Barclays- 5% variable saver on up to £5k

SandyN21

I've banked with Barclays for over 45 years and have opened a Blue Reward to put £5K into a Rainy Day saver yesterday.

kaMelo

jolester said:

How often is the interest paid?  is it monthly or annually? 

Monthly, I have already received an interest payment on Monday of £2.05. Not too shabby as it was only opened four days earlier on the Friday.

RG2015

kaMelo said:

jolester said:

How often is the interest paid?  is it monthly or annually? 

Monthly, I have already received an interest payment on Monday of £2.05. Not too shabby as it was only opened four days earlier on the Friday.

Indeed. £250 per year is 68.5p per day and £2.05 for three days.

I am just waiting for my debit card to arrive in the post.

HonestJohn

Would be nice if this new account automatically topped up you current account if it went overdrawn.

NedS

Is there any option to have the interest automatically paid out to your Barclays current account? Little point keeping the monthly interest in the savings account if the balance is already at £5000

Daliah

HonestJohn said:

Would be nice if this new account automatically topped up you current account if it went overdrawn.

If you want this feature, have a look at the Virgin Money M Plus  and its attached savings account. Lower interest rate than Barclays up to £5K but higher on £5K+

grumbler

Does anybody know whether for a joint current account both account holders can have this Rainy Day saver?

The only information I see in the T&C is "You can hold it yourself or in joint names. You, or if it’s a joint account, one of you, must be a member of Barclays Blue Rewards."

I opened a sole one in my name, but when my wife tries to apply this message pops up:

80013 - You already hold the maximum number of accounts for this savings product.

However, when applying, I was getting various error messages too and had to go to a branch to open it. And they told me that it's a new product and problems with online applications are common.

And for a working person visiting their branch is a real PITA as it closes at 15:30 and, surprise-surprise, is closed on weekends.

kaMelo

grumbler said:

Does anybody know whether for a joint current account both account holders can have this Rainy Day saver?

The only information I see in the T&C is "You can hold it yourself or in joint names. You, or if it’s a joint account, one of you, must be a member of Barclays Blue Rewards."

I opened a sole one in my name, but when my wife tries to apply this message pops up:

80013 - You already hold the maximum number of accounts for this savings product.

However, when applying, I was getting various error messages too and had to go to a branch to open it. And they told me that it's a new product and problems with online applications are common.

And for a working person visiting their branch is a real PITA as it closes at 15:30 and, surprise-surprise, is closed on weekends.

From the Blue Reward terms;



So no, only one person named on an account, even joint accounts, can turn on and benefit from blue rewards.

mostilts

To save me wading thru the small print, how many accounts can I have? Wife and I have 3 Lloyds Club accounts, me only, her only and joint. Each Club has £5000 in it,  2 direct debits and I’ve set up standing orders to cycle £1500 around the accounts. £1500 cycles in and about £1300 cycles out of each account so that there is funds to pay the small monthly direct debits. Each account pays about £3.50 interest a month (it was a lot more years ago when it first started). Can I do this with  Barclays, as the Lloyds Club is now not competitive?

Descrabled

mostilts said:

To save me wading thru the small print, how many accounts can I have? Wife and I have 3 Lloyds Club accounts, me only, her only and joint. Each Club has £5000 in it,  2 direct debits and I’ve set up standing orders to cycle £1500 around the accounts. £1500 cycles in and about £1300 cycles out of each account so that there is funds to pay the small monthly direct debits. Each account pays about £3.50 interest a month (it was a lot more years ago when it first started). Can I do this with  Barclays, as the Lloyds Club is now not competitive?

If you read the post above yours it tells you exactly; you can have one only and your wife similarly.

I would recommend that you always, but always, read the small print as well as saving the t&cs for all your accounts.