Barclays monthly saver from last year 8% ?

Somerset

I opened one last Jan so final payment due next Jan. I can't remember the rate, think it was 8% but not sure, can anyone confirm? Also it was fixed wasn't it? If anyone has kept screenshots I'd appreciate you letting me have a copy. I've got absolutely no documentation on this account, nor statements though I've spoken to the Barclays CS about it in the past. I'm not particularly expecting a problem, just wonder if anyone else opened this about the same time and has the information.

opinions4u

It dropped to 6% in December 2008. It was 7.75% prior to that.

This thread should help you track down the dates precisely. (post 367 on page 19 suggests 7th Dec 2008).

hebron

I can confirm it was 6%.
Mine recently matured and it was converted,(on the day after maturity) to an instant access "MoreforMore" account. It showed up on my on-line details as that. It's up to you than what you want to do with it. As I already had a "moreformore" account I withdrew the money and than went into a branch to have the other one closed down.
Hope this helps.

longhotbath

We have paperwork saying that ours was opened at the 7.75 rate - put max amount in - £250 each month as advised in branch, and finally got statement today - they gave me interest at just 3% :eek:

What should I do?

opinions4u

longhotbath wrote: »

We have paperwork saying that ours was opened at the 7.75 rate - put max amount in - £250 each month as advised in branch, and finally got statement today - they gave me interest at just 3% :eek:

What should I do?

1) Read this from MSE.

2) Use this calculator from MSE.

3) Confirm the amount of interest you got (which I'd estimate to be just short of £100, which would be about right after the deduction).

I think you have failed to appreciate that banks don't pay you interest on money for a full year unless that money has been with them for a full year. 11 of your 12 payments have been with them for less than a year.

loubeelou_2

I have been putting the max £250 in per month and got my statement yesterday and I have earned £101 in interest....I was expecting more than that :mad:.

Apparently we have earned 3% per month and then a 4.75% bonus at the end. My maths is either completely to pot or I have been diddled.....either is a distinct possibility!!!!

What are people expecting to get in return??

Many thanks!!

Reaper

longhotbath wrote: »

We have paperwork saying that ours was opened at the 7.75 rate - put max amount in - £250 each month as advised in branch, and finally got statement today - they gave me interest at just 3% :eek:

What should I do?

Does the statement say 3% or did you calculate it as that? If you calculated it did you fall for the old trap of assuming money that has been in there for less than a year earns the full 7.75% rate? It does not of course. For example the last payment you made will earn just 1/12th of that. The overall return will be very roughly half the headline rate.

EDIT: Beaten to it.

freezspirit

My saving account online shows what interest I've been getting monthly ranging from 0.72 to 6.42 per a month so at the end I will be getting about £45 interest. So its not been a big shock to me.

exel1966

With the max permissable of 13 x £250 payments timed to hit account at the earliest opportunity each month it was possible to earn a return of approx £120net for a 20% tax payer.

longhotbath

Thanks guys - sorry for not replying sooner - I lost where the thread was!

I have fallen for the interest being on the end amount as opposed for it building up. - sorry - I feel such a prat!, and will know for next time.

Thankyou, LHB

getmore4less

exel1966 wrote: »

With the max permissable of 13 x £250 payments timed to hit account at the earliest opportunity each month it was possible to earn a return of approx £120net for a 20% tax payer.

there is a limit of £3k so a max of 12 payments with monthly interest compunded.

A 13th payment will earn no interest.