Did you apply for a Barclays Monthly Saver in December?

ox5

Went into my local branch, asked about it, they sated the 6% was the rate, and not the 7.75% as it was "typo" nearly thought about trading standards etc. still, went ahead with a isa tax haven.

intalex

intalex wrote: »

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 (01/01/09) - £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!

Has anyone been able to figure out what interest rate the above equates to - Is my calculated rate of 8.05% correct along with the assumptions I made?

After all, this is the key answer that I thought everyone was looking for - i.e. what rate are Barclays giving on any monthly savings account opened and first funded during the month of December !!!

joey44

My husband and I went into Barclays on 29th Dec after 4pm as they couldn't give us an appointment in the morning to open a monthly saver each. We each gave a cheque for £250 to open the accounts. We were told the rate would be 6%, even though we asked if it should be 7.75%. They checked their literature and it said this rate finished at the end of November. Do you think we will get higher rate and will our cheques clear on the 31st or 2nd? Our receipts are dated 30th?? presumably because we went in after 4pm.

bloaty

My oh and myself opened one of these accounts each yesterday by cheque and we were quoted 5.75%. Is it likely we will still get the 7.75% or the revised one please?

HAPPY NEW YEAR TO MESErs

Tibbledom

intalex wrote: »

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!

At 7.75% I estimate you should have got 28p net interest and at 6% I calculate 22p net interest.

So looks like you have got the 7.75% rate. The difference between 28p and 30p is some sort of rounding difference/quirk in the way they calculate interest.

Kinkajou

I tried to open this account on New Years Eve, what a waste of time! Barclays are making opening opening a palava, requiring you to speak to an advisor blah blah blah. Once I've got my ID and my cash, I aint got time for the chit chat, just open the account and let me get on my way!
Any how, no go on the 7.75 % even though head office told me otherwise. Not impressed Barclays, I walked out and will be opening an account somewhere else this week.

kevin.nicholls

Good news ... my standing order made it into my sparking new savings account on December 31.

Now I'm waiting for Barclays to write back to confirm what their customer "care" people told me on the phone .. that I'll get 7.75%.

Interestingly, I opened my account in the Wellingborough branch five days before one of the posters on here and got told pretty much completely the opposite -- 6%, standing orders only!

Maybe they checked it out after I left...

By the way, kinkajou .. I think you're missing the point of all this !!

demotw

since im a personal banker for barclays i should probably clear all this confusion up, the interest rate was changed on the 1st of december to the lower rate, however, barclays assume that it will take a month for the payment to credit the account. This means anyone making a payment prior to the 1/1/2009 ie. new years eve will recieve the 7.75% AER rate. Now although the account requires a standing order to be paid into it each month the first payment CAN be made by cheque which is what would allow people to open the account on new years eve and still recieve the higher rate.

anyone who was told a standing order was required and therefore not recieved that rate needs to go have words with the advisor they spoke too.

I hope this clears up the confusion.

exel1966

NickyDee wrote: »

It makes no difference if payments go manually (online banking) or via Standing Order, they both operate via the same systems - BACS and FP. Direct Debits are not applicable here.

It makes a big difference dependent upon bank (some send BACS by FP and not S/O's - Lloyds being one). Faster Payments could be used on a BACS transfer meaning a payment possibly arriving too early.

Franklins

I opened mine on 31 Dec, paid in the first payment by SO from my Barclays Current Account no problems.

Does anyone know when the next payment will be taken, is it 1 month from the first payment, ie. 31 Jan 09?