Barclays 10% Regular Saver changes

Milarky

I spotted that they have slightly amended (see below*) the terms and conditions from the original. You must now make your Standing Order dates fall on the same day of the month as the original opening payment - thus limiting the maximum interest to 5.4166% (10% 'gross' times 6.5 months divided by 12 months) of all payments. This was not on the original agreement I received and the manager opening the account set up the dates to suit me - not as above. But now this amended wording has been included in the terms sent through with my confirmation letter in the post.

I assume anyone who, like me, set up the account and brought foward the dates of standing order payments intentionally before they were notified of this late change will not subject to it and that Barclays will honour the 10% rate. (But watch out!)

Regular Saver Terms and Conditions:

7) Monthly deposits of between £25 and £250 inclusive must be made to the Regular Saver account each month thereafter. A total of 12 deposits must be made during the term of the account. These payments can only be made by way of standing order from your Barclays current account *and must be set up to make payments on the same date of the month that the first deposit is made. You can change the amount of the monthly deposit providing it is between £25 and £250.

Kazza242

When I opened my Barclays RS on 16th Feb, I was told that I would need to make sure that my SO was set to the same day each month. That's why I delayed making my first payment until 1st March. My SO remains set to the 1st of each month.

Milarky

You should be alright then, Kazza242. But they have definitely amended the original wording by the insertion of the underlined clause. If you inspect your own original terms and conditions you will see that this is the case. And, as explained, the bank manager himself no less took me through the opening of the account and it was he who set the SO in accordance with my instruction. Nothing was telling him at that stage that this was not possible.

Even now, however, the conditions do not state categorically that a 13th payment is impossible or will be not be allowed: ("Monthly deposits must be made each [calendar] month thereafter. A total of 12 deposits* must be made during the term of the account..") - just that the new clause would move payments 2-12 back so that the account would mature before a 13th payment could be made. I asked him directly about at the time (so clearly he knew and understood that I was jigging my dates to suit) and he simply said that he could not say but suspected a 13th payment will be taken back if paid in by the SO. So I'm hoping they will allow it to pass anyway..

*IF you look at what condition 13.2 ('breach') says:

13.2 The situations referred to in 13.1) above are as follows:
- Payments of (or totaling) at least £1000, and including a mandated salary and/or pension, are not made to your current account in any month during the 12 month term of the Regular Saver account.
- Payments of between £25 and £250 are not made to your Regular Saver account in any month within the 12 month term.
- An additional deposit is made to your Regular Saver account in any month within the 12 month term.
- Your current and/or Regular Saver account(s) are closed within the periods referred to above (including closures following your death or bankruptcy).
- A withdrawal is made from your Regular Saver account.

then not making a 13th payment (on the first day of month in which the anniversary falls) would technically breach the conditions of the account.

Anthony_MK

I was just about to bring my payment date forward to the 1st of each month, thank god I came here first!!

TykeUK

Following this change my worst fears have been confirmed and I've got a letter saying I've made 2 payments in a month and that the account has been changed to an Easy Saver account along with a copy of the RE-WORDED terms and conditions.

I opened the account in branch the first day they were available and the Barclays 'advisor' quite happily set up the standing order for the start of the following month.

Luckily I have a copy of the original terms and conditions so I'll be complaining very loudly. If they don't sort it to my satisfaction I'll be voting with my money.

Milarky

Yes, I can't see that they are entitled to do this either. Just point them to clause 11 of the Terms and Conditions:

11) Providing you adhere to these* terms and conditions, interest will be payable on the Regular Saver account at the fixed rate set out in our marketing material, on our website or as otherwise communicated to you. Such material** or other communications should be read in conjunction with these terms and conditions and the Customer Agreement, and all form the agreement between us.

*Those terms being the original clause 7 - i.e. without Barclay's later, additional wording.

** The letter accompanying this original set of Terms and Conditions states: "But hurry.....you must apply by 27th May 2006 to take advantage of this exclusive offer"

To be fair, they have merely 'cleaned up' and clarified those loose ends about exactly when payments can be made. Their intention is to prevent advatageous timing of SO payments and to rule out any possibilty of a 13th payment slipping in by default - as not expressly ruled out when read in conjunction with '13.2' and the old '7'. However there is no provision to amend the terms you signed retrospectively. My only lingering doubt is about when exactly this amendment was made by Barclays since it is dated '3rd May' just after I opened my account on 28th April. But as said before it was the manager who followed my instructions on dates and he did not have an alternative version of the Terms and Conditions on the desk between us.

Sun

TykeUK wrote:

Following this change my worst fears have been confirmed and I've got a letter saying I've made 2 payments in a month and that the account has been changed to an Easy Saver account along with a copy of the RE-WORDED terms and conditions.

I opened the account in branch the first day they were available and the Barclays 'advisor' quite happily set up the standing order for the start of the following month.

Luckily I have a copy of the original terms and conditions so I'll be complaining very loudly. If they don't sort it to my satisfaction I'll be voting with my money.

Same here..I am going to fight against it on monday..

TykeUK

Finally called into the branch today and was told I was the 4th person to complain. The branch staff agreed that the I haven't broken the terms and conditions as originally stated but unfortunately they have no authority to change anything so I have lodged a formal complaint with them.

I noticed on their computer system that apparently I am a 'valued customer' we'll soon see just HOW valued!

Sun

My branch agreed to pay me full interest until 1st and opened new account from 1st next month.

:beer:

TykeUK wrote:

Finally called into the branch today and was told I was the 4th person to complain. The branch staff agreed that the I haven't broken the terms and conditions as originally stated but unfortunately they have no authority to change anything so I have lodged a formal complaint with them.

I noticed on their computer system that apparently I am a 'valued customer' we'll soon see just HOW valued!

TykeUK

Just had a phone call from Barclays apologising for their mistake and confirming the account would be reinstated as a Regular Saver with full interest. All I need now is the written confirmation they have promised.