Did you apply for a Barclays Monthly Saver in December?

jonasacetben

I opened account this morning at the Kensington branch. My overall experience with Barclays at branch level was rather disappointing.
The person I dealt with initially believed it was only for Barclays current account holders as SO was needed. Their leaflet clearly states it is open to all with a SO facility. She insisted on 6% and gave me a printout to show that rate as of 1st Dec 2008. I opened the account and deposited £250. Again, staff believed that cash payment will not be accepted for the higher rate (6 or 7.75%). My freshly printed T&C (points 4 and 5) only specifies that initial deposit has to be made within a month of opening and that further monthly payments have to be made by SO. Having pointed this out, they seemed to be unsure but lodged my payment therefore I had this account opened and the first £250 credited before close of business today.
Now I have to get it in writing that having done this I would qualify for the 7.75%.
Martin or moderators, can you post contact details of the source of the 7.75% promise? It seems to me from this thread that there are many moneysavers out there who would benefit from written confirmation. Many thanks and a Happy New Year to all!

shamali_2

Went in to barclays branch in Brentwood on 30th December at 11am. Was told the rates have come down inspite of my showing a copy of the email sent to me!!!!! In fact i have a copy of savings accounts which states Montly Savings rate AER % 6 and Net rate pa % 4.67. Though I showed what the email says the personal banker refused to give me the 7.75% rate!!

anna42hmr

norbie wrote: »

I was told that this account was previously 6% and called Regular Savings. He said the 7.75% is very new and they only found out about it today. He said this "Monthly Savings" thing is new.

I doubt people who opened this account months ago will get the 7.75% rate.

LOL like to see how the fos go with that if they try that one! i have a copy of the barclays savings book printed beginning of octover and the "monthly savings" is listed in that and whilst it doesnt have the interest rate in that book, i also have the "rates for personal customers" leaftlet from 3rd november and covers the period over which i opened my account (21st nov) and that leaftlet clearly states:

"Monthly Savingings gross rate 7.49 pa, net 5.99% aer 7.75 " and then it also states "the following rates are paid when one or more withdrawals have been made 2.99/2.39/3.03" and it clearly states in their leaftet that its fixed for 12 months

i would be very worried that a branch is only learning now about an account that was at least 3 months old lol!

Baron_Veryhardup

Opened an a/c on 31.12.08 - Managers screen showed 7.75% (whats net on this @ £250 a month for a year?) Gave over my cheque then set up a DD for 11 months from my bank. Hope all is well. Anyway thanks Martin I didn't know about this 'til you e-mailed.

fullstop

Baron_Veryhardup wrote: »

Opened an a/c on 31.12.08 - Managers screen showed 7.75% (whats net on this @ £250 a month for a year?) Gave over my cheque then set up a DD for 11 months from my bank. Hope all is well. Anyway thanks Martin I didn't know about this 'til you e-mailed.

According to the T/C you have to set up a S/O not a DD.

katybshopaholic

Having rung customer services - after several attempts - I was told that the rate was 7.75 and I would have no trouble opening the account. But the staff at the Chorley branch could not have been more obstructive. They insisted the rate was only 5.8 per cent and said that as I did not have a Barclays current account would not be able to open a monthly saver. Although I had all the necessary Id and cheque/cash for the opening deposit I was told that funds could only be paid into the account by direct debit/standing order. She showed me a memo on screen confirming the 7.75 rate to the close of business 31/12/2008 but said the manager had since received a fax saying it was an error! Can you believe it? I certainly couldn't and left in a huff!

anna42hmr

anna42hmr wrote: »

LOL like to see how the fos go with that if they try that one! i have a copy of the barclays savings book printed beginning of octover and the "monthly savings" is listed in that and whilst it doesnt have the interest rate in that book, i also have the "rates for personal customers" leaftlet from 3rd november and covers the period over which i opened my account (21st nov) and that leaftlet clearly states:

"Monthly Savingings gross rate 7.49 pa, net 5.99% aer 7.75 " and then it also states "the following rates are paid when one or more withdrawals have been made 2.99/2.39/3.03" and it clearly states in their leaftet that its fixed for 12 months

i would be very worried that a branch is only learning now about an account that was at least 3 months old lol!

infact looking at their website http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=popup1group&value=14974&target=_blank&site=pfs

they had this account running since the summer so i am surprised they told you it was a new account norbie

just one question i 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

Baron_Veryhardup

Sorry I meant S/O not DD - must have been a New Year since then!!

jimbow25

anna42hmr wrote: »

infact looking at their website http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=popup1group&value=14974&target=_blank&site=pfs

they had this account running since the summer so i am surprised they told you it was a new account norbie

just one question i 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

Other users are more experienced with dealing with the 13 months issue on regular savers, than me, so maybe they can advise better, but if the terms and conditions say '12 deposits only' then I would say don't make the deposit in November 09. You're only going to get the good rate on the final deposit for 3 days anyway so it's barely worth it.

Baron_Veryhardup wrote: »

Opened an a/c on 31.12.08 - Managers screen showed 7.75% (whats net on this @ £250 a month for a year?) Gave over my cheque then set up a DD for 11 months from my bank. Hope all is well. Anyway thanks Martin I didn't know about this 'til you e-mailed.

If you pay into it monthly from 31 Dec 08 to 30 Nov 09 your gross interest should be just over £125, net interest approx £101 by my calc. If you got a payment in in December 08 and can switch your subsequent standing order to the first of the month you may be able to get more like £115 net.

dlmiller

havifng been to bank in morning and asked about any regular savings offers and been told that there were not any I was amazed to come home to the email stating the rates in branch. As it was 15.00 and new years eve we phoned on line banking and was allowed to open to open an account over phone having the first payment taken from our ordinary Barclyas accounts. We were told that we would be sent the form to set up a standing order in the post. many thanks for your advice!