Is there somethimg wrong with my savings account

hhh316

Hi

I currently have £21000 in my Barclays saving account yet I'm only getting £1.15 a month interest after tax. Surely this can't be correct?

Please advise?

Kavanne

Which type of savings account do you have with them?

shrewsaver

It looks as though you are getting 0.01% interest as:

1.15/ 21000 x 100 = 0.00547 (rounded up to 2 decimal points is 0.01%)

SavySaver_2

Unfortunately this could be the case. Check wot account your on and prob best to make an appointment and go in.

Most instant access accounts have low rates at the mo. U could switch it to something with Barclays with more interest or put in a fixed rate bond if you don't need the access.

Def need to change to a better account tho!! They have moreformore savings and a 9 month bond.

Kavanne

SavySaver wrote: »

Unfortunately this could be the case. Check wot account your on and prob best to make an appointment and go in.

Or better still, shop around using the internet so you can get the best deal! I doubt barclays are the ones offering it lol

savetilibleed

hhh316 wrote: »

Hi

I currently have £21000 in my Barclays saving account yet I'm only getting £1.15 a month interest after tax. Surely this can't be correct?

Please advise?

It's around 0.067% I make it. If you opened say a Bradford and Bingley esaver 7 at 2.37% net your interest would be around £41/month. Whoops, sorry had that wrong to hell at £16/month

SavySaver_2

Well u could shop around but there are great rates out there unfortunately.

If you are a basic rate tax payer and with inflation being the way it is you wont make much money either way in a instant access account. But yeah u could shop around .......for an extra few pounds!

rb10

SavySaver wrote: »

Well u could shop around but there are great rates out there unfortunately.

I assume you mean aren't great rates out there.

But this is just perception ... it's based what we've been used to over the past few years. Because, fortunately, there are still some great rates out there ... just not with Barclays.

If you are a basic rate tax payer and with inflation being the way it is you wont make much money either way in a instant access account. But yeah u could shop around .......for an extra few pounds!

You won't make much money in an instant access account with Barclays. But shop around for it, and on £21k you could easily get more than just 'an extra few pounds'. More like an extra few hundred pounds.

(SavySaver: do you work for Barclays by any chance? ... you seem very keen on them, given that their accounts are hardly the best, to put it nicely)

SavySaver_2

I do work for them yeah.

I can't really argue about the rates being attractive but there are still some good accounts you could take advantage off.

Barclays savings account are very popluar at the monet and we are getting records amound of people want to bring their money to us.

kingmonkey

SavySaver is not very savy and is a sales rep

rb10

SavySaver wrote: »

I can't really argue about the rates being attractive but there are still some good accounts you could take advantage off.

Yes, 'some good accounts' being two, to be precise. The Regular Saver, which is good. And the ISA (although the limitations of not being able to transfer in make this not quite so good). Any other Barclays account should just be ignored, really.