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Barclays 10% Regular Saver account
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snezhinskproject
Posts: 51 Forumite
As mentioned in the Bradford & Bingley thread, Barclays launch their 10% Regular Saver account on Thursday:
http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=406985&in_page_id=7&ct=5
Unfortunately, they have slightly complicated the offer by making us have a linked Barclays current account, into which at least £1,000 is paid each month.
Gits.
_pale_
http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=406985&in_page_id=7&ct=5
Unfortunately, they have slightly complicated the offer by making us have a linked Barclays current account, into which at least £1,000 is paid each month.
Gits.
_pale_
0
Comments
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I think you will find that by transferring £1000 to barclays each month and back again (if they allow this) (loss of interest around 120 days at 5% is £16) then you will still be better off with this account over a standard 5% account. I will try some calculations later....0
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£100 loop-hole was to encourage prior to this offer,that was why they set the offer up ,ready for this 10% regular saver[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0
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the £1000 must be your salary or pension[FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]0
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OK, you transfer £1000 in and £750 out, the other £250 goes into the saver. Cost £14 in lost interest if it takes 5 days each way
You then need to compare the rising balance in the 10% saver and the falling balance in your 5% account. Calculate these iteratively in excel using a 'monthly' interest rate
(Interest in 10% and 5% accounts combined) - (interest in 5% saver on full £3k)
£3229.50-£3150=£79.50
so net gain is about £65 less tax
I'll grant you it isnt simple
(I may have made a mistake as I haven't had my morning coffee, if so I'm sure Grumbler will be along in a mo!)0 -
Right, if the £1000 must be your salary that puts the kibosh on it for those whose salary is committed elsewhere - if it isn't then have your salary paid in to barclays and automatically transferred out (less £250).
What would you do if you were self employed and pay yourself a salary?0 -
kenshaz wrote:the £1000 must be your salary or pension
I can't find this to verify it - care to provide a link?0 -
Your comment is way off the mark.snezhinskproject wrote:Unfortunately, they have completely wrecked the offer by making us have a linked Barclays current account, ...
Idiots.Dagobert0 -
Exactly, they have made it slightly harder to exploit this by stipulating that a c/a must be funded.
Now, all I need is a salary increase to cover all my regular savers!0 -
Wow, did I kill this thread?0
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Current account pays pants 0.1% interest. Unless you are a current Barclays customer and don' mind receiving 0.1% on your current account then this maybe worthwhile. Somehow I don't think Martin will be recommending this regular savings account!0
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