Barclay's Blue Rewards Removing £5 Reward

WillPS

silvercue said:

I am closing this account.  It is pointless now unless you are really keen on Apple TV and MLS.

Removing the £5 means you are paying £5, which changes the real interest rate from 5 to 3.6%.  I have other accounts paying more.

Last payment is September 3rd....so I will close this the day after.  Unless it is better to close in August...I wonder if I still get the reward on Sept 3rd? (sorry if that is above, late to this)

Full explanation in this thread:

https://forums.moneysavingexpert.com/discussion/comment/80922905/#Comment_80922905

Essentially you can bin it whenever you like in the next month and it'll cost the same. If you're using the Rainy Day Saver I'd advise you to leave it as late as safely possible, because you'll probably find it'll take several months from when you cancel Blue Rewards for them to take the account from you.

silvercue

Thanks @HillStreetBlues - I will cancel today

boco803

WillPS said:

silvercue said:

I am closing this account.  It is pointless now unless you are really keen on Apple TV and MLS.

Removing the £5 means you are paying £5, which changes the real interest rate from 5 to 3.6%.  I have other accounts paying more.

Last payment is September 3rd....so I will close this the day after.  Unless it is better to close in August...I wonder if I still get the reward on Sept 3rd? (sorry if that is above, late to this)

Full explanation in this thread:

https://forums.moneysavingexpert.com/discussion/comment/80922905/#Comment_80922905

Essentially you can bin it whenever you like in the next month and it'll cost the same. If you're using the Rainy Day Saver I'd advise you to leave it as late as safely possible, because you'll probably find it'll take several months from when you cancel Blue Rewards for them to take the account from you.

So on Sept 3rd, I'm expecting Barclays to credit £5 to my rewards account and debit £5 from my CA for the month of August.

I have the Rainy Day Saver - if I cancel this say on Sept 25th, would the higher interest rate be paid to that date or would they apply a lower rate from Sept 4th as I wouldn't have paid the fee (in October for September)?

@WillPS - I don't quite understand bold / italic highlighted? 

WillPS

boco803 said:

WillPS said:

silvercue said:

I am closing this account.  It is pointless now unless you are really keen on Apple TV and MLS.

Removing the £5 means you are paying £5, which changes the real interest rate from 5 to 3.6%.  I have other accounts paying more.

Last payment is September 3rd....so I will close this the day after.  Unless it is better to close in August...I wonder if I still get the reward on Sept 3rd? (sorry if that is above, late to this)

Full explanation in this thread:

https://forums.moneysavingexpert.com/discussion/comment/80922905/#Comment_80922905

Essentially you can bin it whenever you like in the next month and it'll cost the same. If you're using the Rainy Day Saver I'd advise you to leave it as late as safely possible, because you'll probably find it'll take several months from when you cancel Blue Rewards for them to take the account from you.

So on Sept 3rd, I'm expecting Barclays to credit £5 to my rewards account and debit £5 from my CA for the month of August.

I have the Rainy Day Saver - if I cancel this say on Sept 25th, would the higher interest rate be paid to that date or would they apply a lower rate from Sept 4th as I wouldn't have paid the fee (in October for September)?

@WillPS - I don't quite understand bold / italic highlighted? 

In my experience, they don't immediately downgrade your Rainy Day Saver when you cancel Blue Rewards - it seems to take them about 6 months from when you cancel, so if you cancel today you might be able to keep it until Feb, but if you cancel in a month's time you might be able to keep it until March.

Either that or something's changed in the 2 years since I cancelled Blue Rewards, and you will in fact have it taken off you much quicker.

ForumUser7

WillPS said:

boco803 said:

WillPS said:

silvercue said:

I am closing this account.  It is pointless now unless you are really keen on Apple TV and MLS.

Removing the £5 means you are paying £5, which changes the real interest rate from 5 to 3.6%.  I have other accounts paying more.

Last payment is September 3rd....so I will close this the day after.  Unless it is better to close in August...I wonder if I still get the reward on Sept 3rd? (sorry if that is above, late to this)

Full explanation in this thread:

https://forums.moneysavingexpert.com/discussion/comment/80922905/#Comment_80922905

Essentially you can bin it whenever you like in the next month and it'll cost the same. If you're using the Rainy Day Saver I'd advise you to leave it as late as safely possible, because you'll probably find it'll take several months from when you cancel Blue Rewards for them to take the account from you.

So on Sept 3rd, I'm expecting Barclays to credit £5 to my rewards account and debit £5 from my CA for the month of August.

I have the Rainy Day Saver - if I cancel this say on Sept 25th, would the higher interest rate be paid to that date or would they apply a lower rate from Sept 4th as I wouldn't have paid the fee (in October for September)?

@WillPS - I don't quite understand bold / italic highlighted? 

In my experience, they don't immediately downgrade your Rainy Day Saver when you cancel Blue Rewards - it seems to take them about 6 months from when you cancel, so if you cancel today you might be able to keep it until Feb, but if you cancel in a month's time you might be able to keep it until March.

Either that or something's changed in the 2 years since I cancelled Blue Rewards, and you will in fact have it taken off you much quicker.

I downgraded from blue rewards in August, received a letter saying the RDS will downgrade to an everyday saver at the end of October. Anyone else had these letters? Unfortunately seems they may have got quicker at downgrades alongside removal of the £5 rewards

WillPS

Either way - if you use the Rainy Day Saver then IMHO it makes sense to push that 'notice date' as far as possible down the line.

InA

New seasons of Slow Horses and Pachinko are coming out this month, if anyone's interested in those. The episodes spill over into October, so a free trial month (cancelling at the end of September) or staying in Blue Rewards for an extra month (for the £5 fee) would be needed to watch the series to their conclusions.

EarthBoy

WillPS said:

boco803 said:

WillPS said:

silvercue said:

I am closing this account.  It is pointless now unless you are really keen on Apple TV and MLS.

Removing the £5 means you are paying £5, which changes the real interest rate from 5 to 3.6%.  I have other accounts paying more.

Last payment is September 3rd....so I will close this the day after.  Unless it is better to close in August...I wonder if I still get the reward on Sept 3rd? (sorry if that is above, late to this)

Full explanation in this thread:

https://forums.moneysavingexpert.com/discussion/comment/80922905/#Comment_80922905

Essentially you can bin it whenever you like in the next month and it'll cost the same. If you're using the Rainy Day Saver I'd advise you to leave it as late as safely possible, because you'll probably find it'll take several months from when you cancel Blue Rewards for them to take the account from you.

So on Sept 3rd, I'm expecting Barclays to credit £5 to my rewards account and debit £5 from my CA for the month of August.

I have the Rainy Day Saver - if I cancel this say on Sept 25th, would the higher interest rate be paid to that date or would they apply a lower rate from Sept 4th as I wouldn't have paid the fee (in October for September)?

@WillPS - I don't quite understand bold / italic highlighted? 

In my experience, they don't immediately downgrade your Rainy Day Saver when you cancel Blue Rewards - it seems to take them about 6 months from when you cancel, so if you cancel today you might be able to keep it until Feb, but if you cancel in a month's time you might be able to keep it until March.

Either that or something's changed in the 2 years since I cancelled Blue Rewards, and you will in fact have it taken off you much quicker.

I cancelled Blue Rewards on 20 June, and Barclays downgraded my Rainy Day Saver last week, so just over 2 months. 

HillStreetBlues

EarthBoy said:

I cancelled Blue Rewards on 20 June, and Barclays downgraded my Rainy Day Saver last week, so just over 2 months. 

What did the rate drop too?

WillPS

HillStreetBlues said:

EarthBoy said:

I cancelled Blue Rewards on 20 June, and Barclays downgraded my Rainy Day Saver last week, so just over 2 months. 

What did the rate drop too?

The account changes to an 'everyday saver', currently up to a whopping 1.66%:

https://www.barclays.co.uk/savings/instant-access/everyday-saver/