Barclays Monthly Savings 7.49%

RayWolfe

Took me three weeks to get the full documentation!

ScarletBea

When I opened mine I asked to get monthly statements, since I'm not an online Barclays customer. This way I keep this account under control.

But it needs to be asked specifically.

anna42hmr

~Chameleon~ wrote: »

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

no i havent, and i was told there would be confirmation in the post

i have however asked for monthly statements instead of just annual ones, so hopefully it confirms the interest rate on there (i opened it the week before the rate dropped)

ShelleyC_2

I asked for regular statements but not had one yet

anna42hmr

ShelleyC wrote: »

I asked for regular statements but not had one yet

did you ask specifically for monthly as they can apparently trip them to quarterly, bi monthly and monthly (from annually) are you sure they have not taken "regular" for one of the other two? also when did you open it, as it may depend on when your first statement is due (for instance they tripped my monthly ones to the 23rd of the month to start from december (which is why i havent received a statement as yet)

Tibbledom

Just in case anyone is still looking at this thread Barclays have now confirmed that the 7.75% rate (that looked like it had gone at beginning of December) will now be extended until the end of December provided the first payment reaches the account before 31/12/08. See the main MSE savings article at http://www.moneysavingexpert.com/savings/savings-accounts-best-interest and scroll down to "can you put money aside every month"

anna42hmr

hi can any one help me work out if i am getting the right interest rate, i received my first monthly statement today and the details are as follows:

account opened 21.11.08
standing order for £100 received on 24th november
interest of 0.12 credited 1st december
standing order of 241.50 credited 18th december

the interest notes has the following written by it " interest earned £0.15 gross inclusive on £0.09 bonus for the period to 30 november

it also doesnt specifically state the 7.49 rate, it states instead "credit interest rates up to £3130 2.99% subject to certain rules on this product your account may be paid uo to 4.5% in addition to the rates above"

now as 2.99+4.5 = 7.49 would i be right to assume that they have put me on the correct interest rate? (looking at the interest rate sheet i got when i opened it does state that for months that withdrawals are made, interest is paid at 2.99 instead of 7.49)

and also is the gross of £0.15 correct on £100 balence between 24th november and 30th november, as i can never work out monthly interest rates

oldfella

yes - it is 7.49% on £100 for 7 days, net of tax

anna42hmr

oldfella wrote: »

yes - it is 7.49% on £100 for 7 days, net of tax

thanks for the confirmation i appreciate the help

anna42hmr

sorry one more question, just worked out if i pay in how i was planning it will be 13 deposits in the 12 months, is this allowed??

the reason for this was the opening deposit was sent on 24th november 2008
the 12 months i assume will be 12 months from opening which was 21st november 08

however it will work out the following
opening deposit 24.11.08
then payments in on 18.12.08
18.1.09
18.2.09
18.3.09
18.4.09
18.5.09
18.6.09
18.7.09
18.8.09
18.9.09
18.10.09
18.11.09
account closure on 21.11.09

as i get paid on the 18th these are the dates i need to stick with, would i be penalised for this or would i be best to miss the 18th november 09 payment, but would i be penalised for missing paying in during nov 09

as i cant find any info on their site apart from that you can Save up to £3,000 over the 12-month term. and cant make more than one payment each month (which i wont be doing as each payment is in a seperate calendar month