Barclays 6% Monthly Savings

hstudent

Is this another Barclays account made to look good rather than actually being of real benefit to the customer? While the interest rate is fixed and very high, you can only invest ￡240 to ￡3000 in using 12 equal monthly payments and at the end of 12 months the interest rate will drop significantly, as it will if you make withdrawals. Meaning that if you had ￡3000 to invest now then a much lower paying savings account would be of more benefit and if you don't have that much to invest now can you really be sure in the current economic climate that you'd want to commit to investing every month?

Wookey

You could use it to build up enough capital to nearly fill an ISA around April 2010.

clairbear_3

To be fair its not a bad product in current climate
With the added bonus of making withdrawals only reducing that months interest
I opened one but communication is poor,didnt know Id been accepted till checked online and found it activated
CB

kostigovs

It would have been so much better if you were able to deposit the £3000 in the first month.
However as a drip feed account there are a lot worse around just now.
Agree communication is poor

withnell

Many people holding the majority of regular savers that don't let you put in more than 250 per month willl disagree!

PB_Barclays

hstudent wrote: »

Is this another Barclays account made to look good rather than actually being of real benefit to the customer? While the interest rate is fixed and very high, you can only invest ￡240 to ￡3000 in using 12 equal monthly payments and at the end of 12 months the interest rate will drop significantly, as it will if you make withdrawals. Meaning that if you had ￡3000 to invest now then a much lower paying savings account would be of more benefit and if you don't have that much to invest now can you really be sure in the current economic climate that you'd want to commit to investing every month?

You don't actually have to commit to saving every month. The account is flexible and you can change the amount of the standing order if you wish. So, if you had a change of circumstances you could decrease/increase the standing order amount. At the end of the 12 months you should see your Barclays Personal Banker to see what is available then. If you make withdrawals during the term (and the beauty of it is it's an instant access account) whilst it's true the interest rate does drop it's still higher than many instant access savings accounts currently available.

GiraffeMan

PB_Barclays wrote: »

You don't actually have to commit to saving every month. The account is flexible and you can change the amount of the standing order if you wish. So, if you had a change of circumstances you could decrease/increase the standing order amount. At the end of the 12 months you should see your Barclays Personal Banker to see what is available then. If you make withdrawals during the term (and the beauty of it is it's an instant access account) whilst it's true the interest rate does drop it's still higher than many instant access savings accounts currently available.

Don't go into the Barclays branch, you won't get out with your sanity.
In a branch I know the other week, lets call it a branch in Newcastle. They said to a friend of mine, do you mind if we do a quote for home insurance for you, its part of the Personal Bankers training don't worry its non-commital. My friend only went in to open an ISA !!

PB_Barclays

GiraffeMan wrote: »

Don't go into the Barclays branch, you won't get out with your sanity.
In a branch I know the other week, lets call it a branch in Newcastle. They said to a friend of mine, do you mind if we do a quote for home insurance for you, its part of the Personal Bankers training don't worry its non-commital. My friend only went in to open an ISA !!

If you're given a competitive insurance quote what's to object to? Barclays Home Insurance is award-winning!

SpinnerB

OP needs to read the stuff on here about having a savings account that you drip feed into the reg. saver ... It makes sense ... Martin has an demonstration of the figures ....