis (from income) rather than a lump sum so want a monthly saver, check out this thread which is updated regularly on the first page.
  • wizk1
    wizk1 Posts: 911 Forumite
    Part of the Furniture 500 Posts
    I'm absolutely livid! They've declined my application and I don't know why. Their explanation (by letter) was that I didn't fit their eligibility criteria, without actually mentioning what it is I didn't fit. Their eligibility criteria as far as I'm concerned is to be over 16, and not already have a monthly savings account with Barclays. What could possibly have gone wrong????
  • paulthai
    paulthai Posts: 4 Newbie
    i just tried to open a monthly saver online, and it keeps telling me theres a problem with the website. Have barclays stoped the account?
  • jimbow25
    jimbow25 Posts: 355 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    wombler wrote: »
    This MIGHT be helpful to anyone who isn't an existing customer of Barclays and can't or doesn't want to go to a branch to open the account, and / or wants to monitor their Monthly Savings account online without opening a current account.

    First the story: I went to my local Barclays branch last week to open a Monthly Savings account and turned down the offer of opening a current account at the same time. It was only at the end when I discovered that this meant I wouldn't have access to Barclays online banking services.

    Having thought this over I decided that I should open a current account just to get the online banking details so that I could keep track of the balance of my Monthly Savings online as I do with all my other banking. I noticed you can apply for a current account online, but I wanted to check that if I applied for it this way rather than in branch that I'd definitely be able to view the transactions of my Monthly Savings as well, so I called up Barclays. When I did that, a very helpful guy said something along the lines of:

    "Oh, don't bother opening a current account, just open an e-savings Reward account and stick £1 in it, then you'll get access to online banking and will be able to view your Monthly Savings as well."

    So this is essentially two small loopholes:

    Firstly - if you can't or don't want to go to the branch to get a Monthly Savings account, just open an e-savings Reward account online first, get your online banking details and then you'll be able to apply for the Monthly Savings online as an existing customer.

    Second - if you want to be able to view the details of your Monthly Savings online without opening an un-needed current account, again just open the same e-savings account.

    I should add that I haven't yet received my online banking details, so I can't 100% confirm that this definitely works. Thanks also due to the refreshingly honest guy at Barclays customer service who actively helped me avoid getting their current account!
    I can confirm that this works - I have opened an e-savings reward account with a zero balance and I can monitor the Monthly Saver balance online without needing a Barclays current account.

    They never sent me my 12 digit membership number (they only sent my 5 digit passcode) so I had to ring them to get this, but other than that it was straightforward.

    I still haven't had anything in the post about the monthly saver though, and I opened it over 3 months ago. Has anyone else found the same thing?
  • itsbruce
    itsbruce Posts: 4 Newbie
    Did you have to do anything special to tie the accounts together, Jimbow? Or did they set that up automatically?
  • withnell
    withnell Posts: 1,629 Forumite
    itsbruce wrote: »
    Did you have to do anything special to tie the accounts together, Jimbow? Or did they set that up automatically?

    Barclays tie the accounts together automatically
  • anna42hmr
    anna42hmr Posts: 2,890 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    withnell wrote: »
    Barclays tie the accounts together automatically

    how long did it take, as i have applied for the web saver yesterday, will make life easier that i can track this account online like i do with my other savings accounts

    also does any one know, at the end of the reg saver term, they transfer the money to another account, if this account is open will they transfer to this account or will they automatically open a different one
    MFW#105 - 2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12/ 2021 overpaid £1506.82 /2022 Overpaid £2975.28 / 2023 Overpaid £2677.30 / 2024 Overpaid £2173.61 Total OP since mortgage started in 2015 = £37,286.86 2025 MFW target £1700, payments to date at April 2025 - £1712.07..
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