Barclays Monthly Savings 7.49%

Careful_ly

My interest paid on 1.12 is actually 9p less than paid on 3.11 but it is correct.

~Chameleon~

Careful_ly wrote: »

My interest paid on 1.12 is actually 9p less than paid on 3.11 but it is correct.

I'm sorry but I don't understand how this can be. If the balance in the account was static then yes, I fully understand that interest credited would differ slightly over 28/32 days.

But the monthly balance has increased therefore I would expect the interest rate to also increase :huh:

quietishone

~Chameleon~ wrote: »

I'm sorry but I don't understand how this can be. If the balance in the account was static then yes, I fully understand that interest credited would differ slightly over 28/32 days.

But the monthly balance has increased therefore I would expect the interest rate to also increase :huh:

Think of it this way - You had £1250 in the account from 4th to 6th November and £1500 from 7th November to !st December. Each day you get 0.075/366 of the sum invested in interest. (I think it is actually slightly less than this because the figure they use is less because 7.5% is the compounded AER but this will give a rough answer) So you should get - 3 x £1250 x 0.075 / 366 = £0.77 for 4th to 6th November 24 x £1500 x 0.0075/ 366 =£7.38 Total = £8.15 (roughly) which is about what you received (£8.08) The extra interest you received on £1000/1250 for the 34days paid last month is about equal to the amount you receiced on £1250/1500 for 27 days paid this month.

~Chameleon~

quietishone wrote: »

Think of it this way - You had £1250 in the account from 4th to 6th November and £1500 from 7th November to !st December. Each day you get 0.075/366 of the sum invested in interest. (I think it is actually slightly less than this because the figure they use is less because 7.5% is the compounded AER but this will give a rough answer) So you should get - 3 x £1250 x 0.075 / 366 = £0.77 for 4th to 6th November 24 x £1500 x 0.0075/ 366 =£7.38 Total = £8.15 (roughly) which is about what you received (£8.08) The extra interest you received on £1000/1250 for the 34days paid last month is about equal to the amount you receiced on £1250/1500 for 27 days paid this month.

Thanks very much, yes I see it now

Apologies to everyone else for causing any undue alarm, obviously recent stresses have taken more of a toll on my mind and ability to see things clearly than I'd originally thought.

Sorry guys

fullstop

~Chameleon~ wrote: »

Thanks very much, yes I see it now

Apologies to everyone else for causing any undue alarm, obviously recent stresses have taken more of a toll on my mind and ability to see things clearly than I'd originally thought.

Sorry guys

I'm afraid it was all a bit too complicated for me to work out

antispam246

Can I ask what this is in reference to

Monthly Saver

I thought this reflected the Barclays Regular Saver we're referring to. Is this merely the new rate opened from the time the rate changed? Or is it another account altogether?

LongTermLurker

antispam246 wrote: »

Can I ask what this is in reference to

Monthly Saver

I thought this reflected the Barclays Regular Saver we're referring to. Is this merely the new rate opened from the time the rate changed? Or is it another account altogether?

Yes, it is the account discussed here - you'll see the previous AER was 7.75% and now it is 6.0% if opened after 1 December.

Monthly interest (effective from 01/12/08). The following rates (higher interest rates) are paid where no withdrawals have been made in the previous calendar month.

Balance

Gross rate pa%

Net rate pa%

AER%

£1+

5.84

4.67

6.00

fullstop

Just a quick question I opened a BMS on 26/11/08 before the rate was lowered,all I have had so far is a sheet printed off in the branch detailing the initial deposit, Can I expect any information through the post from Barclays stating the rate etc?

fullstop

Has anyone had any correspondence from Barclays since opening this account, still heard absolutely nothing from them yet.

~Chameleon~

fullstop wrote: »

Has anyone had any correspondence from Barclays since opening this account, still heard absolutely nothing from them yet.

I've never received any correspondance by post re: this account, just the initial print off and welcome letter given to me in branch. I don't think we will hear anything more until the account is due to expire, apart from the usual tax letter in April.

PS - sorry I lied, I received a letter re: my query/complaint last week which confirmed the interest rate is correct