Barclays 10% Regular Saver account

equitydealer

same here, I get the BGC code on my salary payment....and get 'salary payment' as the reference but anyone can type that as payment reference.

exil

Don't really accept the theory that this is about Barclays wanting to lock yr money
into the 0.1% current account.

Say you have 1k a month coming in. You spend 750 and put 250 into the savings account. At the end of the month yr balance on the current account is 0.

Over 1 yr, yr average balance in the current account will have been 375. Interest on
that at 0.1%, 37p. Lost interest compared to an account paying 3%, £10.

Meanwhile, savings account average balance will be about £1600, paying 10%, £160.
Extra interest compared to 3% account, £100.

Obviously if you keep thousands in the current account through inertia, that is a little different. But bone-idle types who do (like me) are now actually taking money OUT of the current account and putting it into the savings account!

cs27

I have the Barclays current a/c, and one of the older savings accounts which they have discontinued to new customers with a low 2.xx% rate.

What I would like to do is close the old savings account and perhaps invest that into the e-savings account. I would then like to open the regular saver account and pay in the maximum for 12 months.

Can anyone give me any advise on the best way to open the regular saver account, is it easy by telephone as I wont be able to get to a branch for weeks (unless I go into the city to one which is open on saturdays) and if I do go into a branch do I need an appointment?

I have seen a form online that you can print off and post to close an account - but not sure if this is the best way. Any ideas?

Hope this isn't too much to ask, Im still failry new to MSE but keen to learn from all of you!!!

Thanks.

:money:

grumbler

cs27 wrote:

... is it easy by telephone

Did you read the whole thread? See, for example, posts #33 and #35 here ...

equitydealer

cs27 wrote:

I have the Barclays current a/c, and one of the older savings accounts which they have discontinued to new customers with a low 2.xx% rate.

What I would like to do is close the old savings account and perhaps invest that into the e-savings account. I would then like to open the regular saver account and pay in the maximum for 12 months.

Can anyone give me any advise on the best way to open the regular saver account, is it easy by telephone as I wont be able to get to a branch for weeks (unless I go into the city to one which is open on saturdays) and if I do go into a branch do I need an appointment?

I have seen a form online that you can print off and post to close an account - but not sure if this is the best way. Any ideas?

Hope this isn't too much to ask, Im still failry new to MSE but keen to learn from all of you!!!

Thanks.

:money:

Yes it's fairly easy to open over the phone, it should not take more than 5 minutes.

Dagobert

Last week I applied for current account and regular saver over the phone. I just received the forms for the current account in the post. They enclosed a Bank Transfer Service form with the close old account box ticked.

Question: I appreciate that a monthly salary payment must be paid into the current account in order to eligible for the 10% on the regular saver. But as far as I can see, 'switching' accounts via their service is not actually a requirement, or is it?

snezhinskproject

Dagobert wrote:

Last week I applied for current account and regular saver over the phone. I just received the forms for the current account in the post. They enclosed a Bank Transfer Service form with the close old account box ticked.

Question: I appreciate that a monthly salary payment must be paid into the current account in order to eligible for the 10% on the regular saver. But as far as I can see, 'switching' accounts via their service is not actually a requirement, or is it?

No, or I'll be closing mine!

intalex

Has anyone managed to find out if self-employed/non-salaried people are eligible to apply for this account?

As long as there is a regular £1,000 coming into the Current Account, any ideas why they also require one's salary to be paid into it?

Dagobert

intalex wrote:

Has anyone managed to find out if self-employed/non-salaried people are eligible to apply for this account?

The regular saver's T&Cs require a monthly salary payment, which can be less than £1000 as long as the overall monthly credit is >=£1000.

As I am self-employed myself, I phoned Barclays regarding the salary mandate. All it is, I was told, is a monthly BACS transfer from a business account. They don't know whether it's a salary or expenses payment.

intalex

Just looked at my old Barclays bank statements showing some old salary payments into my account. These are shown as Bank Giro Credits (hence the term BGC in everyone's salary mandate). What I also noticed is that a normal BACS transfer done from one of my mate's account into mine also appeared as a Bank Giro Credit.

How do they know whether the payment is coming from a personal account or a business account?

I still don't understand why their T&Cs require "a salary" to be part of the minimum £1000 monthly payment.

In all cases, I still think this is a decent offer. After all, they offer a pretty decent e-Savings account to send the remaining £750 each month. The Interest Rates may not be top of the range, but considering the £750 will be transferred instantly from your current a/c to the savings a/c, at least there is no loss of interest due to the number of days taken to BACS transfer it elsewhere. Also, the e-Savings is instant access without any penalties.