Regular Saver - have i been ripped off?

jennifernil

My 7% Halifax Regular saver matured on 1st March. I paid in £250 per month, I received £113.15 interest, but I do not pay tax. At basic rate tax that would have been £88.28, at the higher rate only £67.89.

LittleVoice

worcester1 wrote: »

Thanks LittleVoice!

Any idea what's the best way to maximise the interest I get paid at the end of next financial yeah - 07/08.

As mentioned before, I get my full £3000 from my regular saver on 1st July07 (3 months after the ISA started). Do I;

put the whole £3000 into the ISA and earn 9months interest?
put the whole £3000 another savings account and drip feed into the ISA?

I am lost now

Any ideas on how to make my £3000 work hard for me just by using cash savings?

If I were in your situation, in July I would probably put the £3K straight into the best rate ISA I could open at the time. (ISA rates can be better if you can put the whole amount in at once, those that accept payments through the year can have lower rates.) You would need to look at what was on offer at the time. This keeps things simple.

However, because rates can change and special offers come along, check at the end of June in case there are ways you can operate under your second option of drip-feeding from a high-interest savings account. It depends on the differentials and your tax status.

LittleVoice

jennifernil wrote: »

My 7% Halifax Regular saver matured on 1st March. I paid in £250 per month, I received £113.15 interest, but I do not pay tax. At basic rate tax that would have been £88.28, at the higher rate only £67.89.

If an account pays £113.15 gross, it would have been £90.52 after tax was deducted. The banks operate the 20% tax rate and higher rate tax payers should pay the extra when their tax affairs are calculated at the end of the year.

jennifernil

I was really thinking about the actual final amount the investment would return, but you are of course quite correct!

cissybay

Just to keep you up to date with my efforts to get the 10% interest out of Barclays Regular Saver. I was wrongly advised in my last phone call. No-one called me as they had promised and instead of sorting it within 48 hours I'm going to have to wait for 5 days for a letter that will tell me to wait up to a month - despite them admitting that they are in the wrong. Grrrrr. Anyone else in the same boat?

Anthony_MK

Posted on another thread but just saw this. I was also told I had a letter coming, which now seems to say its going to take a month to resolve, thats pathetic. Youd have thought Barclays had received enough bad press of late and they would try and make sure the product they spent millions advertising actually paid out what they said, when it was supposed to.

koyli

My 10% regular saver has just matured and paid £57.01 even with the full £250 per month and no breaches of the terms and conditions. They have just admitted that it is a mistake at their end and I should have the remainder of the interest paid in "a couple of days" (quote) along with an explanatory letter.

I'll wait and see what happens !!!

maypole

I would suggest any one with a complaint against their bank, put it in writing, headed THIS IS A COMPLAINT and Send it to the top man/woman.

Phoning doesn't always get results

koyli

koyli wrote: »

My 10% regular saver has just matured and paid £57.01 even with the full £250 per month and no breaches of the terms and conditions. They have just admitted that it is a mistake at their end and I should have the remainder of the interest paid in "a couple of days" (quote) along with an explanatory letter.

I'll wait and see what happens !!!

The interest has now been upped to £129.70 net

Still listed as a Regular Saver in my online banking though. The T&C's say it should be converted to an Easy Saver, but they don't seem to exist any more ?

Kazza242

koyli wrote: »

Still listed as a Regular Saver in my online banking though. The T&C's say it should be converted to an Easy Saver, but they don't seem to exist any more ?

It will be converted into an Easy Saver a day or two after your regular saver maturity date. You don't have to wait for the account to be converted, you can phone Barclays and ask them to transfer the funds into one of your other Barclays accounts.