Barclays saving account 10% interest

WPC

Does the opportunity to open a savings account and earn 10% interest still available with Barclays bank?
My OH has finally agreed to start a savings account and currently banks with Barclays.
Do you know if he can open it on the internet or does it have to be set up in our local branch. We have had a look but cannot find it.

Thanks

Kazza242

Unfortunately, Barclays have withdrawn their regular savings account. They had a special offer regular saver rate of 12.5% running until the 28th February. After this date had passed they didn't offer the 10% regular saver rate. We can only assume that they've withdrawn their regular saver all together.

There are other accounts available like the Lloyds TSB regular saver paying 8% and Yorkshire Building Society at 7% etc.

WPC

What a shame, it was a good encouragement to all those spenders to start saving.
Thank you for your response Kazza242

Kazza242

WPC if your OH is a taxpayer in most cases the best option would be to open a mini cash ISA, as you get to keep all of the interest it earns rather than having to give away 20% (or 40% for higher rate taxpayers) to the Inland Revenue.

Check out the mini cash ISA article here.

If your OH already has an ISA then they could open a regular saver, e.g. the LTSB 8% monthly saver which runs for two years. It also allows an initial £500 lump sum deposit within 7 days of opening the account and then it allows deposits of £25 - £250 per month. Withdrawals are also allowed and you still earn 8% on the remaining balance. More details here.

Even though Barclays have withdrawn their regular saver don't let that put your OH off building up some savings.

Jake'sGran

WPC wrote:

What a shame, it was a good encouragement to all those spenders to start saving.
Thank you for your response Kazza242

But please be aware that you don't get 10% on the total of what you have saved in the year. I agree with the other person, start saving in a cash ISA.

tom188

Jake'sGran wrote:

But please be aware that you don't get 10% on the total of what you have saved in the year. I agree with the other person, start saving in a cash ISA.

Nor do you get the headline rate in an ISA if you are paying in regularly. An ISA is just a tax wrapper. What goes on inside a cash ISA is the same as with any other savings account.