Barclays - 6% Savings?

leigh_an_tania

HSBC....Great bank for customer service in the branches, absolute c**p for savings, ISAs, Bonds or current accounts. Shame realy as that a bank is supposed to be for.

Apart from that, their grrrrrrrrrrrrrrrrrrrrreat.

DrScotsman

PinkPig wrote: »

Unfortunately although the HSBC accounts have high interest rates they're not much good for most people. You need to one of their (bad) current accounts in order to get them - and they all require a monthly fee or that you pay in your salary.

Unless...

Should you fail to make the £500 monthly payment required to maintain your account, we will either change it to a Current Account or give you notice that we will be closing your account. If you are under the age of 23, the qualification criteria will not apply.

A bit miffed I only found this out after I'd paid quite a bit into the 6% Barclays and 5% Halifax accounts. I think I might still open one up and only pay in the minimum until my other two finish...once my HSBC Current Account actually opens!!

soulsaver

withabix wrote: »

Max £250 per month deposit, max £3000 deposit in 12 months.

I've got one of these - if you've got £250 per month to spare, then it's daft not to put it in this account, unless you've got £3600 immediately available and don't have a 2009 Cash ISA yet.

This deal equates to approx 4.5% on £3000 over a year, before tax, so beats an ISA such as market leading 3.61% Barclays Golden ISA.

4.5%? Optimistic I'm afraid: c3.2% before tax.
It says at the bottom of the Barclays bumf (in littlsmaller print) that subject to best case deposits and zero withdrawals you'll get £96 before tax.
From the bottom of Barclays web page:
Interest is calculated on the daily balance of the account, and is paid on the 1st working day of the month. For example, if you saved £250 per month for the whole 12 month term of the account, you will get back your deposits totalling £3,000 (12 x £250), and will have received in total approximately £96 gross interest during the year (provided no withdrawals are made during the year and the first deposit of £250 is made on the day the account is opened and subsequent deposits on the same date monthly thereafter).

withabix

soulsaver wrote: »

4.5%? Optimistic I'm afraid: c3.2% before tax.

You're quite right. Brain wasn't working when I typed that!

Have corrected now.

Amnesia180

I'm quite confused now... and am stuck on which one to go for!

I will be getting a car at the beginning of next month, so maybe the HSBC account where I have to pay a fee isn't that bad, especially as it includes travel insurance and breakdown cover (the Lloyds TSB one includes mobile phone insurance too, but I don't know what their savings rates are).

KTF

anticlaus105 wrote: »

Can I have this account if I also have the 7.75% one opened in December?

Its one regular savings account per customer. Also the 7.75% rate was reduced to 6% on 1/12/08 so the 7.75% and 6% regular savings products are the same thing.

SavySaver_2

Amnesia180 wrote: »

I'm quite confused now... and am stuck on which one to go for!

I will be getting a car at the beginning of next month, so maybe the HSBC account where I have to pay a fee isn't that bad, especially as it includes travel insurance and breakdown cover (the Lloyds TSB one includes mobile phone insurance too, but I don't know what their savings rates are).

Well Barclays do an additions account that gives, RAC, travel ins, mobile phone cover etc too............

butterfly72

KTF wrote: »

Its one regular savings account per customer. Also the 7.75% rate was reduced to 6% on 1/12/08 so the 7.75% and 6% regular savings products are the same thing.

blimely. I didn't know this. I've had nothing in the post. (actually, I have no correspondence about this account!) I'm not online with them either so no way of finding out. Plus, wasn't it a fixed rate??

fanheater

yes it was fixed from the moment you opened it, butterfly

anticlaus105

KTF wrote: »

Its one regular savings account per customer. Also the 7.75% rate was reduced to 6% on 1/12/08 so the 7.75% and 6% regular savings products are the same thing.

I opened on 31/12/08 and received 7.75% (I have checked my interest and it's correct).