Did you apply for a Barclays Monthly Saver in December?

sdooley

There is possibly some logic to this.

Barclays were going to change the rate at end November. But some people probably complained that they had set up accounts but the first payment would only be in cleared funds by December. While Barclays could deny them the 7.75% rate on the strict t&cs, that wouldn't be treating customers fairly. So they extended the deadline to end December, but aren't advertising it as available to end December as otherwise they'd have the same problem with people opening accounts in December but only crediting their first payment in January.

intalex

sdooley wrote: »

There is possibly some logic to this.

Barclays were going to change the rate at end November. But some people probably complained that they had set up accounts but the first payment would only be in cleared funds by December. While Barclays could deny them the 7.75% rate on the strict t&cs, that wouldn't be treating customers fairly. So they extended the deadline to end December, but aren't advertising it as available to end December as otherwise they'd have the same problem with people opening accounts in December but only crediting their first payment in January.

Most likely explanation, although with this logic, does that mean one needs to have opened the account by end of November to qualify for the 7.75% rate?

I have seen my first interest payment in my monthly savings, but can't really work out what rate I've got through recalculation. My application details are as follows:-

Applied online - 11/12/08
First deposit (£100) - 15/12/08
Interest received - £0.30

Can someone work out what interest rate I've got? It appears to be at least 8.05% gross to me (assuming interest is always rounded down), which is a little odd!

iblametheparents

sdooley wrote: »

There is possibly some logic to this.

Barclays were going to change the rate at end November. But some people probably complained that they had set up accounts but the first payment would only be in cleared funds by December. While Barclays could deny them the 7.75% rate on the strict t&cs, that wouldn't be treating customers fairly. So they extended the deadline to end December, but aren't advertising it as available to end December as otherwise they'd have the same problem with people opening accounts in December but only crediting their first payment in January.

That's exactly what happened.

MSE_Martin

galvin2 wrote: »

I have just returned from my local Barclays branch.

I have always had a lot of respect for this site. Now I'm beginning to wonder.

I have seen (and have copies) of a) An internal memo dated 31/12/08 confirming that the 7.75% rate is historic as of 30th November. b) A Rates for Savers leaflet dated 1st December 2008 showing a 6% rate for Monthly Savings effective 1/12/08.

In addition the first deposit was required IN CASH so the comment in the lead page of the email I received today is rubbish ("take cheque book") but the inner page is correct about cleared funds.

I cannot check "Yet Barclays head office has now confirmed, in writing, it's still available at 7.75%" given the time of day on New Years Eve but I would like to see a COPY OF THIS LETTER PLEASE.

Indeed I should like to hear from Martin on this one given the statements made on this site and the denials so far from Barclays branch staff.

Quite simply we have this in writing. We've spoken to Barclays head office countless times who have confirmed it. And as you'll see in the thread - many people HAVE got the 7.75% today.

The shambles and lack of info is not on the site - it is in Barclays. I would never print something like this without checking it out repeatedly. I very deliberately warned that some banks have the wrong info.

My plan now is to

A. Ensure everyone who opened it correctly regardless of what their branch says gets the 7.75%
B. Try and get Barclays to put a page on their website confirming this.

Martin

Davey_H

I went in yesterday and opened an account.

The girl said that i could not use cash or my cheque book as I dont bank with Barclays.

She did give me all my details of my newly opened account and told me that her husband banks with LLoyds and did not have problems money coming out of account same day to go to Barclays.

So I went home and set up S/O and tried to transfer money into my account....
Well apparently it would not have transfered until the 2nd which would be too late for me to get this rate.

So I have cancelled my transfer and S/O what will happen to my account???

Should I tell them just to close it? as I will not be using it at the new rate?

Regards

moomy_2

We went into local branch yesterday with cash to open two accounts. Staff told us rate had been 6% since Dec 1st. We told them that was wrong. Manager called over repeated 6% lark but did go away and check with compliance officer who agreed 7.75% was correct !!!???

So we got our accounts opened but only after standing our ground.

blanchenoir

Went to Kirkcaldy branch yesterday around 1.30pm. Teller was helpful, knew about 7.75% rate and checked I had relevant paperwork with me. Advisor wasn't available immediately but I was given appointment one hour later. My advisor told me they had been informed by a recent memo about interest rate being 7.75% and she was aware of MSE entry. In fact I was the 4th person applying yesterday.

As I wasn't already a Barclays customer the application process took about 30 mins but it was pleasant, straightforward and although I was given advice about some other 'products' there were no 'hard sell' tactics. I made the first payment by cheque and was informed about how to set up the standing order payments from my bank account. All in all a happy experience and I'm very grateful for Martin's tip off. Thanks, and 10 out of 10 for Barclays staff in Kirkcaldy, Fife.

eddyshoestring

Having read MMTips at about 2.30 PM New years eve,I packed all relevant opening documents into my Christmas "Man bag" and shot down to my local Barclay's branch!....result! NO CHANCE, plenty of reasons ...no Manager , no Financial advisor, no one with authority and so on .....................SO I LIED!!!!....UM" I Said" I am a secret shopper!!!
Result.....An Appointment in the main branch at 3.35 pm and opened my new 7.75% regular savings account with all the help and advice one would expect from a large and helpful Institution like Barclays Bank!..........I say no more!....happy savings new year and whatever if any (!) advice you may get from this thankyou may you use to your advantage...Ps Thankyou Martin!

Gambit

jonasacetben wrote: »

I opened account this morning at the Kensington branch. My overall experience with Barclays at branch level was rather disappointing.

I'm not surprised as I've also had problems in that branch! :mad:

Gambit

eddyshoestring wrote: »

[NO CHANCE, plenty of reasons ...no Manager , no Financial advisor, no one with authority and so on .....................SO I LIED!!!!....UM" I Said" I am a secret shopper!!!
Result.....An Appointment in the main branch at 3.35 pm and opened my new 7.75% regular savings account with all the help and advice one would expect from a large and helpful Institution like Barclays Bank!

Fantastic. What quick thinking! :rotfl:Must try that sometime!!