Barclays Fixed Monthly Savings account.

zephos2000

Following a tip in yesterday's Money Tips, Fixed Monthly Savings, Best Buys,when I contacted Barclays Bank this morning I was told in no uncertain terms that Barclays would not pay 7.75% on a new Regular Monthly Savings account nor even 6% but 5.1% gross.

What gives. Another bank ripoff.?

Richard_Cocks

They were paying 6% AER, which since they pay monthly should be 5.84% gross.

It sounds like they've lowered interest again then maybe?

udydudy

This is what they still say on their website

Monthly Savings - what you get:Earn a fixed interest rate of 6.00% AER (5.84% gross pa*) in months when no withdrawals are made.No withdrawal restrictions but should you need to take some money out, a lower fixed rate of 3.03% AER (2.99% gross pa*) is paid in months when you make a withdrawal.Interest is paid monthly†.Make monthly deposits from £20 to £250 by standing order.Save up to £3,000 over the 12-month term.At the end of the 12-month term your account will automatically switch to an instant access savings account that is available at that time.

Saver-Rob

I know all about chasing rates. It seems never ending. Try not to get worked up about it like I have done. Easier said than done, I know.

MartinP40

I applied for a Barclays Monthly Savings account in early Decenber and received a confrmation e-mail on 5 Dec. At that time the quoted rate was well in excess of 6% (can't remeber exact figure). On seeing yesterdays tip that the rate should 7.75% I contacted Barclays today to be told that the rate is 5.84%. I have now raised an official complaint with them an await their comments. It seems that they do not agree with Martin's tip of yesterday!

lkmc01

Whats happening with this account. I have opened it today (19/12/08) and put £250 in today in cash which has got in today. So do I get 6% or 7.75% AER.

the lady who opened the account said 6% AER, but from http://www.moneysavingexpert.com/savings/savings-accounts-best-interest it states -

'Barclays Monthly Savings 7.75% interest for a year & flexible

The Barclays one year Monthly Savings account pays a fixed 7.75% AER, allowing you to save up to £250/month. However, to get this rate you MUST open this account and credit the first payment by 31 December.

The rate on the website is displaying 6%, but Barclays have confirmed to us anyone who gets the payment in by the end of December will get the higher rate. We've had reports of misinformed bank staff only offering the 6% rate, and passed these onto Barclays who gave the following response...

"To ensure savers qualify for the Barclays Monthly Savings rate of 7.75% AER they will need to get their first credit into the account by 31 December 2008. We apologise to the small number of customers who have been into the branch and not received this information and we will re-iterate our policy to the branch network." '

So has anyone found out yet what we are to get. Confirmation is needed for those, like myself who opened the account this montn, December 2008 and got there first deposit in in December 2009 as it might be that 7.75% is for only those who have opened it November and get their first payment in by end December.


Does anyone know exactly whats happening yet?

Karenfinlay76

I just tried to open this account and even took a print out of Martins page saying 7.75%, after the cashier had finished on the phone finding out about the cost of an xbox 360 he said he would check with his manager. When he came back he told me they had recieved a text (?) this morning saying that there was false information on the Money Saving Expert website and that the interest rate was 5.84%

lkmc01

right ok. 6% AER gross and 5.84% monthly gross it is then. Still happy with it.

rickbonar

I signed up to this on the 31st of december 2008.

I don't know what interest they're paying but I notice that's there's £750 in the account on today feb 06 2009 and the interest is only £2.02 after tax £1.76

can anyone explain as it doesn't strike me as being either 7.75% or 5.85%

can you pay more money in that the £250 a month?

Trying_to_be_good

£250 per month is the max. The interest credited in Feb 09 is for 1-31 Jan 09 (give or take a couple of days).

For some of that time you had only £250 in the account (the 31 Dec payment).

When was the second £250 credited?