Did you apply for a Barclays Monthly Saver in December?

demotw

HouseHuntr wrote: »

I opened this account on 31/12/08 after a little confusion at the branch. Firstly they weren't sure about the 7.75% so spent 15 minutes on the phone to head office to confirm it. Then I said I'd like to pay £250 in cash immediately to ensure the account is opened in time. They said no, so I again asked them to call the head office who confirmed that I could pay in cash and still receive the 7.75%.

Account opened and £250 deposited in cash at 1612 31/12/08

I checked online banking a couple of days later and it says :

Date

---

Kind of transaction

---

Money in

---

Balance
02/01/09

---

Credit 31/12/08

---

£250

---

£250

---

cash + branch id

which suggests to me the account wasn't opened in time ?

So which is it 31/12/08 or 02/01/09 ? Should I not have had an interest payment on 01/01/09 if it had been opened in time ?

Do i have cause to complain to Barclays as it looks is if the 45mins it took to open the account has pushed it beyond the working day of 31/12/08 ?

PS. I have since deposited another £250 via S/O on 08/01/09 so depending on what they say is the openeing day I may have now made two january deposits !!!

why on earth would you leave it so late to get the account opened, thats just asking for trouble. Anyways, as seen on the statement the credit has shown as entering account on 31/12 so if its not the 7.75% and it was a cash deposit then yes you would have a reason to complain. In future however, dont cut it so tight banks cut off is 4pm and opening account is not a 2 minute job.

Sebby*

demotw wrote: »

why on earth would you leave it so late to get the account opened, thats just asking for trouble. Anyways, as seen on the statement the credit has shown as entering account on 31/12 so if its not the 7.75% and it was a cash deposit then yes you would have a reason to complain. In future however, dont cut it so tight banks cut off is 4pm and opening account is not a 2 minute job.

Erm, maybe because Martin's email arrived on 31/12, and perhaps it wasn't read until the afternoon. Just a thought.

demotw

Sebby* wrote: »

Erm, maybe because Martin's email arrived on 31/12, and perhaps it wasn't read until the afternoon. Just a thought.

my understanding was it was posted on here well in advance of 31/12 however. When its left that close to cut off, dont expect everything to be smooth is all im saying. The main plus point was he paid in cash, so he will get the rate due to it being within working hours, but i have heard of many other stories where people have struggled unfortunatly.

thymely

thymely wrote: »

I tried to open a Monthly Saving 7.75% account on 31st Dec in person at Stratford, London branch with cash & all the right documentation plus existing Barclays customer, but unable to open the 7.75% one.

Was told that the managers in that branch had received a text that morning (31/12) telling them that the rate had gone down from 7.75% to 6% & this was because the Bank of England base rate had just gone down.

I mentioned that the 1.5% jump was a while ago and but staff adament that this was the answer that had been relayed to the managers.

The reduced 6% account was already on the bank's system so was unable to open account with 7.75%...so didn't open an account at all.

They also said that the 7.75% regular/monthly savings account had been withdrawn in Nov 08.

I logged a complaint & they're going to send me a letter explaining what happened. If I hear anything, I'll post their answer.

Hi there,

Update on my Barclays misadvice complaint about the 7.75% AER Monthly Saving Account - see my post 141 above for background details.

Barclays have written to me and offered £25, the difference in interest between 7.75% & 6% AER based on saving £250/mth, if I open the 6% Regular/Monthly Saving Account with them.

Once I've opened the account, I'd need to contact the Customer Relations Advisor and he'll organise the £25 to be deposited. So essentially I would get the 7.75% AER.

Hope this is useful info for someone...I can give you the name of the Customer Relations Advisor if you need more details.

Best regards,
Thymely :-)

Trying_to_be_good

Trying_to_be_good wrote: »

I applied for the account on 23 Dec as an existing customer with a Barclays current (mortgage) account, the details were all taken in the branch and fortunately I obtained a copy of the instructions.

The instructions clearly stated that the Standing Order was to be set up for 29 December, which should then clear the same day as it's all Barclays. I offered to pay in cash but was assured this would be fine for 31 December.

The account has finally be opened today (2 Jan 09) so have logged a complaint with them.

I, too, have been credited with £25 to make up for the difference in interest, and they will let the account run for 12 months @ 6% from 2 Jan.

As it's a goodwill gesture, it's tax-free (I'm a 40% taxpayer), so it's better than it would've been back-dating the payment and giving me 7.75%. First time ever, I got a few pennies extra out of Barclays!

HouseHuntr

demotw wrote: »

why on earth would you leave it so late to get the account opened, thats just asking for trouble. Anyways, as seen on the statement the credit has shown as entering account on 31/12 so if its not the 7.75% and it was a cash deposit then yes you would have a reason to complain. In future however, dont cut it so tight banks cut off is 4pm and opening account is not a 2 minute job.

I found out about the account at 1pm on 31/12 and went to tha bank as soon as I finished work at 3.30pm. If the staff had been on the ball I would have been in and out by 3.45pm because the branch was empty at the time, but because of 30 wasted minutes checking details with the head office it wasn't done so quickly. Being a Barclays customer until very recently all my current details were already within the system so it was just a matter of confirming them.

HouseHuntr

demotw wrote: »

my understanding was it was posted on here well in advance of 31/12 however. When its left that close to cut off, dont expect everything to be smooth is all im saying. The main plus point was he paid in cash, so he will get the rate due to it being within working hours, but i have heard of many other stories where people have struggled unfortunatly.

It was posted here on 29/12 confirming 7.75% was available and unless you read the forums every day many wouldn't have known, just as most Barclays staff appear not to have known themselves

Thanks for your replies though.

demotw

HouseHuntr wrote: »

It was posted here on 29/12 confirming 7.75% was available and unless you read the forums every day many wouldn't have known, just as most Barclays staff appear not to have known themselves

Thanks for your replies though.

bah i can only speak for myself and i knew about this on the 1/12, as should any half competent personal banker. sorry you have had so much problems, if you dont get the rate send me a message and ill advise you how to complain to make sure you do get the 7.75% rate.

Frances63

Pritch42 wrote: »

...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!

Exactly! I opened the account through my on-line banking account on 30th December. However, because their advertised rate had gone down to 6% and there was no mention of still being able to get 7.75% if you make first deposit by the end of December I arranged for my SO to go from my current account on 02/01/09 (and 2nd of every subsequent month).

Obviously had I known that they had changed the deal back I would have transferred the first payment immediately as it's just the click of a button for me. I would have been daft not too. Their c0ck-up has cost me!

demotw

Frances63 wrote: »

Exactly! I opened the account through my on-line banking account on 30th December. However, because their advertised rate had gone down to 6% and there was no mention of still being able to get 7.75% if you make first deposit by the end of December I arranged for my SO to go from my current account on 02/01/09 (and 2nd of every subsequent month).

Obviously had I known that they had changed the deal back I would have transferred the first payment immediately as it's just the click of a button for me. I would have been daft not too. Their c0ck-up has cost me!

no we didnt mess up, the rate had changed, however it was a system glitch ( in the sense that the account reflects first payment date not account open date) that allows the rate to be gained from the previous month. We have no reason to advertise this as simply, it would be incorrect as the account requests a standing order to be paid in within a month of account opening. we have to advertise to show the rate change, which we did. the only complaint you could possibly have is you were not advised that if you paid in immediatly you would get the higher rate, but then you opened online so did it on a non advised basis, so again no complaint. im sorry but in this instance, unlike alot of ppl who have posted and can say the branch is at fault, it is your error. oh and we had at no point "changed the deal".

anyone who didnt apply online however, and did it through a branch and didnt credit has a good argument however to complain.