Barclays rainy day saver question.

[Deleted User]

wolvoman said:

wolvoman said:

cricidmuslibale said:

Eco_Miser said:

There have been tiered rates where the whole of the balance attracts interest at the top tier rate. This is good where the rates increase with increasing balance (the normal situation) but would be bad where the rate decreases with increasing balance (as the account in question does, but the money in each tier gets the rate for the tier). So it's a reasonable question. "balances over £5000' is ambiguous and could mean the whole balance or just the part over £5000.

Just imagine for a moment if income tax, for example, worked in that way i.e. as soon as anyone started to earn even a penny over the personal allowance then the whole amount of earnings would be taxed at 20%, if anyone started to earn even a penny above the 40% threshold then all earnings would be taxed at 40%! It would cause a great deal of rancour amongst the population and possibly serious civil unrest!  

I might be wrong but I thought there was a period where stamp duty on houses did just this. I seem to recall there was a 'dead zone' price within which houses would never sold because of the stamp duty.

I was correct.
From 1999 to 2014 you paid 1% of the total property price for prices up to £250k and 3% on the whole price at £250,000 and up.

So the tax on a £250,000 property was £2,500
The tax on a £250,001 property was £7,500.03

Houses would never sell for between £250k and approx £258k.
All sorts of negotiating would take place to get the price down to £250k - fixtures & fittings being paid separately was a big thing.

Mental that it took until 2014 to resolve this.

Not really; it was changed shortly after Land and Buildings Transaction Tax (which has this very feature) replaced Stamp Duty in Scotland. 

James240

Hiya quick question.  I had my current account closed by Barclays in approx 2010, I know to get this rainy day savers account you also need to have a current account, what are my chances of opening another current account over 12 years later? Do Barclays Bank hold grudges that long? lol

kaMelo

James240 said:

Hiya quick question.  I had my current account closed by Barclays in approx 2010, I know to get this rainy day savers account you also need to have a current account, what are my chances of opening another current account over 12 years later? Do Barclays Bank hold grudges that long? lol

I would guess it will depend upon why it was closed. Unless you try you will never know.

Dazed_and_C0nfused

cricidmuslibale said:

Eco_Miser said:

There have been tiered rates where the whole of the balance attracts interest at the top tier rate. This is good where the rates increase with increasing balance (the normal situation) but would be bad where the rate decreases with increasing balance (as the account in question does, but the money in each tier gets the rate for the tier). So it's a reasonable question. "balances over £5000' is ambiguous and could mean the whole balance or just the part over £5000.

Just imagine for a moment if income tax, for example, worked in that way i.e. as soon as anyone started to earn even a penny over the personal allowance then the whole amount of earnings would be taxed at 20%, if anyone started to earn even a penny above the 40% threshold then all earnings would be taxed at 40%! It would cause a great deal of rancour amongst the population and possibly serious civil unrest!  

There are plenty of people who seem to think that moving from basic rate to higher rate involves paying higher rate tax on everything, not just the amount over the basic rate limit 😟

When the reality for employees is that it's not even as bad as paying an extra 20% on a bit of your income.

Above the Personal Allowance you are usually paying,

Basic rate tax & NI = 32%

Higher rate tax & NI = 42%

mr._prude

I have just opened a current account with Barclays a few days ago, I transfered £800 and setup two direct debits.

I am unable to activate the blue rewards and thus cannot apply for the rainy day saver.

Do you need to be with Barclays for a given time before you can get the saver account?

Brie

James240 said:

Hiya quick question.  I had my current account closed by Barclays in approx 2010, I know to get this rainy day savers account you also need to have a current account, what are my chances of opening another current account over 12 years later? Do Barclays Bank hold grudges that long? lol

My guess would be that Barclays would have no record of you after 12 years.  I would suggest you apply without admitting anything about the past and that would certainly give them no reason to look for anything so old.  

Daliah

I can't see anything in the T&Cs about the amount of time an account is held. I activated Blue Rewards on a relatively new account (< 1 week old) yesterday. I did it in online banking.

How are you trying to activate it? Online? App? what exactly happens when you try it>

noh

mr._prude said:

I have just opened a current account with Barclays a few days ago, I transfered £800 and setup two direct debits.

I am unable to activate the blue rewards and thus cannot apply for the rainy day saver.

Do you need to be with Barclays for a given time before you can get the saver account?

I wasn't able to activate Blue Rewards until around 4 days after opening the current account and registering to use the app. Even then I could not do it via the app but managed to activate blue rewards via online banking.

mr._prude

Daliah said

How are you trying to activate it? Online? App? what exactly happens when you try it>

I am using the app, getting a UD001 error. Will give it a few more days. Thanks

Daliah

mr._prude said:

Daliah said

How are you trying to activate it? Online? App? what exactly happens when you try it>

I am using the app, getting a UD001 error. Will give it a few more days. Thanks

Best to ask Barclays if it doesn't work in online banking either. I only activated the app and online banking yesterday afternoon, and added Blue Rewards in online banking straight away.