Barclays 10% Regular Saver account

Kazza242

grumbler wrote:

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

Yes, I read that part last night and this morning, which was why I was confused. To be honest the advisor did seem to know her stuff regarding this account. I spoke to two other advisors and they all said the same thing. The personal banker said that when I receive my account certificate in a few days it will show the maturity as 1st Mar 07.

Regardless, I'm just going to leave the SO that the advisor setup for me for the 1st every month. It is very easy with these type of accounts to make mistakes when trying to get, what often amounts to, just a few extra days of interest and sometimes as a result the T&C's can be unknowingly breached. That's why I'm going to leave everything as is. I'd rather receive 10% interest on what's in my account than receive the Easy Saver rate for 12 months without realising it, because of a breach of the T&C's.

jonnyb

I visited my local branch this morning to apply, The stupid woman insisted that I have to have a salary of £1000 to qualify, not a salary paid in, and total payments including salary, of £1000, as the T&C's say.
Could not be bothered arguing, so will try over the phone now.

Anyone else had this ?

Daft_Monkey

This was the easiest opening of an account ever! Maybe apart from enabling the e-saver with nationwide. I was rather dissapointed that the process was not automated within the online banking facility, but the call to Barclays was quick and efficient and the account was visible online a couple of minutes later.
I think this is the best account offered by Barclays ever!
The euphoria of opening the account wore off quite fast after realising that apart from the A&L account I also have to feed the Halifax one. Money will be tight for the next 12 months!
I'm addicted to regular savings accounts. If I carry on like this, I would have to borrow to feed the habbit! I need professional help!

keithphim

Interesting point brought up by lipidicman near start of this thread - What if you are self employed? - I can pay 1k per month into current account, but not necessarily from "employer" or, more specifically, a customer. So do I meet the conditions? From what I am reading of other peoples experiences, it depends on which customer advisor I speak to when opening the account!

equitydealer

I think Barclays will allow you to open the regular savings account if you are self employed as long as you are paying your income into the account. There's only one way to find out and that's to ask!

Remember the point to this exercise for Barclays is to lock in your income to their current account and hope that people leave the whole lot in there earning 0.1%. The clever ones will switch the cash out to the top rate payers or at least put it into the linked esavings at 4.14%

suzanna

I have just opened the regular saver, the first woman on the phone said i would have to pay in £1000.00 per month when i said that i did not earn that much (i already have a current account with my wages paid in) she said i could top it up the remaining with money from other means.

She then transfered my to another woman that did the opening of the account. She did not say to me that i have to pay in £1000.00 per month or ask about the top up? It took a couple of mins to set up the account and standing order, all sorted.

grumbler

suzanna wrote:

I have just opened the regular saver, the first woman on the phone said i would have to pay in £1000.00 per month when i said that i did not earn that much (i already have a current account with my wages paid in) she said i could top it up the remaining with money from other means.

This is what Terms & Conditions say ...

She did not say to me that i have to pay in £1000.00 per month or ask about the top up?

If you don't make £1000+ monthly credits, you breach T&C and you will not get 10%.

Christina_F

Ok - I have had a Barclays a/c for over 20 years and have my salary paid in each month - but it is only £913 -will I be unable to open this 10% account?

Dagobert

The 10% regular saver T&Cs state:

The monthly payments must include your salary and/or pension payments which must be mandated directly to your current account;

Question: How do they know?

As far as I understand all they can see is the name of the account holder it is coming from, not whether whether it's a salary or some other payment.

Question: What is a salary mandate?
The reason why I am asking is: I am self-employed (Ltd company) and I have been faking exactly the same thing to get the HSBC 8% regular saver. But all they see is a payment coming from XYZ Ltd, which takes me back to my first question.

Question: What about self-employed people who don't pay themselves on a regular basis, i.e. not every month?

lipidicman

My salary mandates show as 'BGC', no other transfers (internal or external) have this code