Slightly confused re Barclays Fixed Monthly Saver

SuperSal

Just opened latest Martins Money Tips and read that although Barclays are advertising 6% interest fixed for 1 year on the Monthly Savings Plan, if an account was opened and first deposit made before 31st December then they would honour the previous rate of 7.75%.
Then read on another of Martins savings page there that it was 6%.
I rang Barclays and it seems that the 7.75% is still being honoured. It also stated on Barclays website that the monthly savings of between £20 and £250 were by standing order but when I asked the bank staff he said they could just be paid in at the branch monthly.

You can make withdrawals but the interest rate drops on that month, also you needn't pay in every month,
Seems quite a generous offer but I will try and check it out more.

Anyone know any different?

lkmc01

do you think that if I applied tomorrow (18th thursday Dec) I should get the 1st payment though (its ready and waiting) by the end of this month

fullstop

lkmc01 wrote: »

do you think that if I applied tomorrow (18th thursday Dec) I should get the 1st payment though (its ready and waiting) by the end of this month

Set up a SO for the begining of next week, 22/23 December should be no problem. If you are not a Barclays customer you will have to set up the account in a branch.

lkmc01

right, so let me just see if I've got this right. When opening the barclays reg saver pay 250 in on the 22nd December, next monday.

I also have the halifax reg saver. I opened it in October and have just realised (due to MSE) that the best thing to do is to get payments through on the 1st of the month, even though the account was opened towards the end of october.

Am I right in thinking that this 13 months payment idea with the halifax can not be done with the barclays monthy saver account...


therefore...


I will put 250 in on the 22nd December and keep each monthly payment as the 22nd of the month.

Is there no end date each month for when payments have to reach them like the halifax? I can't see anything about this on there terms and conditions

so if the account is opened on the 22nd of dec, the first month here is 22nd of dec until the 21st of jan, 2nd month is 22nd jan until the 21st feb and so on?

lkmc01

does anyone know what I will have to take in tomorrow to open a monthly savings account with barclays. Esp what documentation.

I can not find this information out on their web site

SRC20

ikmc01
I've just opened the Monthly Saver in branch (Castlepoint in Bournemouth). Took passport, driving licence, council tax bill, water bill. I believe you only need a couple of items, though, but took more than I should need. Basically I believe you need something to prove who you are (passport, driving licence) and something else to prove your address.

Interestingly, I have been advised the fixed rate is now 5.85% (from the beginning of December). The website showing 6% and Martin's advice as to 7.75% were dismissed by the branch staff.

Supersal,
What Barclay's phone number did you use earlier?

Mazzer2

Just set up with barclays on the phone a regular saver at 6 percent. I am already a long standing customer (yeah I know lazy...) Read on this website about them honouring 7.75 per cent til end of year and rang back to query the interest rate was told it only applied to accounts opened until end November. So, not very clear? Different advice for different people....

lkmc01

did you have to open a current account with them too

intalex

Mazzer2 wrote: »

was told it only applied to accounts opened until end November.

Is this ever going to become clear, or do we wait until maturity to find out what rate we're going to get?

fullstop

lkmc01 wrote: »

did you have to open a current account with them too

No you don't need a current account with them.

SRC20

Just spoken to Barclays (0800 201 612). The lady has said the rate is 6% AER, since the interest is paid monthly at a rate of 5.75%. So compounded over the year the rate is actually 6%.

As to 7.75%, you can only receive this rate if you had actually applied/opened the account before the end of November with a payment to this account before the end of December.