The Top Easy Access Savings Discussion Area

sturgeon · 30 September 2022 at 11:54AM

I’ve successfully opened my Charter account. Sent £5k so far but Barclays are running further checks before it’s sent. Anyway, logging in to the account it says my interest rate is 0.1%?! Anyone else?

Pompeydave1967 · 30 September 2022 at 11:56AM

sturgeon said:

I’ve successfully opened my Charter account. Sent £5k so far but Barclays are running further checks before it’s sent. Anyway, logging in to the account it says my interest rate is 0.1%?! Anyone else?

Same here sent money but appreciate it takes time , 0.1% at present too.

SJMALBA · 30 September 2022 at 11:59AM

sturgeon said:

I’ve successfully opened my Charter account. Sent £5k so far but Barclays are running further checks before it’s sent. Anyway, logging in to the account it says my interest rate is 0.1%?! Anyone else?

That's because the balance is below the min. 5k

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jimexbox · 30 September 2022 at 11:59AM

2.25% kicks in when there is 5k plus in the account.

Daliah · 30 September 2022 at 12:00PM

sturgeon said:

I’ve successfully opened my Charter account. Sent £5k so far but Barclays are running further checks before it’s sent. Anyway, logging in to the account it says my interest rate is 0.1%?! Anyone else?

Yes, because your balance is below £5k.

Same for £1 - £4999.99 on monthly interest

sturgeon · 30 September 2022 at 12:15PM

Aha, well that makes sense. Hopefully Barclays actually send the initial deposit soon as it’s still in my balance. They must’ve thought it was fishy.

Interesting that payments are sent to a generic bank account and they only seem to be able to identify from a reference number. I hope that’s automatic not manual once they receive funds. I couldn’t fit the full reference including spaces when sending.

Nick_C · 30 September 2022 at 12:24PM

sturgeon said:

Interesting that payments are sent to a generic bank account and they only seem to be able to identify from a reference number.

That's quite common when sending money to a deposit taker that is not a clearing bank. Skipton BS, Cambridge BS, and Saffron BS all work this way. Deposits (through Barclays) are processed quickly and automatically - even on Sundays. But the reference must be correct as it is the only data that identifies your account.