Barclays 10% regular saver

Kazza242

krisskross wrote:

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.

Hi kriskross,

I am in the same position as you. My last payment went in on 1st Feb and the balance now stands at £3,000. I opened my account on the 16th Feb 2006, so I should receive interest tomorrow (16th), as that's when my account will mature. Your account should mature on the anniversary of the date of opening.

After the account has matured, all existing (10%) Barclays regular savings customers should be eligible to open the 12.5% regular saver, as we will no longer be "existing regular savings account customers". I intend to open mine around the 26th Feb so that my SO can be set to the 1st.

loulou41

Am a bit confused, if your account matures on the 16th, how come your last payment was on the 1st not on the 16th, the day you opened the account?

Careful_ly

When this account first started there was not condition that the monthly payment date could not be changed, then they changed the conditions and wrote to many customers stating that they had broken the terms and the rate of interest would reduce to the amount paid on someother account, I cannot remember which one.. there was a thread at the time, and this is when I got my letter. I appealed about this and it was agreed that I would still get 10%

Loulou41 your last payment to this account if you change the date back to the 14th, as I suggested, will be the 14th of January

loulou41

I have just changed the date to the 14th of each month onlilne and it is still showing maturity date of 04/02/08. I think, I will go to the branch next week & ask them to do it for me and may it need to be done manually just to make sure they get it right this time. Thanks again for your help.

Milarky

I think the reason loulou41 has been able to open a 12.5% regular saver here was that Barclays had opened the the wrong account (with very similar name) so that the 10%/12.5% regular saver account was always available in fact to open at any stage. Only by having one of these accounts does the restriction then apply.

And it looks as though the £165 payment is ex-gratia and not automatically taxed.

(Of course this is Barclays paying for their own error - it comes straight off the training budget!)

Kazza242

loulou41 wrote:

Am a bit confused, if your account matures on the 16th, how come your last payment was on the 1st not on the 16th, the day you opened the account?

I opened my regular saver when the accounts first launched on the 16th, but at the time Barclays were advising customers that their accounts would mature on the anniversary of the 1st payment. However, Barclays later revealed that this was not the case. The accounts mature on the anniversary of opening.

So although I opened my account last February, my first payment was transferred in on the 1st March and on the 1st for every month thereafter.

Kazza242

krisskross wrote:

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?

As expected, Barclays paid interest into my regular savings account today.

loulou41

Kazza242 wrote:

As expected, Barclays paid interest into my regular savings account today.

If you do not mind me asking please how much interest did you get? Thanks

Kazza242

loulou41 wrote:

If you do not mind me asking please how much interest did you get? Thanks

I complained about being wrongly advised by Barclays who said that my account would mature on the anniversary of my first payment into the regular saver. Subsequently I found out that was incorrect when the terms and conditions were revised and made clearer a few months later. The account matures on the anniversary of opening.

Therefore as a result of my complaint, Barclays have confirmed that added to the £120 net interest I have been paid today, I will also receive backdated interest of £10 as well as a payment of at least £25 for misadvising me. So I'm going to receive at least £155 net (minimum) or possibly more and I'm very chuffed.:D I find out exactly how much when the letter arrives next week.

If Barclays have similarly misadvised any other MSE's, I'd recommending making a complaint. If I'd known what I do now, then I would have waited until Mar 1st to open my account last year.

mary

At least now you will be in time to open the new one for 12.5%. I will manage to get in in the last 4 days of February before it closes.