Barclays monthly saver - problem

AliceBanned

Hi

I opened a Barclays Monthly Savings account on 8th May 2009. I don't have a current account with Barclays so basically I've received no cash card or statements, and have paid in an average of £150-£200 per month for a year. I should by now have received a letter about the account maturing and the new interest rate (rate of the saver was good, around 6%) but haven't so I phoned today. I was told that I did not have a monthly saver according to Barclays' system. I was told to go in to my branch to speak to them as I had an "essential saver" and therefore would not receive a letter or further details. I asked to speak to a manager and said I had a letter clearly stating that I had a monthly saver (the letter does not give the interest rate but said it is the rate on offer at the time). Now I'm worried that they've paid me less interest. It did seem a bit strange at the time that the interest rate is not stated on the letter. I told them I can't go in to the branch at the moment due to work and I wanted more information on the phone and wanted to speak to a manager. The line then went dead. I don't want to get worked up about it, but I'm not even sure what my rights are. Thanks

pressuredrop_2

Your Monthly Saver matured and changed to Essential Savings. Ask when your Essential Savings was opened. My guess is a few days ago.

AliceBanned

Thanks pressure drop. Maybe I just got someone unhelpful on the phone. It made me panic a bit as I haven't received a statement and have no idea what interest I've earned. In theory though they should have written to me to notify me of the change, and they haven't. I guess I will have to go via the branch but I will try calling again first to ask when the Essential Saver started. Surely they can send me a statement from the Monthly Saver...just to give me peace of mind but no, he said I didn't have a monthly saver, end of story!

nilocmac

I was in today to transfer the bulk of my monthly savings to another account as my account changed yesterday from a regular saver. I have been saving £250 per month expecting 6%. The teller printed off a statement and it looks like I got 2.99%. As he was not the most efficient person I thought I would check this out at home on my paperwork. However when I came home my wife reminded me that when we opened the account the paperwork was minimal and nothing with a rate on it.

So not sure where I go from here. Am thinking of writing to head office direct as in branch it is so time consuming and frustrating...

Has anyone any similar experiences?

AliceBanned wrote: »

Hi

I opened a Barclays Monthly Savings account on 8th May 2009. I don't have a current account with Barclays so basically I've received no cash card or statements, and have paid in an average of £150-£200 per month for a year. I should by now have received a letter about the account maturing and the new interest rate (rate of the saver was good, around 6%) but haven't so I phoned today. I was told that I did not have a monthly saver according to Barclays' system. I was told to go in to my branch to speak to them as I had an "essential saver" and therefore would not receive a letter or further details. I asked to speak to a manager and said I had a letter clearly stating that I had a monthly saver (the letter does not give the interest rate but said it is the rate on offer at the time). Now I'm worried that they've paid me less interest. It did seem a bit strange at the time that the interest rate is not stated on the letter. I told them I can't go in to the branch at the moment due to work and I wanted more information on the phone and wanted to speak to a manager. The line then went dead. I don't want to get worked up about it, but I'm not even sure what my rights are. Thanks

AliceBanned

It's appalling. All my paperwork says is that "your account will earn interest for the 12 month term at the higher fixed rate as advised to you when you opened your account". Ridiculous that they have messed us around like this and not put the rate in writing. I didn't ask for anything more in writing as the rate was clearly advertised as 6% around at the time. I hope they aren't going to try to fob us off!

Biggles

They pay it monthly, mine totals just over £80 net, which is an AER of 6%.

nilocmac

Did you save £250pm? I did and my interest is £76.34 after tax (I am not good with %'s so this = 6% roughly). On the print out I was given it clearly says 2.99%

Biggles wrote: »

They pay it monthly, mine totals just over £80 net, which is an AER of 6%.

premierfella

nilocmac wrote: »

Did you save £250pm? I did and my interest is £76.34 after tax (I am not good with %'s so this = 6% roughly). On the print out I was given it clearly says 2.99%

2.99% is the "lower" rate (i.e. the basic rate that you would receive if you made a withdrawal). However, the interest you received indicates that all may be well and you probably received the "higher" fixed rate through the year.

Given the rate on your print out, I would speculate that the Barclays system works from the default position of paying the lower rate, which is only bumped up to the higher rate on the day the interest is paid after a their system checks that no withdrawals were made during the month. That is pure speculation though.