Making first payment into regular saver

Bogden

I opened a monthly saver account at Barclays a few days ago but did not pay anything into it at the time. I'm going to set up a standing order, but do I need to make sure there's a payment made this month, or can I make the first payment at the start of Feb?

simon_templar_2

Have you asked Barclays??

Bogden

Yes sorry I know I was being lazy. It was just that the branch was closed and I thought someone on here might know the answer.

withnell

I made my first payment in the month it opened - not sure if it was required or not, but worth getting the higher rate on the cash!

mouthscradle

When I opened mine (did it online as I'm already a customer) I entered the following day as the date to pay in the opening £250, and then when it asked what date to set up the direct debit for, I put in the following day also, thinking they would take it in February. But they've actually taken two lots of £250 out straight away, one shows on my statement as a payment and one as a standing order. I dont' mind, it means more money is earning me the higher rate sooner. I need to figure out what date I should change the standing order payments to though (I think it should be the first of the month to maximise interest, but not 100% sure), and whether I'm now going to end up having more than the £3000 maximum pay in for the year having paid twice in January.

withnell

Watch out - there's probably something in the terms and conditions about paying 0.1% (or similar) if you overpay. I know Abbey have this on all their regular savers

mouthscradle

Thanks, I just had a read of the terms and conditions and it doesn't say anything specific about what happens if you do overpay one month.

I did find this part to answer the OP's original question: "4. The account may be opened with a nil balance but an initial deposit of between £20 and £250 inclusive must be made to the account within one calendar month of account opening."

withnell

"15. No interest is payable on balances in excess of the maximum account balance as referred to in condition 8."

mouthscradle

withnell wrote: »

"15. No interest is payable on balances in excess of the maximum account balance as referred to in condition 8."

Yeah I saw that part, I think that's referring to the maximum balance as in £3000, as that is what 'condition 8' states. I will keep an eye on the payments later in the year and stop them when I get to £3000, there is no interest penalty for not making a payment one month, so that shouldn't have any impact. Thanks

Richard_Cocks

I asked when looking to set up a barclay's regular saver about whether I could pay both an initial opening deposit and a first monthly payment (to get 500 in immediately, as I had done this before with lloyds who had allowed it) but was told that only a first monthly payment was allowed.

Regarding the OP, I think you have to make at least one deposit of at least 25 each month, and I think that includes the first month. edit: However I think it works in months from opening, so if you were to set up a SO that goes out first of each month (after payday for example), then you would still have that count as being in the first month as far as the regular saver is concerned. It's worth double-checking all of this with Barclay's of course.

Topaz_3

I opened one on Saturday and the Adviser said to put in the first payment before the end of the month to get the interest then the S.O. would be taken off each month. Havnt checked my statement yet to see what has happend!