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Barclays: MoreForMore Savings Account

I just logged into my online accounts (Barclays) and noticed this new offer. First time I've seen it, so I'm assuming it's relatively new. Thing is It doesn't really give much details but what it implies does intrigue me, obviously depending on exactly how they caclulate the rates. The information it gives me is

MoreForMore Savings Overview

What is the MoreForMore Savings account?
If you’re looking for a flexible savings account that offers instant access and no restrictions on withdrawals, as well as tiered interest rates that reward you for saving more, see our MoreForMore Savings account.
You can open several MoreForMore savings accounts and providing these are in the same account holder's name and share the same sort code, you will earn an interest rate based on the combined balance of all of them.
MoreForMore Savings
Benefits:
  • Open from just £1
  • Instant access in-branch, or online and by phone if you’re registered for online/telephone banking
  • No maximum balance
  • No restrictions on withdrawals
  • Tiered interest rates means the more you save, the more you earn
  • Optional ATM card to withdraw up to £300 per day from Barclays cash machines.
Important information
You must be aged 16 or over to apply for a MoreForMore Savings account.
You can open multiple MoreForMore Savings accounts but each account must be in the same account holder’s name and share the same sort code for balances to be combined to determine the interest rate tier.

Anyone have any specific details on this?

Edit: T & C's

I'm applying for one now as there's realyl no restrictions, so see if I can work out the rates.

Comments

  • cocktail
    cocktail Posts: 377 Forumite
    new name but nothing special,considering the rates its another usual easy acess saving account.
  • Yeh, just double checked

    MoreForMore Rates
  • Not so much MoreForMore as NaffAllForALot
  • This account was set up based on customer surveys and what customers actually wanted from a savings account.

    Yeah the rate isn't a headline rate but no instant access savings accounts are!

    Pros:-

    Tiered Rates.
    Minimum rate is at least BOE base rate.
    If more than one account you will earn an interest rate based on the combined balance of all of them.

    If you look at the average rate for instant access savings accounts then it really doesnt look that bad!

    http://news.bbc.co.uk/1/hi/business/7934451.stm
  • SparciaM
    SparciaM Posts: 586 Forumite
    you can still get 3% on instant access savings
  • book12
    book12 Posts: 2,557 Forumite
    I'm sure the interest rate for the new Barclays instant access account will be better when the recession is over.

    SavySaver - any plans for an e-ISA? Put that as a sugession for a new product. ;)
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Oh come on - this post was a Barclays plant - surely........?
    I mean tiers rising to just over 1% when you save £250K + !!!

    As SparciaM says, 3% IS still achievable and on much lower amounts.
  • JP45
    JP45 Posts: 335 Forumite
    G_M wrote: »
    Oh come on - this post was a Barclays plant - surely........?
    I mean tiers rising to just over 1% when you save £250K + !!!

    As SparciaM says, 3% IS still achievable and on much lower amounts.

    I'm inclined to agree. The original post looks suspiciosly like a Barclays plant. Either that or its from one very naive saver.

    Apart from the occasional headline grabbing rate on a new ISA, Barclays savings accounts tend to offer pretty meagre rates of interest.

    I was absolutely astonished when I discovered (a couple of years ago) the derisory rate of interest my parents were getting on £250k in their so called Premier savings account. Needless to say I immediately took steps to shift the money elsewhere.

    I dread to think how many other elderly savers there are out there with money languishing in poorly paying accounts. I suspect it adds up to many billions. For the banks, such savers are like gold dust.
This discussion has been closed.
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