Barclays Rainy Day Saver overpaid interest

SandyN21

Wheres_My_Cashback said:

SandyN21 said:

My interest was £22.67p on £5K since October. 

Then you must have had more than 5k in the account.

£5,081.56p before the interest was added

techno12

£22.67 for me this month, I paid in £4999 5th Oct

RG2015

techno12 said:

£22.67 for me this month, I paid in £4999 5th Oct

I move the interest out each month as any balance over £5,000 only earns 0.65% pa.

Admittedly this would only currently earn about 30p more per month, but I prefer not to keep any money earning less interest then it could. 

RG2015

Just checked my Barclays app and the interest payment says today.

Yesterday I thought it showed the date of 1st April but I may be wrong.

I guess tomorrow it will either say today or give the date as 3rd April.

refluxer

I have a number of Barclays accounts besides the Rainy Day Saver and when interest is credited over the weekend, the date always eventually updates to the Monday.

This is likely to happen to this weekend's RDS interest payment, which will then make the referenced period of 1st March - 2nd April correct 

wmb194

RG2015 said:

Just checked my Barclays app and the interest payment says today.

Yesterday I thought it showed the date of 1st April but I may be wrong.

I guess tomorrow it will either say today or give the date as 3rd April.

It'll settle on 03/04/23 as it always becomes the first working day of the month. One of Barclays' quirks but I like that it shows the interest that's due on non-working days.

RG2015

refluxer said:

I have a number of Barclays accounts besides the Rainy Day Saver and when interest is credited over the weekend, the date always eventually updates to the Monday.

This is likely to happen to this weekend's RDS interest payment, which will then make the referenced period of 1st March - 2nd April correct 

This does mean that if the full balance is withdrawn immediately, for example on Saturday 1st April, that the savings account will end up overdrawn.

RG2015

wmb194 said:

RG2015 said:

Just checked my Barclays app and the interest payment says today.

Yesterday I thought it showed the date of 1st April but I may be wrong.

I guess tomorrow it will either say today or give the date as 3rd April.

It'll settle on 03/04/23 as it always becomes the first working day of the month. One of Barclays' quirks but I like that it shows the interest that's due on non-working days.

I have to say that I prefer the NatWest process on their Digital Regular Saver. Nothing is shown until the day after the statement date.

This month for example, the interest will not show until Tuesday 4th April but it will be dated Monday 3rd April (having been calculated up to and including Sunday 2nd April).

refluxer

RG2015 said:

refluxer said:

I have a number of Barclays accounts besides the Rainy Day Saver and when interest is credited over the weekend, the date always eventually updates to the Monday.

This is likely to happen to this weekend's RDS interest payment, which will then make the referenced period of 1st March - 2nd April correct 

This does mean that if the full balance is withdrawn immediately, for example on Saturday 1st April, that the savings account will end up overdrawn.

It shouldn't do because the full amount shows as the available balance - the interest payment isn't a pending transaction.

wmb194

RG2015 said:

wmb194 said:

RG2015 said:

Just checked my Barclays app and the interest payment says today.

Yesterday I thought it showed the date of 1st April but I may be wrong.

I guess tomorrow it will either say today or give the date as 3rd April.

It'll settle on 03/04/23 as it always becomes the first working day of the month. One of Barclays' quirks but I like that it shows the interest that's due on non-working days.

I have to say that I prefer the NatWest process on their Digital Regular Saver. Nothing is shown until the day after the statement date.

This month for example, the interest will not show until Tuesday 4th April but it will be dated Monday 3rd April (having been calculated up to and including Sunday 2nd April).

That's funny because yesterday I was wishing that RBS/NatWest did things the same way as Barclays as I want to know now and not have to remember to check on Tuesday.  Not that it really matters...