Barclays 10%

adminannie

Hi I have just opened a saving account with Barclays, my current account is with them. I am saving the maximam £250.00 per month.

I was told that my interest would be £300 after twelve months as that is 10% of £3000 that i will have in the account. I feel that this figure is not right as the £3000 will not have been there for 12 months.

Can anyone tell me if he his telling me the correct figure as I dont want to be dissapointed in twelve month

Thanks Annie

grumbler

adminannie wrote:

I was told that my interest would be £300 after twelve months as that is 10% of £3000 that i will have in the account.

Who told you this?

I feel that this figure is not right as the £3000 will not have been there for 12 months.

You feel right. Expect to get about
£3000*6.5/12*10%=£162.50 gross (£130 net).

See Regular Saver link in the blue box above and Regular Savings Accounts discussion ...

adminannie

Hi Grumbler, I questioned this with the bank teller, and he said it was right but he had just return from holiday and hadnt read everything completely. I would like to know if you can work it out am I still better there than my Baclays esaving account, this is where I would have been putting it. I will phone this gentleman tomorrow and tell him he had better read his paperwork before he sells anymore thanks again Annie

adminannie

Hi Very sorry if I posted in the wrong forum Annie

grumbler

1. This board is the best place for your post.
2. Read the article I advised above.
3. Although the information you was given in the branch was incorrect, this account is indeed one of the best regular savings accounts now. It is aimed mainly on regular savings up to £250 p.m. and for this purpose it is much better than any instant access accounts including Baclays e-savings one.
4. Even if you have a lump sum to save you can make this account work for you. See 'How to invest a lump sum?' part of the above article. If this regular savings account is used in combination with the e-savings account you can earn extra about £3000*3%=£90 gross p.a. on £3000 lump sum as against using e-savings account alone.

adminannie

Hi Thanks Grumbler,I am quite a new saver, (last few years) and trying to acculate for my retirement. I am reading everything on this site that i feel can help me Annie