Monthly Savings query - confused about how they work

book12

I would like to open a monthly savings account with Barclays. I will open it sometime this month, and the 12 month period will end on Mach 2010. I will be saving £20 per month.

I don't understand fully how they work. After the 12 month period, it auotmatically converts into an instant access savings account. If I want to save monthly for a fixed amount from £20-£250 again, do I open another one at the same bank next year? Or is this no allowed?

Advice appreciated.

GiraffeMan

Depends if they are offering a monthly savings account when it matures. Sometimes, they will sometimes they wont and your account will defaul into a instant savings account like you mentioned.

CLAPTON

In principle you can open another next year but it will depend upon whether barclays are offering the product at that time.

book12

GiraffeMan wrote: »

Depends if they are offering a monthly savings account when it matures. Sometimes, they will sometimes they wont and your account will defaul into a instant savings account like you mentioned.

I think the monthly saver will still be there. They haven't withdrawn the offer.

By reading Barclay website, it says it will convert it to an instant savings account after the 12 month period. Looks like I need to open a new monthly saver then, but after that I will end up with another instant savings account, which I don't need.

CLAPTON wrote: »

In principle you can open another next year but it will depend upon whether barclays are offering the product at that time.

Ok.