Barclays Rainy Day Saver overpaid interest

RG2015

refluxer said:

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This does mean that if the full balance is withdrawn immediately, for example on Saturday 1st April, that the savings account will end up overdrawn.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

I agree, but I once withdrew from Nationwide at the weekend after they had credited interest early and they subsequently adjusted the interest which made my savings account overdrawn.

AmityNeon

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This does mean that if the full balance is withdrawn immediately, for example on Saturday 1st April, that the savings account will end up overdrawn.

I withdrew the interest yesterday, the transaction date of the withdrawal is (currently) listed as today in the transaction list history, but the withdrawal date in the transaction’s details is post-dated for tomorrow afternoon.

Even on weekdays, Barclays has a very early cutoff point for transactions. I sent payments from my Chase account to Barclays on Wed 15 Mar and Thu 16 Mar at 19:57 and 20:43, bur according to Barclays’ transaction history, these payments were received exactly 24 hours later on 16 Mar and 17 Mar (even though in real time it was 15 Mar and 16 Mar).

It’s entirely possible that all transactions (including withdrawals) over the weekend are ignored for the purposes of interest calculation and simply post-dated to the next working day, but for whatever reason, interest is still paid on non-working days.