Barclays 10% Regular Saver, is this right??

bazza2000_2

Hi,

I setup a Barclays 10% regular saver last March @ £250 per month.

I've just received my statement after the 12 months and I only got £67.97 gross interest, £54.38 after tax has been removed.

Is this right? after all I've now saved £3000 in 1 year, the average balance over the course of the year would be £1500 which surely at 10% is £150 before tax.

I'm new to all this, so any help would be much appreciated,

Thanks,

Bazza.

clear_blu

I have seen this recently on the forums..........it appears that one of the conditions of this account is that your D.D. is paid on the same day each month, however due to D.D. not being paid on Sundays this would make the contract void. It would appear that Barclays had not set up their computers to take account of this. Contact your bank and pursue the matter with them.

Rob_D

I remember seeing this recently too. Try http://forums.moneysavingexpert.com/showthread.html?t=406622&highlight=barclays+regular

Rob

Kazza242

Hi Bazza. Welcome to MSE.

There have been a few posts on MSE regarding the Barclays regular saver. What's happened is Barclays have mistakenly opened their standard regular saver for some customers between February to April 2006. The standard regular saver pays only 3.90% gross (balances under £5K).

If you have a Barclays bank near to you, I'd recommend popping in and complaining to them about this. Some MSE members did this and were paid the interest they should have received at the 10% rate.

supergran5

bazza2000 wrote: »

Hi,

I setup a Barclays 10% regular saver last March @ £250 per month.

I've just received my statement after the 12 months and I only got £67.97 gross interest, £54.38 after tax has been removed.

Is this right? after all I've now saved £3000 in 1 year, the average balance over the course of the year would be £1500 which surely at 10% is £150 before tax.

I'm new to all this, so any help would be much appreciated,

Thanks,

Bazza.

Hi
I have had exactly the same problem today with this account. I was given the same explanation that the payments had to be made on the same date and that when they fell on a weekend then the payment was made a day or two late on the next working day - as I politely told them it was not my fault that they had not set up the computer atr Barclays to allow for this! I was orginally given £54.38 int on £3000 but when I complained they added £100 to my account which will be non taxable because they said it was their mistake and it would not show as taxable interest - so ring the complaints department and get stroppy - it works!

Anthony_MK

Had the same thing happen today, pretty poor service really, its not like they arent aware of the issue, yet they seem to have done very little to resolve it. Its almost like they are waiting for people to notice and complain before they do anything.

I raised this wth customer care and they are going to "look into it" should I call a different department and be a bit more foward about this being resolved?

Milarky

Kazza242 wrote: »

Hi Bazza. Welcome to MSE.

There have been a few posts on MSE regarding the Barclays regular saver. What's happened is Barclays have mistakenly opened their standard regular saver for some customers between February to April 2006. The standard regular saver pays only 3.90% gross (balances under £5K).

These accounts had a fixed interest date, regardless of when opened, did they not? And were distinguishable because the interest was paid in two elements - a basic plus a bonus rate. See here

Kazza242

Milarky wrote: »

These accounts had a fixed interest date, regardless of when opened, did they not? And were distinguishable because the interest was paid in two elements - a basic plus a bonus rate. See here

If I remember correctly the interest for the standard regular saver was paid on 1st February. Some other posters on this website encountered the problem where Barclays had opened the standard regular saver instead of the 10% one. I'm not saying that this is what has happened in Bazza's case, but given the amount of interest Bazza has said he/she has received it's clear that something isn't right. There's no way Barclays have paid out interest at 10% here. I was thinking about the amount of interest someone would receive from the standard Barclays regular saver for £250 pm as a BR taxpayer, which is approx. just over £50 net.

I also wonder if Bazza may have altered his/her SO date, which would result in interest being paid at the Easy saver rate, but wouldn't they have written to the customer about this? I vaguely recall that you (at least I think it was you?) mentioning that Barclays had written to you following a change to their T&C's that prevented the SO date from being altered. If interest was paid at the Easy Saver rate, then a BR taxpayer would receive approx. £45 net, which doesn't match the amount of interest Bazza has received.

Bazza - I would ask Barclays to investigate this to find out what rate of interest you've been paid and why not at 10%. I recently made a claim as I didn't receive the right amount of interest from Barclays either and they credited it to me a few days later.

BindiBahji

bazza2000 wrote: »

I setup a Barclays 10% regular saver last March @ £250 per month.

I've just received my statement after the 12 months and I only got £67.97 gross interest, £54.38 after tax has been removed.

Just checked my regular saver (which matured today) via online banking and they've done the same thing to me: £53.79 interest credit instead of 120ish :mad:

I was hoping to move this to straight my offset account but because of the mistake I feel I have to leave it where it is for now, and every day I leave it where it is costs me money in mortgage interest :mad:

I think I feel a firm letter coming on...