Barclays 10% Regular Saver account

grumbler

lipidicman wrote:

I can't find this to verify it - care to provide a link?

The link is in the first post :

There must also be a minimum £1000 salary or pension payment into a linked Barclays current account each month.

lipidicman

equitydealer wrote:

Current account pays pants 0.1% interest. Unless you are a current Barclays customer and don' mind receiving 0.1% on your current account then this maybe worthwhile. Somehow I don't think Martin will be recommending this regular savings account!

Just dont leave any money in the c/a then. You do know that you are free to have as many current accounts as you like?

lipidicman

grumbler wrote:

The link is in the first post :

That's not a Barclay's link. That could be wrong. Most accounts accept a credit of any kind. The barclay's £100 incentive did, so I would expect this one to.

grumbler

equitydealer wrote:

Current account pays pants 0.1% interest. Unless you are a current Barclays customer and don' mind receiving 0.1% on your current account then this maybe worthwhile.

Is your current account average balance more than £500? For £500 loss of 4% net is just £20 p.a. My average balance is lower than £100, I think. And again, you can have other current account(s) with higher interest.

lipidicman wrote:

That's not a Barclay's link. That could be wrong. Most accounts accept a credit of any kind. The barclay's £100 incentive did, so I would expect this one to.

For a Barclays link you have to wait untill tomorrow, I'm afraid ...

EDIT. oops.. Here is the direct information from Barclays: Barclays targets savers with market leading 10 per cent account

... a minimum of £1000 into a Barclays current account each month via a mandated salary or pension credit*.
...
* The mandated salary or pension can be below £1,000 providing the other credits make up the total £1,000.

Good news for those with salaries below £1000 ...

snezhinskproject

So, what I should do is:

1. open a Barclays current account and Regular Saver tomorrow;
2. have my salary paid in to my new Barclays current account (as opposed to my current A&L account);
3. set up a monthly payment of £250 into my Regular Saver from my Barclays current account;
4. immediately on being paid my salary each month transfer all of it, less £250, into my A&L account.

Based on lipidicman's sums above, the loss of interest moving about £1,500 each month from Barclays to A&L would be around £21?

The only other thing is I seem to remember that the A&L Premier Direct 5.0% interest rate is dependent on a regular sum being paid in (£500/month according to A&L's website). Does that have to be a salary, or can it just be a transfer from another Bank (i.e. from Barclays as in 4)?

VERY annoyed at having to do this - if A&L had just made their own 10% Regular Saver available to CURRENT customers as opposed to NEW ones this would all be irrelevant!

Dagobert

snezhinskproject wrote:

Based on lipidicman's sums above, the loss of interest moving about £1,500 each month from Barclays to A&L would be around £21?

No. The cost of moving £1500 per month depends on the number of days the transfer takes, i.e. how many days of lost interest the transfer entails. See also the BACS transfers thread.

In you case this would be:

(salary * 12) * p/100 * d/365

where

p A&L interest rate
d number of days the transfer takes


Example
(£1500 * 12) * 5/100 * 3/365 = £7.40

snezhinskproject wrote:

The only other thing is I seem to remember that the A&L Premier Direct 5.0% interest rate is dependent on a regular sum being paid in (£500/month according to A&L's website). Does that have to be a salary, or can it just be a transfer from another Bank (i.e. from Barclays as in 4)?

The monthly £500 can come from anywhere except an A&L account. And you need to keep up the monthly payments or you might end up paying an underfunding fee.

snezhinskproject wrote:

VERY annoyed at having to do this - if A&L had just made their own 10% Regular Saver available to CURRENT customers as opposed to NEW ones this would all be irrelevant!

The banks are running a business, not a charity. A&L is simply running a promotion to attract new customers.

Rubber_Duck_4

does anyone know the logistics for this account. If I set up a regular transfer from my ca to the 10% account can I change this transfer throughout the course of the year keeping it above £25 or once you set it up at the start is that all you are allowd to transfer each month?

Anybody know or should I just wait till tomorrow when i apply?

grumbler

Rubber_Duck wrote:

does anyone know the logistics for this account. If I set up a regular transfer from my ca to the 10% account can I change this transfer throughout the course of the year keeping it above £25 or once you set it up at the start is that all you are allowd to transfer each month?

Can't you read the article (see the link in the first post)?

... unlike A&L, there is no requirement to set up a regular savings plan

Isn't this an answer to your question?

hazza_2

This may well change when the new account details are announced but currently barclays offer a free 0% overdraft for new customers. So whilst the current account interest may be paltry you might not need to keep it in credit...

kenshaz

lipidicaman the link to the salary confirmation is https://www.thisismoney.co.uk
down the page barclays 10%