Did you apply for a Barclays Monthly Saver in December?

chelseabun_3

We went into our local Barclays after getting Martin's email this afternoon. They couldn't set the account up for us as their "seller" was off sick, but the lady phoned other local-ish branches and made an appointment for us at 3.30 in the next town (Ledbury, Herefordshire). When we got there the lady we had the appt with said the 7.75% wouldn't apply as we weren't crediting the account with a standing order. I quoted the MSE email stating that a cheque would be fine, she spoke to her manager who said, basically, "Er, dunno!", and recommended we try it with a cheque. We couldn't open it with cash as they had already closed the tills, but if we used a cheque it would still be processed for us today as they were keeping the cheque processing gubbins open for us! So the account will definitely show as having a credit balance today, which means we should get the higher rate - we'll see!! The lady was still not sure, so I'll wait for the first statement to find out for sure. I'll be complaining if we don't get the 7.75%.

I have to say, the staff we spoke to in both branches were very helpful and courteous. I haven't ever banked with Barclays before, but they certainly haven't put me off. Barclays' HO sound like they need to get their communications sorted tho.

Splodge12

:money: Hi norbie,
I was told that it had to be clearded funds to get the 7.75% rate as of 31.12.08 and as I only applied for it today the only option was cash. It does appear that different branches have different ideas.

akawellsy

Today (31st December) I went into Margate branch whose Financial Advisor insisted that I'd have to have a current account with Barclays to open a Barclays Monthly Saver. Told her that was wrong, but she was adamant. By the time I'd confirmed that I didn't need a Barclays Current Account to open a Monthly Saver the Finacial Advisor had finished for the day, so I went to Ramsgate branch.

Their Financial Advisor told me the rate was 6%, when I said it was 7.75% he said to get that I'd need to have cleared funds - I offered cash for first payment, but he said the written terms of the account are payment by standing order - hence 6% as a new standing order would not clear first payment in 2008. He said he'd ask Head Office if he could accept a cash first payment, but after 10mins on the phone he couldn't get through and had to hang up. So reluctantly I had to accept 6% rather than 7.75%.

Now if I've been wrongly advised by a branch Financial Advisor (which seems possible as other MSE postees have paid in cash) - is there an appeals procedure to get the 7.75% rate?

chaotic_j

Hmm.

So am I correct in thinking that, the payment made today counts for the whole of December, therefore the next payments should be made at the beginning of January, February, March, April, May, June, July, August, September, October and November - making a total of 12 payments.

This will maximise interest, and the reason they normally make standing orders for the end of the month is to minimise interest?

At the end of November the account gets changed into a low-interest savings account, so obviously ditch and switch.

So if I transfer £250 per month, at the beginning of each month via a normal transfer from my other bank account, to the details I've been given by Barclays, everything should be fine and I'll be maximising my interest?

My branch is in North of England btw, Nicky.

Hazel_Jean

Went into Barcley's at 11.30am, assistant would not open the account at 7.75%, said it had to be opened by 30th Nov. and only by s/order. She said the martinlewis website was wrong and it couldn't be done with cash, another lady in front of me had all the paperwork and was also a Barcley's customer, the assistant wouldn't do her's either insisting it was 6%. We both walked out the branch in disgust.

craig2716

I opened this account in October when it was advertised at 7.75%. I got 7.75% on my balance then but in November I was paid 6% on my balance,which agrees with the rate advertised on their website. I will check again tomorrow when December's interest is paid. 7.75% AER is approximately 0.623% per month [(1.0775^(1/12))-1]. Has any body else checked how much interest they're being paid?

Jelcic

In the terms and conditions that you should have got given at the time it says payments by standing order only. So I can understand the confusion by branch staff. Also to be fair this account has been available for over 2 months so its a bit unfair to expect to be able to open this without an appointment in the holiday season! Ive had one for months now!

exel1966

chaotic_j wrote: »

Hmm.

So am I correct in thinking that, the payment made today counts for the whole of December, therefore the next payments should be made at the beginning of January, February, March, April, May, June, July, August, September, October and November - making a total of 12 payments.

This will maximise interest, and the reason they normally make standing orders for the end of the month is to minimise interest?

At the end of November the account gets changed into a low-interest savings account, so obviously ditch and switch.

So if I transfer £250 per month, at the beginning of each month via a normal transfer from my other bank account, to the details I've been given by Barclays, everything should be fine and I'll be maximising my interest?

My branch is in North of England btw, Nicky.

Yes, open then set your first S/O payment ASAP into the next month.

When your 12th payment has been made and then the final interest paid, ditch it unless they come up with a new offer between now and then as many of them do. To be really on the ball you could manually amend your S/O date every month (taking into account w/ends + bank hols) to ensure it always hits the account at the earliest possible opportunity (on the 1st working day of the month)

Ensure it's a S/O payment and not a BACS (normal) transfer/DD pull in as you don't want to fall foul of the terms.

caveman38

My story is even more upsetting. I went into a large branch in Hornchurch, Essex at 9:45 but was told that as there was no manager in today, there would be no-one to countersign the new account opratives acceptance of my photo ID. I was referred to another brach in Romford (an even larger branch)
I proceeded to that branch and again paid for parking and after waiting 15 minutes saw one of their CS agents. I was told that the IR was 6% and as I hadn;t read this thread and gone armed with more info. I had to accept 6% was pukka as it was on the Barclays web site and stated that it was effective from 1 Dec.
I was ted 3 hours and £2 and came back empty handed.

skelrigg

I only just saw this about 3.30 pm this afternoon (31st December) so went into the bank, the personal banker did not know the rate, she quoted 5.84%, so I did not open, but she took my details so that she could check. She phoned me about 15 minutes later, as I was printing out Martin's quote from Barclays, to say I was ringht.
I went in and openbd it with £250 cash and came out of the bank at 4.37 - talk about last minute - now tell me money saving isn't exciting!!!!!:money:

Cheers

john B