Did you apply for a Barclays Monthly Saver in December?

Sebby*

I opened mine on 31/12, but it was about 16.15 when I paid the money in. I called up on Saturday and the guy said I had 7.75%, but I'm not convinced as I reckon the money didn't clear until 2/1, even though it was cash. How can I find out for sure?

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 - £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!

Here goes:-

Interest paid over period: 15 Dec - 01 Jan (both dates inclusive)
Number of days of earning interest: 18

£100 * 7.49% * 18/365 = £0.3694 ≈ £0.37 (rounded off)

Less tax: £0.37 * 20% = £0.0740 ≈ £0.07 (rounded off)

Net interest: £0.37 - £0.07 = £0.30

Points to note:-
(i) All calculated figures are rounded off (not necessarily rounded down).
(ii) Interest paid on the first working day of each month is for the period up to the day immediately prior to the interest payment date.

Overall conclusion:-
I opened and first funded the account in December 2008, and have successfully received the higher rate of 7.75% (7.49% gross).

leedslondon

I called Barclays on the 18th Dec and asked about their fixed rate and they told me then that the rate had been changed from 30th november to 5.84% which was still compretitive so i joined right away via telephone as i am a premier account holder (20+ years) and it was completed very efficiently right away.

now i hear that some people have got the 7.75% when they joined in December i am more than annoyed at this. i called Barclays yesterday to mention this forum and that Martin Lewis had written confirmation from HQ that it was 7.75% and they insisited that it ended on 30th November. I said wa it because i applied via phone and they said no it did not matter it was ended on 30th nov if applied in a branch too.

I feel ripped off and dont know who to believe and how this confusion arose.

Chris

intalex

leedslondon wrote: »

I feel ripped off and dont know who to believe and how this confusion arose.

Firstly, what date did you make your first deposit into this account and how much was it? Secondly, how much interest was credited to your account on 02 Jan?

I expect equal treatment of all accounts opened and first funded in Dec 2008, and seeing that I did get the 7.75% rate, I expect everyone else to have got the same, including you.

MSE_Martin

Hi we've updated the first post with details and confirmation everyone who had money in will get the 7.75%

Pritch42

Hi I opened my account on 31st December and £250 was credited. On 2nd Jan interest of £0.10 was paid less £0.02 tax. How do I work out whether this is at 7.75% or 6%? Cheers

intalex

Pritch42 wrote: »

Hi I opened my account on 31st December and £250 was credited. On 2nd Jan interest of £0.10 was paid less £0.02 tax. How do I work out whether this is at 7.75% or 6%? Cheers

Interest paid over period: 31 Dec - 01 Jan (both dates inclusive)
Number of days of earning interest: 2

Gross interest = £250 * 7.49% * 2/365 = £0.1026 ≈ £0.10 (rounded off)

Tax: £0.10 * 20% = £0.02

Net interest: £0.10 - £0.02 = £0.08

Hence, like me, you got the rate of 7.75% (which is 7.49% gross)

m5rcc

I went into branch on the 31st Dec aving opened the account when it was posted on MSE. Branch had no clue of what was going on and told me I had withdrawn on the savings account as the rate dropped to 3%. You may find that the interest is segregated into two parts: the standard rate at 3% with a bonus of 4.75% paid monthly.

I would advise all those who took this offer to press Barclays for some coherant proof that the bonus interest will be paid. Make a complaint if necessary.

Chippy

I went to a very small local branch during the afternoon of the 31st and was instantly helped by the only personal banker. She explained that she hadn't long returned from sick leave, was covering at this particular branch and didn't know the details of the account but she looked up the details on her computer and read out a statment from head office which was virtually word perfect to the statement Martin was given. I am still a Barclays account holder but as I don't often use the account I only had £60 in the account so she kindly waited whilst I went to the cashpoint, withdrew money from another bank, paid it in at the Barclays counter and then she transferred it into the new savings account ensuring that I had the 7.75%!
I have today received the paperwork which does not mention ANY rate other than to say the 'fixed rate advised to you when you opened your account' but I have received 10p interest so I am fairly confident that I am getting the 7.75% and I am happy with my branch.
Thumbs up to the smaller branches and staff without inflated egos.:T

Pritch42

intalex wrote: »

Interest paid over period: 31 Dec - 01 Jan (both dates inclusive)
Number of days of earning interest: 2

Gross interest = £250 * 7.49% * 2/365 = £0.1026 ≈ £0.10 (rounded off)

Tax: £0.10 * 20% = £0.02

Net interest: £0.10 - £0.02 = £0.08

Hence, like me, you got the rate of 7.75% (which is 7.49% gross)

Many thanks for help with this intalex. I opened my account online on 31st Dec as I was already a current account holder. And as intalex has prooved I have been given the 7.75% rate. If the accounts are managed automatically by computer (I guess in this day and age they are!) then it would seem likely that as long as somone had deposited by close of business 31st Dec 08 then Barclays have been true to their word to MSE. Would be nice if they could change the advertised rates on their site to reflect this though!