Barclays 10% regular saver

loulou41

Just been to the bank and found out that the personal banker did open me the regular saver which paid less interest. The personal banker I was talking to, told me, she will lodge a complaint on my behalf but had to speak to her manager. She came back and said she will give me the 10% and worked out an extra £165 interest on the £2750 I have already saved, I save £250 monthly by standing order. In total, I have got £2946.62 and she said the £165 is without tax. I asked whether I am better off otherwise I will lodge a complain regarding mixing the account. She said, yes and give me the option of closing my account immediately and open the new one at 12%+ as from today. She also said if I have waited for the other account to mature I would not qualify for the new one with better interest rates. I am not very good at maths,it does seem cceptable, saving £250 a month for 11 months and receive interest of £196.62. As it is I have paid £250 paid in my frist regualr saver today and this will be followed by regualr £250 on the 4th of each month. Does this make sense to anybody? Thanks

thumshie

If i get this correctly:

Barclays opened a regular savings(2.1%??) or atleast an account that is not the '10% regular saver' option.
You've invested 2750 into it, and it's now worth £2946.62 (doesn't seem right as thats nearly £200 more than invested??) and offering you £165 (Or is the 196.62 made up of 165+your accrued interest??)

Either way, in the regular saver you would only have got Maximum £165 before tax(I assume barclays was a deposit 250, then 12 monthly payments of £250 ??)

Check out the thread http://forums.moneysavingexpert.com/showthread.html?t=372121 which may tell you more about interest and regular saver.

Careful_ly

I think you have got yourself a good result here

£250 saved for 12 months at 10% would have given you £162.50 gross, £130 net.

your 11 months of savings would have given £128.33 net

HTH

Careful_ly

Loulou41

I have one of the 10% savers, mine matures next month, but I had a problem with mine and have just remembered.
They changed the terms and conditions of the account after I had opened mine, to say the date cannot be altered for the monthly payment.

I had changed the date, to maximise on interest, and was sent a letter to say I had broken the terms.

Just checked and the terms of the 12% saver say no change of date...

So get back onto them to change to 14th of the month for further payments or you may have another problem.

HTH

loulou41

That's what I thought, it would be the 14th of each month, but she told me it does not matter, it can be paid within three weeks of opening the account and to choose a date, and I choose the 4th, it's just a day after I get my pension paid in my account. Will go back to the branch to check in case I have a problem with it. As it is, first payment is today the 14th and further monthly payment is £250 by standing order on the 4th of each month. Does not seem right? Is it true since you have already got a regular saver, you cannot have another one, so it says on their website, how come she opens one for me? If it was not for this forum, I would not have noticed their mistakes and take action to rectify it. Thanks again to all of you for your help and advice.

loulou41

(Or is the 196.62 made up of 165+your accrued interest??)

Yes, you are correct regarding the above. I guess, as long as it is to my advantage, I am quite happy with their mistake.

krisskross

we have one of these regular savers which is showing £3000 since the last payment went in on 2nd Feb. No sign of any interest though.Any experiences of when the interest is paid? We have completed the application to start the 12% one next month, but would like this years one sorted first.

s1h

snap their arm off for it

loulou41

Does this seem right? Opened regular saver account on the 14th Feb and next standing order of £250 will be on the 4th of each month. Maturity date is on the 4th February 2008. I am not sure whether the maturity date should be the date of the account opening? Does anybody know? I will not be able to go to the bank until next week. Thanks

Careful_ly

It seems to me that you have gained a great deal by the initial account being opened wrongly
You have been given more interest than you would have earned with the 10%saver, and because they have allowed you to open a new 12% saver which you would not have been allowed to open.

But I cannot see how this new account will mature before the 14.2.08 as this is the anniversary of the account opening. I think you have been wrongly informed about the choosing of the date for your future payments, and if I were you I would make the future payments for the 14th of the month.
Look at the terms and conditions of the account, quite often the staff dealing with the accounts are not fully aware of all the conditions....

HTH

loulou41

Yes, you are right, I have read the terms and conditions carefully,I will go to the bank next week and get her to change the date to the 14th & amend the letter as well. I could change the date online myself but I want her to amend the date on the letter so that I can have something in writing. You cannot trust these people to do their job, I even had to cancel my other regular saving account for March, I thought she did it for me. Good job I was checking my payments details and noticed it. Thanks.