Did you apply for a Barclays Monthly Saver in December?

rb10

rickytwo wrote: »

Opened this account August 2008 @7.75% (As per advice from this web site) @£250 per month. Account now matured & they have piad me £110.33 in interest. When I complained that this did not seem right they have sent me a cheque for 0.06pence. Has anyone any idea how they work this out 250 x 12 =£3000. Total????

That figure seems correct. Remember that you didn't have £3000 in the account for the whole year, so as your balance gradually built up, the interest that was earnt on the account changes throughout the year.

So in the first month, you're earning interest on a balance of £250, in the second month on a balance of £500, and so on.

It's the same as if you opened a normal account at, say, 3%, and put £1000 in the day before interest was due to be paid. You wouldn't get £30 interest (3% of £1000), as the money wasn't in the account for the whole year.

anna42hmr

hello all

just a quick question, if the anniversary of my account is 20th november, would i be able to access the money and withdraw that day or is it transfered to the more for more account over night so therefore would have access on 21st november????

also how easy is it to withdraw after maturity online?? as i have the esavings reward account, so can withdraw from that, but not sure if i will be able to withdraw from this account directly or if i will have to transfer the money to the esaver reward account first

10_66

anna42hmr wrote: »

hello all

just a quick question, if the anniversary of my account is 20th november, would i be able to access the money and withdraw that day or is it transfered to the more for more account over night so therefore would have access on 21st november????

also how easy is it to withdraw after maturity online?? as i have the esavings reward account, so can withdraw from that, but not sure if i will be able to withdraw from this account directly or if i will have to transfer the money to the esaver reward account first

I withdrew from mine on the anniversay date. Transferred it online into an old unused Barclays current account, and transferred out of that straightaway. Mine was on the 6 October, and there was an additional amount of interest paid up to the 5 October on maturity.

anna42hmr

thanks for the reply 1066. hopefully i dont have trouble withdrawing online

chigozieo

rickytwo wrote: »

Opened this account August 2008 @7.75% (As per advice from this web site) @£250 per month. Account now matured & they have piad me £110.33 in interest. When I complained that this did not seem right they have sent me a cheque for 0.06pence. Has anyone any idea how they work this out 250 x 12 =£3000. Total????

you get 7.75% for the whole year however some of the money has been in there for less than a year. for example the final payment will only have accrued one month's interest. so, on average, with a regular saver you get half of the rate advertised over the course of the year. then the interest will have tax removed at 20%. so with regular savers, remember that the first deposit gets 12 twelfths of the interest, because it will have been in the account for 12 months. the next month's deposit gets eleven twelfths, the next gets 10 twelfths etc, meaning over the year you get six twelfths in total, i.e. half the rate. it's worth remembering that the latter months deposits will not get as much interest, so if you can vary the amount you pay per month, always pay as much as you can per month in the beginning. after 6 months, the subsequent deposits will get less than half the rate of interest, because they wont be in the account for that long. so if you can get a higher rate for your money elsewhere without being penalised for changing the monthly payment, you can lower your monthly payment and still keep the regular saver going, to get the rate you were promised. the interest you will receive on £3000 paid in 12 instalments of £250 will be 7.75/2 x 0.8 because tax is deducted at 20%. this works out at just over 3%.

anna42hmr

10_66 wrote: »

I withdrew from mine on the anniversay date. Transferred it online into an old unused Barclays current account, and transferred out of that straightaway. Mine was on the 6 October, and there was an additional amount of interest paid up to the 5 October on maturity.

thanks, you were right, no problem transfering it, transferred to my e saving reward account and then out to my halifax current account

anna42hmr

NickyDee wrote: »

I opened my Monthly Saver account and made the first payment on 31 December 2008. Am I right in thinking that maturity is on 1 December 2009?

the maturity seems to be overnight 1 year on from account opening so in your case overnight 30/31st december 2009 (as if you opened on 31st dec 09, you would loose a month if it was 1st december 09)

my account was opened on 21st november and the final interest was paid into my account today but dated 20th movember (as interest is paid monthly on 1st of the month, an additional interest payment is made on account maturity from 1st to date matures)

anna42hmr

given the hassell barclays have given me, it is really grating on me that they have one of the best rate accounts at the moment, really wish the rates were better elsewhere, as am now having to consider barclays again for a fix rate reg saver, unless i sit tight to see what else comes up, not that i am holding my breath as lloyds/halifax and bank of scotlands are now down to 2%, rbs and natwest have pulled theirs and the other ones around the rate of the barclays one are less access or postal/branch only