barclays 10% reg saver question.

monkeydust_2

Questions on Barclays 10% deal..

is it possible to transfer in 1K into the current account - drop £250 into the savings account and then take out £750 back into my normal account (all done in 1 day using standing orders) - would this break any of the criteria for getting their 10% Reg. Sav offer?

Cheers
MD

merulok

They insist on the £1000 payment being (at least partly) a salary mandate or pension payment. I doubt they would view a standing order payment from another personal account as acceptable - this would break the T&Cs and end up with you having an Easy Saver account (or whatever they call it) with a pathetic rate of interest.

If you genuinely transfer your salary, then you can set up a standing order to take most of the money out again but it would be difficult to co-ordinate this to happen in 1 banking day.

Kazza242

monkeydust wrote:

Questions on Barclays 10% deal..

is it possible to transfer in 1K into the current account - drop £250 into the savings account and then take out £750 back into my normal account (all done in 1 day using standing orders) - would this break any of the criteria for getting their 10% Reg. Sav offer?

Cheers
MD

To qualify for the Barclays 10% regular saver, you need to have your salary or pension of (£1,000 or more) paid into their current account. Money transferred over to the current account by SO does not meet their requirements.

A&L will allow you to open their 10% regular saver (£250 per month; for 12 months), if you open a current account with them and pay-in at least £500 per month. The £500 does not have to be from a salary or pension.

http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=home&ct=premregsaver