Barclays Monthly Saver

Icey370

Hi, i am currently a student and I'm looking at opening the Barclays Monthly Saver Account (Barclays so I can transfer directly to my current account incase of emergency). Could someone please assist me in the maths, I tried searching for it but could not find an answer? I would like to know how much I would receive over the 12 month period if I put in £150 or £250 a month.

Thanks for looking

AppleMatt

By my (possibly shakey) calculations, £150 initial deposit and £150 per month over 12 months at 3.25% AER gets you £1950 + £36.56 interest, making £1986.56.

With the Norwich and Peterborough E-Regular Saver at 4% you would earn £45 interest :T

Gromitt

150.00 vs 250.00
300.41 vs 500.68
451.22 vs 752.03
602.44 vs 1004.07
754.07 vs 1256.79
906.12 vs 1510.19
1058.57 vs 1764.28
1211.44 vs 2019.06
1364.72 vs 2274.53
1518.41 vs 2530.69
1672.53 vs 2787.54
1827.06 vs 3045.09
1982.00 vs 3303.34

Of course, if there's no initial payment and your only allowed 12 payments in total, ignore the last line on each.

innovate

MSE Regular Saver calculator: http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator

westy22

(Barclays so I can transfer directly to my current account incase of emergency)

With today's Faster Payments system it should be as quick and easy to transfer money between accounts with different banks as it is to transfer within the same bank.

Icey370

Okay, thank you all very much for your help and advice, it has been most helpful and I really appreciate it

isayhello

I was trying to figure out how you worked the interest for the months below but can't understand it, any help to clarify would be great.

Thanks

Gromitt wrote: »

150.00 vs 250.00
300.41 vs 500.68
451.22 vs 752.03
602.44 vs 1004.07
754.07 vs 1256.79
906.12 vs 1510.19
1058.57 vs 1764.28
1211.44 vs 2019.06
1364.72 vs 2274.53
1518.41 vs 2530.69
1672.53 vs 2787.54
1827.06 vs 3045.09
1982.00 vs 3303.34

Of course, if there's no initial payment and your only allowed 12 payments in total, ignore the last line on each.

ColdIron

I think it's because the calculation is for 13 months and Barclays Monthly Saver is for 12 months

Gromitt

isayhello wrote: »

I was trying to figure out how you worked the interest for the months below but can't understand it, any help to clarify would be great.

Its simply 3.25% AER spread over 12 months. Not ideal as you would really compute the interest on the number of days per month (so short months would get less interest), but it gives a good indication of the amount of interest to be expected.

It also assumes that you don't pay tax and that interest is paid monthly, and so compounds the interest each month (ie, you get interest on the previous months interest each month to get the quoted AER).