Barclays Monthly Savings = big hassle

cottons

My Barclays Monthly Saver account (7.75% AER) matured so I went to the local Barclays branch intending to close the account.

I don't have a current account with Barclays and was told I'd have to pay £15 to withdraw the balance as a cheque :mad:

That was clearly unacceptable and the only other way to retrive my money was to take it away as cash .... over £3000 in a fat envelope. Apart from the obvious security concerns, now I have to find somewhere else to pay it in as my current account is online/telephone/postal only, and I don't currently have a suitable branch based savings account. Any suggestions?

Also, I was told that despite the zero balance my account wouldn't actually be closed without a visit to the separate financial advice area, as the cashiers can't do that. They gave me a ticket which stated it would be a 50 minute wait. I didn't bother :mad:

In conclusion, I certainly don't intend to go anywhere near Barclays in the future.

LeeSouthEast

15 quid for a cheque seems a touch steep I must say. And I'm usually a staunch Barclays supporter!

book12

Other banks charge £15 for a cheque/bankers draft. I find it quite expensive.

It should be something like £5.

butterfly72

My 7.75% RS matures next week. I phoned Barclays and was told that the money automatically goes into another savings account.. the MoreforMore account which is instant access. I was told that I could then withdraw from here. I'm not sure how to withdraw, but I'll look into that.

rb10

book12 wrote: »

Other banks charge £15 for a cheque/bankers draft.

Really?? Halifax charge £10 for Bankers Drafts when they come from a current account (as you can have a cheque book from there, so can write one yourself), but they are free from savings accounts.

Can they not send it by BACS or faster payments then? Do they have no other suggestions than cash?

atypical

There is no need to close the Monthly Savings account; it is automatically converted into an instant access account. If you close the account you'd be paid the lower rate of interest (3.03% currently) for that month, similar for a withdrawal.

The MoreForMore account allows unlimited withdrawals and crucially telephone banking so you should be able to close the account or at least transfer all the money out that way. You can read the current T&C's here.

bluu2k

atypical wrote: »

The MoreForMore account allows unlimited withdrawals and crucially telephone banking so you should be able to close the account or at least transfer all the money out that way.

Are you sure? Barclays website requires that "** You will need a Barclays current account to register for Online or Telephone Banking" while OP said he did not have any c/a with them.

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=16084

Seems Barclays are prepared to give out cash only, if you don't want to go along with their other financial products???

atypical

So it does. I clearly remember proprosing to the adviser that I'd transfer the money online once the account matured and converted to an instant access account. He said it cannot be done online but instead should be arranged over the phone.

Maybe the OP could try calling and let us know. I find it hard to believe cash if the default and only free option.

cottons

butterfly72 wrote: »

My 7.75% RS matures next week. I phoned Barclays and was told that the money automatically goes into another savings account.. the MoreforMore account which is instant access. I was told that I could then withdraw from here. I'm not sure how to withdraw, but I'll look into that.

Well yes it does convent to an "instant access" account but it appears the only way to extract your money, if you don't have another account with Barclays, is to pay the £15 cheque fee, which would seriously erode the benefit of the originally good interest rate, or else take out a wad of cash :-(

cottons

book12 wrote: »

Other banks charge £15 for a cheque/bankers draft. I find it quite expensive.

It should be something like £5.

I don't think I've ever paid a fee to close a Building Society savings account though. Banks are bads news!

flyingscotno1

bluu2k wrote: »

Are you sure? Barclays website requires that "** You will need a Barclays current account to register for Online or Telephone Banking" while OP said he did not have any c/a with them.

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=16084

Seems Barclays are prepared to give out cash only, if you don't want to go along with their other financial products???

You can register for an e-savings account- would cost you £1 to put in it and then get access to online service and view monthly savers.