Regular savers explained

I am really confused now, I have been saving with Barclays at 10% gross interest since April 06. I just checked my online banking this evening and noticed this month I have only got an interest rate of £31+ after tax, could this be right?

loulou41 wrote:

I am really confused now, I have been saving with Barclays at 10% gross interest since April 06. I just checked my online banking this evening and noticed this month I have only got an interest rate of £31+ after tax, could this be right?

I am a bit confused by this. I have a Barclays 10% regular saver that I opened on the day that the account launched 16th Feb 2006. My regular saver doesn't mature until next Friday, but you've said that you have been saving since April and have already been paid interest. How can your regular saver have matured before mine? The earliest date a Barclays 10% RS can mature will be next Friday.

Have you missed a payment or made a withdrawal? Please elaborate further.

loulou41 wrote:

Mine is not matured yet, but on checking my online banking, I have noticed this:- I have copied and pasted it for your information...

Ok, I think I see what's happened here. I may be wrong, but I think when you applied for the 10% regular saver, Barclays may have opened you their standard regular saver instead, which pays only 3.90% gross incl. bonus (3.12% net) on balances between £25+ and £4,999. See here.

I did a rough calculation based on 10 months worth of £250 deposits at the 3.12% (net) rate which came to approx. £32 interest. Also the standard regular saver credits interest (and bonus) on the first working day of February, which tallies with your February interest payment.

I recall a few MSE's reporting that Barclays had opened them a standard regular saver rather than the 10% one they applied for. See THIS thread.

If I'm right in thinking they've opened you the standard regular saver instead of the one you applied for, then I think you should complain to Barclays in writing. If they've made the mistake then they should pay you the remaining interest you would have got at the 10% rate.

Robert_Sterling wrote:

The Nationwide Regular Savings scheme has interesting terms and conditions including an interest rate which can vary, up or down, every month.
If in any one month for example you take out more than you put in then the interest that month is zero.

I think you'll find that the rate, in those circumstances is 4.25% not zero.

It says the THE REGULAR SAVINGS ACC. I think I might have been done, it was opened in the branch and I took the leaflet with me. I am not aware there are two different regular saver. I have been paying £250 a month since April 06 by standing order. I will have to go and query this to the branch, it does make sense. It did say in the letter when my account matures at the end of the 12 month, it will automatically convert into Barclays Easy Saver. My plan is to close the account on maturity and open another one. I would not be aware of it if it was not for this forum. I will write to Barclays to complain about this, why did they try to confuse me, it does not make sense that I would apply for the regular saver account paying less.Thanks for your help.