warning for any one who has the barclays monthly saver - check your statement

anna42hmr

Rob_07 wrote: »

Any update on the outcome of this?

Rob

hi rob

they sent me the paperwork in the post with a breakdown of the interest (received today in the post), same as you only a couple £ wrong, but following your suggestion i have asked for the compensation and they have accepted, they advised me to contact them once i received the papers and if i accept the situation following that they will issue the £50 so have emailed the handler tonight, so hopefully should get the cheque soon. I have called the FOS now to advise that its all been resolved satisfactorly now, just a shame that it has taken 5 months chasing and an email to the CEO to get a response!

have you had your compensation yet??

laehc

KTF wrote: »

Out of interest, what sort of interest should be earned on 7.75% v 6% assuming the full £250 went in every month.

I did the full £250 for 12 months at 7.75% and got £95 (plus some pence), which seems about right.
12 * £250 = £3000
£3000 * 0.075 = £225
You have to half the £225 because on average each payment is in for 6 months.
£225 / 2 = £112.5 interest before tax
I can't remember the tax rate but £95 seems about right (i.e. 112-95 = £17 tax)

For 6% I suppose it's
£3000 * 0.06 * 0.5 = £90 interest before tax

The maths is a bit rough but if I haven't blundered it should be accurate enough.

In my case it involved five bank visits, including setting up and remembering to cancel a standing order from another bank, and a change of address.

Rob_07

anna42hmr wrote: »

hi rob

they sent me the paperwork in the post with a breakdown of the interest (received today in the post), same as you only a couple £ wrong, but following your suggestion i have asked for the compensation and they have accepted, they advised me to contact them once i received the papers and if i accept the situation following that they will issue the £50 so have emailed the handler tonight, so hopefully should get the cheque soon. I have called the FOS now to advise that its all been resolved satisfactorly now, just a shame that it has taken 5 months chasing and an email to the CEO to get a response!

have you had your compensation yet??

Hi glad to hear that your sorted. I got my compensation the same day that the guy rung from head office. But again yeh shame that it had to take so long to get to this stage!

anna42hmr

thats good rob 07

got my cheque in the post on saturday morning, so off to bank it later this morning.

just a question, does any one know what happens ref the interest on the last month as barclays pays monthly on 1st, if the account does not mature of the 1st month is all the interest paid for that month on maturity or does it get paid on the 1st of the month after maturity?