12.5% Barclays Regular Saver

Secret_Wookie

Just spotted this, new customers only, offer on for the next 2 months.

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=9234&target=_blank

BSingh

Gutted! I just opened a regular saver with barclays literally 2 weeks ago!!

BSingh

Would I be able to cancel my regular saver and then open it again in say... a couple of weeks? You reckon I would qualify?

Innys

BSingh - why not just close the account you just opened and open one of the new ones?

roger56

Go through the Ts+Cs - they seem a bit onerous to me.

You also need to pay your salary into a Barclays current a/c
that seems to pay only 0.1% (check this, not sure) so I think the gains overall may not be as good as they look at first sight.

kanchhelskis

im with nationwide cant i get my salary paid into the barclays account and keep my nationwide account open at the same time? can i do this? thanks in advance.

gil13

so, if you put in the full 250 pm, what is the interest calculation..for the mathematicians amongs us.. Barclays reckon about £200 on the £3000 at the end of 12 months.

at the end of the term the money is transferred to the Easy Saver.

Secret_Wookie

I make it approx £163.77 Net, £204.71 gross on savings of £250 pm.

System

...... hmmmmmm i am tempted! I wonder what they would class as a 'salary'?

gil13

It is tempting, but you do wonder with these regular saver jobies if it is really worth it for a few extra quid. if you compared it to say a top paying ISA at 5.55% so earn about £165 in interest per year - basically the same as the Barclays Regular saver (the marketing intention probably) but then you do no get the benefit of the rollover and compunding which you get in an ISA.

I guess it will appeal to those savers who have maxed their cash ISA's and are looking for a similar return in a savings product.

Can you re-open or re-contribute to it at the end of the 12 months but starting again at zero ? I guess if you can and then remember to take the money out of the easy saver and put it in a another good paying account then that may be a way forward. Could the money rotate back into the regular saver...?

System

I dont think its going to be any use to me. My savings are rather limted and i would have to close one of my other regular savers to pay into this one. My lowest interest being the one paid by Halifax at 7% but that sort of runs itself out of my websaver and takes little maintenance and certainly doesnt ask for a salary to be paid in or £1000 a month to be transfered into the account (even if i transfered it back). I love regular savings accounts but the terms and conditions certainly sorts the men from the boys (so to speak).