Did you apply for a Barclays Monthly Saver in December?

Mike1989

basilsauce wrote: »

Just spent 30 mins on the phone to Barclays, where I was originally told that because I had made my first payment by transfer from my current account rather than standing order, I had ruled myself out of the 7.75%!!!!! The guy I was speaking to also tried to tell me that this was clearly stated in the T&C's and also stated in the on-line opening process!

Firstly, well done on persuading the manager to give you the higher rate which you should have got. However, the guy on the phone was actually correct in what he said. It is clearly stated in the terms and conditions, on their site, and in their leaflet that is available in branch. I am quoting directly from the booklet available from any Barclays bank;

"Deposits must be made by standing order"

From their website;

"Make monthly deposits from £20 to £250 by standing order."

Unfortunately I am not registered for their online banking so I cannot say about the online application. But the guy was right that deposits must be made by standing order. But well done on getting the upper rate.

basilsauce

Thanks for that. However, it doesn't say that if you make deposits by any other means you will get a lower rate, and the T&C's don't actually specify how the initial deposit has to be made. Plus, I applied on-line where it actually prompts you to make your initial deposit by transfer from your Barclays current account, and then encourages you to set up a standing order for the subsequent monthly deposits.
Oh well, at least I do now - hopefully - have the higher rate, thats the main thing!

Rob_Allen

Opened an account on 31st December and was told it would be 7.75%. Received statement friday saying it was only 5.84% (2.99 plus bonus 2.85)!! Bank staff were clueless when I went in to discuss. They said they had to refer it back to the personal banker who signed me up. Barclays really are muppets.

MightyMidget2

19th Dec: Opened and funded my account with £250.
01st Jan: I got interest of 0.71 - AER 7.75% (7.49% monthly)
21st Jan: Next payment of £250.
01st Feb: Got interest of 1.77 - AER 6% (5.84% monthly)

Would expect £2.25 if it was still on 7.75% (3 hours in excel to confirm:D )

Phoned Barclays and the person I spoke to said it looked like my rate had changed, she phoned me back later and said in fact it hasn't changed but she's passing it on for investigation.?!?!?!

intalex

It's actually correct... you are getting interest @ 7.49%... you just forgot to apply 20% tax deducted on the gross interest.

Basically, you earned 7.49% on £250 for 19 days (02 Jan - 20 Jan) and then 7.49% on £500 for 12 days (21 Jan - 01 Feb), and then 20% tax was deducted!

I just checked mine and the interest earned is spot on at 7.49%.

You'd earn more interest if you deposit your monthly £250 at the beginning (1st working day) of each month... it's allowed as evidenced on my account.

MightyMidget2

Thanks intalex, although I've lost you a bit regards 20% tax deducted.

The interest figures quoted (£0.71, £1.77) were the gross interest figures. I earned £0.71 but £0.58 was actually applied to my account.

To keep things simple I was reconciling the gross interest figures.

intalex

What about on 01 Feb? Did they apply £1.77 to your account or a lower figure (i.e. £1.42)?

MightyMidget2

On 01 Jan the following entry was posted
Int Earned £0.72
Less Tax £0.14
- and £0.58 was applied to my account

However on 01 Feb the only entry was
Interest £1.77

Maybe that's where I went wrong, that's a net amount:o - ooops

intalex

Yup, that is a net amount... by the way, you can maximise your interest by depositing the monthly £250 deposit at the beginning (1st working day) of each month.

christhesparky_2

I think i managed to get the 7.49%

£50 paid in on new years eve (when account was opened)
£50 paid in by SO around 5th jan (left my acc 1 jan)

£0.50 interest paid

Does this look about right?