Barclays Monthly Saver

jcb208

I have had this account for 12 months now payiny £250 per month and barclays have just taken a 13th payment of £250.Can any one tell me what interest rate i'm getting now as i believe it defaults to a low rate after the 12 month period Thanks

Bestselling_Author

You're getting the e-Savings account rate, which is insulting ... 0.10% and that's gross, by the way!

jcb208

Bestselling_Author wrote: »

You're getting the e-Savings account rate, which is insulting ... 0.10% and that's gross, by the way!

Thanks only just gone by the 12 month term so will move the money at now.I think they should be made to inform people at the end of the term what rates your getting

flyingscotno1

jcb208 wrote: »

Thanks only just gone by the 12 month term so will move the money at now.I think they should be made to inform people at the end of the term what rates your getting

They do. I got a statement with the rate in a summary box.

I think it moves to essential savings, which is 0.6% with bonus.

Primrose

It seems to be a favourite trick of Barclays to keep on taking a 13th payment. They've done it to me twice, and the surplus money plus capital & interest goes into an Essential Savings account which pays virtually no interest. I've just started another Regular Saver with them and made sure that the standing order expires after 12 payments but the best way of avoiding problems is to diarise when it's due to expire and contact the bank in advance to ensure that the standing order is stopped after 12 payments.

stator

Primrose wrote: »

It seems to be a favourite trick of Barclays to keep on taking a 13th payment. They've done it to me twice, and the surplus money plus capital & interest goes into an Essential Savings account which pays virtually no interest. I've just started another Regular Saver with them and made sure that the standing order expires after 12 payments but the best way of avoiding problems is to diarise when it's due to expire and contact the bank in advance to ensure that the standing order is stopped after 12 payments.

It's not really a trick, it's just an ongoing standing order. They make it quite clear in the marketing and when you open the account that the bonus interest rate ends after 12 months and the savings account converts into a standard cash savings account. If you want to stop the payments after 12 months and close the account, then fine, it's your choice, but some people might want to continue saving in this way. Personally I closed mine but not everyone is as much of a "tart" as the rest of us.

dazeruk

Primrose wrote: »

It seems to be a favourite trick of Barclays to keep on taking a 13th payment. They've done it to me twice, and the surplus money plus capital & interest goes into an Essential Savings account which pays virtually no interest. I've just started another Regular Saver with them and made sure that the standing order expires after 12 payments but the best way of avoiding problems is to diarise when it's due to expire and contact the bank in advance to ensure that the standing order is stopped after 12 payments.

They haven't taken any of the money you've put in the regular saver. You've given it to them. The payments are made by standing order over which they have no control. It's up to you to cancel it once the 12th payment has been made.

Milarky

The key thing is to reset or cancel the standing order immediately after 12 payments (11 months in) are made and clear out the account as soon as the 12th monthly interest is credited. (The good thing about the monthly payment of interest on this account is you can see when the rate changes after one month, of course.) Terms allow you to do make withdrawal at any time with loss of the higher rate - but only in the month of withdrawal. Seeing the confirmed credit at 12 months is the signal to pull out without loss or penalty.