Barclays Monthly Saver

BoGoF

I am thinking of opening the above account with Barclays, only downside is the visit required to Barclays to do this. On their website it says that the application form can be printed of and taken to the nearest branch but I can't for the life of me find the form !

Anyone found it and can direct me in the right direction?

TomsMom

If you are an existing customer Here you go, that is the start of the application but it does say that application form is for customers who already have a current account with them.

I have to say it is very confusing. It says

Apply - new to Barclays?

If you're new to Barclays you can still apply for Monthly Savings online.

Alternatively, complete the form and print it off and arrange an appointment to apply in branch. Don't forget your ID.

Apply online
Arrange to apply in branch

Yet the link takes you to the application for existing customers. I couldn't find an application form for new customers.

emma396

when i visited barclays to open my monthly saver it was very quick and easy, and i was given an account number straight away. i think my bro had a pretty similar experience. plus they only wanted passport even tho i had the whole lot! the lady said it made it easier for people who still live with parents and may not have proof of address

deemac06

Excuse me if I'm stupid, but the conditions of this saver a/c restrict you to a max of £250 each month. The first £250 attracts 1/12 0f 6% in the first month.. This £1.25 is added to the second payment of £250 and so on for a maximum of 12 months. This increases your capital to £3083 which is the same as £3000 deposited at 2.75% (ish) which you can obtain from just about anywhere.
If it looks too good to be true, it is.
Or am I up a gum tree.?

TomsMom

deemac06 wrote: »

Excuse me if I'm stupid, but the conditions of this saver a/c restrict you to a max of £250 each month. The first £250 attracts 1/12 0f 6% in the first month.. This £1.25 is added to the second payment of £250 and so on for a maximum of 12 months. This increases your capital to £3083 which is the same as £3000 deposited at 2.75% (ish) which you can obtain from just about anywhere.
If it looks too good to be true, it is.
Or am I up a gum tree.?

I have this account and other regular savers. The way I see it is if you have a lump sum £3,000 to deposit then put it somewhere at the best rate you can find at that time.

If you then have, or only have, some money spare every month (e.g. from your salary) then you could put it into a regular saver. RS do tend to have a bit better rate of interest so if you don't have a lump sum to save but do have a bit you can put by each month then a RS might be the better bet.

Nick_C

deemac06 wrote: »

Excuse me if I'm stupid, but the conditions of this saver a/c restrict you to a max of £250 each month. The first £250 attracts 1/12 0f 6% in the first month.. This £1.25 is added to the second payment of £250 and so on for a maximum of 12 months. This increases your capital to £3083 which is the same as £3000 deposited at 2.75% (ish) which you can obtain from just about anywhere.
If it looks too good to be true, it is.
Or am I up a gum tree.?

Somebody seems to start this discussion every 2 or 3 weeks. Its all covered in other threads and in the article on the main web site.

If you think it not worth it, then keep your money in an account paying 2.75%.

Personally, I would rather be earning the 6%

smash

I opened one today without too much hassle. They said they needed to do a credit check which I thought was odd as I was the one giving them money!

Anyway they go through a sort of checklist to see if there are any other opportunities for them but the advisor was happy when I politely refused each and every one.

Alan1985

Are you able to put in a fixed amount say of 3000 or does it have to be monthly installments every month of like £250 I am sure i saw it somewhere on martins article saying you could get round putting in a fixed amount.

Interested to hear from anyone who has tried this and also interested to hear how much a month people are putting in to find out what the amount due back would be

TomsMom

Alan1985 wrote: »

Interested to hear from anyone who has tried this and also interested to hear how much a month people are putting in to find out what the amount due back would be

I have had one since 7 October 08, I managed to get it fixed at 7.75% (although it says 7.49% on the website, the adviser definitely told me it was 7.75%) and I'm paying in £250 each month. I've paid in 5 monthly payments (£1,250) and with interest it currently stands at £1,262.43 so up to now £12.43 interest net over the 5 months.

jinkssick

best thing about the monthly savers is it allows you to build up some money gradually then when it matures, you have 3k you can use for that years ISA allowance.

Tony2009_2

I just visited the Barclays branch in Rumney, Cardiff to open one of these monthly savers, but there was just one member of staff present - a cashier with a queue of 14 people!

I'll give another branch a try early next week - I hope they are not all like that!