Barclays

Josie_Jump_3

I have a couple of savings accounts with Barclays: one is a 60 day savings account and I also have a savings account for my daughter. Both a/cs have a fair amount saved in them but over recent months I have noticed that my 60 day account didn't seem to be having any interest added but my daughters had a fair whack every month, I assumed that I was being paid interest yearly but my daughters a/c had interest added monthly plus she would get more interest because it's a childs a/c.

Anyway after a recent trip to my bank I mentioned the fact I don't seem to be getting any interest they have advised that the account I have is no longer available and as such it is only paying me interest of....0.1%. They claim that they were unable to contact me to advise of the change of account as I have a 'no contact' clause on my account. The only reason I would have said no contact would be to stop all the junk mail you get not relating to something as important as my own account, after all I still get statements.

Do you think I'm entitled to claim compensation for the loss of interest ? I'm not really sure what I can do if anything at all.

Any advice would be welcomed,
Thanks
Josie

Backbiter

I'd be fuming if it happened to me, so I'd definitely write to Customer Services, saying how upset and let down you feel and how you' and your family are loyal customers etc. Explain why you didn't want to receive all their junk offers as you were happy with the rate you thought you were getting.

In my experience their customer service is pretty sympathetic. You've got nothing to lose by writing. Email them and save on postage.

steveo3002

close the account and take the money somewhere else...they dont deserve your buisness

regularsaver1

I'm afraid if people do select no marketing then they will not receive details of interest rate changes ect - as this is deemed as marketing

banks will cover themselves though saying that leaflets are available in branches, you can have a review and also they often put rates online or in newspapers

this could happen at any bank and if a rate is variable and not fixed as your was, you need to check these things your self if you have asked for no contact

YorkshireBoy

According to the Barclays website, the interest rate on their "60 day savings account" was increased from 3% to 3.25% AER (for the top tier) and from 2% to 2.25% AER (for the lower tier) on 1st September this year - following August's BOE rate rise.

Still poor, but hardly 0.1% AER - that's current account territory!

Just a thought...have you let your balance fall below the minimum allowed?

Changes to our interest rates
Whenever there's a change to our rates, you'll usually find them printed in the Daily Telegraph and Daily Mail, by calling 0845 603 0845 or by checking this page.

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=articleFWgroup&value=4109&target=_self&site=pfs#ratexp

Presumably, they're displayed in branch as well?

IvanOpinion

I had a similar problem with a different company a while back when I was being excluded from certain communications. There are certain communictions that are deemed to be 'legal' or 'regulatory' requirements ... these will be issued. Everything else will be controlled by a flag ... which will include attempts to 'sell' you better accounts.

I really do not think you have much of a case, however you could ask for a good will gesture (I doubt if you would get one though). In any case read Martins advice about accounts, do some futher research et. and I am sure you can find a much better deal.

It is a very good point though. Blindly ticking these 'I do not want any junk mail' can exclude you from useful mail as well.

ivan