Barclays 10% Regular Saver account

Babbler

I currently have my account with Barclays (bad I know), and so would consider doing this but can only really afford the minimum payments. Is it woth it and, if so, ho much would I get? Never got my head round this interest thing! :P

equitydealer

This is a useful tool for calculating interest. I use it to see how much I would benefit against a standard account like ING Direct

https://secure.ingdirect.co.uk/calc/isa/isaNew.jsp

Type in what you would be willing to save into the regular savings box and enter 10% in the current bank box.

mary

So, if you open an account today 17th Feb, and then set up a SO for March 1st, aren't you short changing yourself out of half a month's interest in February? Is it not better to set it up for 1st March anyway and get a full month?

equitydealer

There have to be 12 payments so the account can only mature once the last payment has gone through...I assume.

"Term and Deposits to the Regular Saver account

7) Monthly deposits of between £25 and £250 inclusive must be made to the Regular Saver account each month thereafter. A total of 12 deposits must be made during the term of the account. These payments can only be made by way of standing order from your Barclays current account. You can change the amount of the monthly deposit providing it is between £25 and £250."

Barclays have not done themselves any favours though, many of their staff still don't know the T&Cs of this account.

After being told yesterday that I could NOT open this account over the phone, despite being a current account holder for 8 years, I got it done this morning without any problems. I was told that I had to make a deposit within 2 weeks? and that the account would mature on the 17th February 2007.

Anyway, fingers crossed everything works out ok!!

Careful_ly

The terms and conditions on this account ( in the leaflet picked up in branch) clearly state that if there is any breach in the terms then the interest paid will be the Easy Saver rate for the full 12 months.
"payments of (or totaling ) at least £1000, and INCLUDING A MANDATED SALARY AND/OR PENSION, are not made to your current account in any month during the 12 month term of the regular saver account"
Beware it will not suffice to pay in from elsewhere, although you can top up if salary/ pension is below £1000
Would hate anyone to find this out in 12 months time..................
HTH Careful_ly

snezhinskproject

Careful_ly wrote:

The terms and conditions on this account ( in the leaflet picked up in branch) clearly state that if there is any breach in the terms then the interest paid will be the Easy Saver rate for the full 12 months...Would hate anyone to find this out in 12 months time..................

Yes, this is my worry. If you get anything wrong, you only find out in 12 months time, when you find yourself with about 3% as opposed to 10%, and presumably nothing you can do about it.

equitydealer

I assume that if your account is changed to the easy saver, the account name shown on your online banking screen will change from 'Barclays Regular Savings" to Easy Saver? If it does not that's sneaky!

Kazza242

Ok, just returned from a visit to my nearest Barclays branch.

The personal banker told me that the regular saver will mature on the date exactly a year after the 1st deposit. Therefore, my first deposit will be made on 1st March 2006 via standing order, so my account will mature on 1st March 2007. This meets the condition where an initial deposit must be made within 3 weeks of opening the account.

She said that if I had made an initial deposit when I opened the account yesterday (16 Feb 06), then my account would have matured exactly 1 year after (16 Feb 2007).

I have left my SO unaltered so that my payments will automatically go in on the 1st of every month. It suits me as I'm paid at the end of each month.

Important: She said that although you are allowed to alter the amount you pay in each month (between £25 and £250), you are not allowed to change your payment date. So for me, as my first payment will be the 1st of the month, all of my subsequent monthly payments will have to be made on the 1st also. Failing to do so will result in the account being converted into a Easy Saver.

grumbler

Kazza242 wrote:

...The personal banker told me that the regular saver will mature on the date exactly a year after the 1st deposit.

I wouldn't take this as a fact. This contradicts T&C:

The term of the Regular Saver account is 12 months from the date the account is opened.

snezhinskproject

grumbler wrote:

I wouldn't take this as a fact. This contradicts T&C:

I agree. Slightly confused now, as I have just opened my current account and Regular Saver. No money in them as yet, but I take it I should get the first £250 in as soon as possible, because the 12 month term starts today and if I leave it 2 weeks I will lose 2 weeks interest.