Barclays 12.5% Reg Saver

james3333

Hi guys,
i recently opened a 12.5% barclays saver.
in thre T&C's it states that the regular payment date cannot be changed once opened, if it is changed, the lower 5% interest will be paid on the whole amount!!!!
now, i have no intention of changing this date, but iam quiet suprised to find that it is as simple as a 'click of a button' to do, any chance i can get this 'grey'd out' in my online banking portfolio?
i would hate to click it by mistake or in 8 months forget that i cant change the date, etc.
or are barclays leaving this so easy to do, in the hope they can give people who forget, the lower rate, indeed, will they ever tell anyone who does it, until the maturity date?

jinkssick

Martin stated in his money tips that this was a no-no saving account and a way for Barclays to grab you hard by the bolas!, and not letting go.

james3333

i think martin was just commenting on the rubbish current account that you need to deposit £1,000 in to qualify.
i have a barclays current account, deposit £1,000 then immediately pull it out to another account!:money:

buses7675

james3333 wrote:

i think martin was just commenting on the rubbish current account that you need to deposit £1,000 in to qualify.
i have a barclays current account, deposit £1,000 then immediately pull it out to another account!:money:

Hi All,

According to the T&Cs as far as I can see, one of the conditions is:

Pay £1,000 or more into your current account every month throughout the 12 month term of the Regular Saver account. The monthly payments must include your salary and/or pension payments which must be mandated directly to your current account; and

So are you sure it is okay to just transfer the money from another another bank to Barclays and back yourself, rather than having your salary paid directly into Barclays?

If it is I'll be glad, as I was thinking of opening one but as my pay is sometimes under £1k a month (so with accounts at Lloyds you can top it up with transfers etc), so I could only do this if paying yourself, as such, is good!

Cheers

Steve

Milarky

There is nothing in the T&Cs saying you cannot 'change' the date of the standing order - merely that it must be on the same day of the month as the initial payment is received...

In fact everyone should get practically the same interest for the same total paid in because the SO dates and anniversary are 'equally' spread. There was mileage to compress the first two dates in the original RS T&Cs but these were quickly changed later. So now you just nominate a date and stick to it....

tom188

There is a condition that your Salary is mandated to Barclays, you cannot just transfer in from another account. However I believe that you can top up the account to the 1000 from other sources if your salary is under that.

oldfella

There is nothing in the T&Cs saying you cannot 'change' the date of the standing order - merely that it must be on the same day of the month as the initial payment is received.

---

if it must be on the same day as the initial payment, then this means you cant change the SO ??

if you have on-line access then you can change any SO including the reg saver.

Mike

Milarky

oldfella wrote:

If it must be on the same day as the initial payment, then this means you cant change the SO ??

If you have on-line access then you can change any SO including the reg saver.

Mike

Sorry, I hadn't mucked around with online banking before to find these facilities. But you are correct, they are there and you can amend the details online.

Academic

Another point to consider: in order to maximize your interest on this account you must make your initial payment on the same day you open the account. My OH opened this account last week and then decided to make her 1st payment on the 23rd of Jan after her salary had been paid into her current account; she will miss out on nearly 2 weeks of interest. Barclay's allude to this in the advertising literature by stating that "the exact amount of interest will depend upon when in the month payments are made into the account" but their customer advisers don't 'volunteer' the information when you open the account. As the saying goes, let the buyer beware.

On a related point you have to make the first payment into the account within 3 weeks of opening it.

james3333

Academic wrote:

Another point to consider: in order to maximize your interest on this account you must make your initial payment on the same day you open the account. My OH opened this account last week and then decided to make her 1st payment on the 23rd of Jan after her salary had been paid into her current account; she will miss out on nearly 2 weeks of interest.

this is a !!!!!!, didnt realise this.:mad:
i decided to fund it after i got paid too, the last day i could ( 3 weeks after opening) !!!!!!!:mad:
i get my wage paid into a barclays current account... then i transfer 1k straight out in the reg saver and the rest into a ISA.

Academic

Can't say we were best pleased !

The OH has made a complaint to Barclay's but I suspect (in fact I'm sure) this is a pointless exercise. As I said in the previous post I suspected something like this due to the warning about "the exact amount of interest will depend upon......" but when she asked the salesperson about this she was told that the account got 12 months interest (not untrue but not really the answer to the question she'd asked).

Caveat emptor !