Barclays Everyday Saver - Should I Move?

waterhouse_melons

So I've just received a letter from Barclays saying that an introductory bonus of 0.55% gross p.a ends as it has been 12 months since I signed up to their scheme.
Now, not being that knowledgeable about banks, I'm unsure whether I should move elsewhere? I don't fully understand what sort of bank products I should be looking for?? As for a bit about me.. I don't have a steady income as such as I'm currently a student, of which most banks require.. Plus I have an ISA already with another bank.

badger09

waterhouse_melons wrote: »

So I've just received a letter from Barclays saying that an introductory bonus of 0.55% gross p.a ends as it has been 12 months since I signed up to their scheme.
Now, not being that knowledgeable about banks, I'm unsure whether I should move elsewhere? I don't fully understand what sort of bank products I should be looking for?? As for a bit about me.. I don't have a steady income as such as I'm currently a student, of which most banks require.. Plus I have an ISA already with another bank.

I haven't looked at the particular account you mention, but it sounds like a savings account which had a bonus which has now run out. This is the norm. So what you should be looking for is an account which suits your circumstances. Have a read around the board.

A savings account doesn't require a regular income. Unfortunately, the best rates available at the moment are on current accounts (Nationwide FlexDirect, Santander 123, LloydsTSB & BoS Vantage) which all have various T&C which you need to be able to meet.

droopsnoot

I've had the same letter. I'd moved money into that account from a different Barclays account to get better interest, and it would be about a year ago.

So you just want to find one that has better interest rate than this one, which depends on the balance:

£1+ : 0.10%
£10000+: 0.25%
£25000+: 0.59%
£50000+: 0.69%
£100000+: 0.79%

Which of those ranges applies to you will govern where you start to look. Even with the bonus rate the interest wasn't that spectacular. You also have to consider, based on your balance, whether the actual amount of interest you will receive per annum is worth the hassle of moving. Only you can decide that.

Herbalus

If you are looking at these interest rates above, then you should definitely move. You can get far higher rates without any effort at all - just search for the best savings accounts on the website and open one of those. The current accounts are the best at the moment, but you can easily get more than 1.5% in a savings account, so much better than what you have at the moment.

iAMaLONDONER

waterhouse_melons wrote: »

So I've just received a letter from Barclays saying that an introductory bonus of 0.55% gross p.a ends as it has been 12 months since I signed up to their scheme.
Now, not being that knowledgeable about banks, I'm unsure whether I should move elsewhere? I don't fully understand what sort of bank products I should be looking for?? As for a bit about me.. I don't have a steady income as such as I'm currently a student, of which most banks require.. Plus I have an ISA already with another bank.

Virgin Money's E-save gives 1.55% on balances above a quid- and there's no bonus, though it is variable

droopsnoot

I've had another letter now, saying that as they didn't notify me in advance, they're continuing the bonus until August 4th 2013 as long as I leave the account open until October 1st.