Barclays Launching 7.75% One Year Fixed Rate Monthly Saver On 2nd June

free4440273

^LOL: in The Times Money section (Sat.) over the last couple of weeks, in the letter's columns, there have been a number of readers who have said something akin to: 'applied for Barclays ISA....Barclays said they cannot process your monies till xxx number of days....Good riddance...I have now put my savings into another bank ISA'. Close enough, I can assure you:)

Ologhai

I was passing Barclays this morning, so I thought I'd open one of these.

Like many of you I'm sure, I have accounts at various banks for various historical reasons. I've had accounts with Barclays for over 20 years, and I currently have five-figures with them (albeit not far into five-figures), and they wouldn't open a regular saver because I didn't have a passport or driving licence with me!

Does this seem weird to anyone else, or is it just me?

LongTermLurker

Ologhai wrote: »

I currently have five-figures with them (albeit not far into five-figures), and they wouldn't open a regular saver because I didn't have a passport or driving licence with me!

Does this seem weird to anyone else, or is it just me?

As an existing customer I see no reason why they would need proof of ID, other than perhaps your existing account details - they already have your address, so why can't they just send a confirmation letter there?

Sounds like "old fashioned" regs to me.

nicko33

LongTermLurker wrote: »

As an existing customer I see no reason why they would need proof of ID

How about to prove that you ARE that existing customer

nicko33

KTF wrote: »

Non-Barclays customers have to apply in branch. I am going to hold off for a few weeks to see if its as chaotic as their ISA. If it is then I will pass...

I have just opened one in branch - no fuss, and only a very soft sell for some of their other products.
I actually only went in to get an application form for one because I didn't think I had enough ID (only photocard driving license) but that turned out to be enough to open it.

mary

Ologhai wrote: »

I was passing Barclays this morning, so I thought I'd open one of these.

Like many of you I'm sure, I have accounts at various banks for various historical reasons. I've had accounts with Barclays for over 20 years, and I currently have five-figures with them (albeit not far into five-figures), and they wouldn't open a regular saver because I didn't have a passport or driving licence with me!

Does this seem weird to anyone else, or is it just me?

I understand your point, but I believe that banks generally are entitled to ask for proof of ID for opening any new account, to "avoid money laundering purposes". It seems daft, when they already know you, but they are tightening up on security, which can't be a bad thing.

Frugality_2

I don't fully understand.

I would like the new Barclays monthly because my Lloyds one is woeful - can I just open this Barclays one and start paying into that or must I close my Lloyds one too?

Thanks

Primrose

Popped along to my local Barclays this morning as I had to pay a couple of cheques into my account anyway and set up one of these Regular Saver accounts while I was there. It took less than 15 minutes, with the first standing order starting on June 7th. And I walked out of the door with the account number in my hand. Later this afternoon I checked my on-line banking profile and the account was there, already set up.

KTF

nicko33 wrote: »

I have just opened one in branch - no fuss, and only a very soft sell for some of their other products.
I actually only went in to get an application form for one because I didn't think I had enough ID (only photocard driving license) but that turned out to be enough to open it.

That sounds promising. Did you walk out the door with the account number and sort code or is that going to be sent?

Is it 12 individual payments or 12 months from the start of the first payment so you can can you put a payment in towards the end of the month then another on July 1 to get £500 in there straight away similar to the Lloyds one?

Frugality: you can have as many Monthly Savers as you want. There is no restriction like ISAS have.

Paul_Herring

Frugality wrote: »

because my Lloyds one is woeful

It's only woeful if you opened it after (IIRC) February of this year; if you opened earlier, it'll still be at 7%/8% or whatever it was when you opened it until it matures. After maturity it'll drop 4.55% AER and you should stop paying into it.

- can I just open this Barclays one and start paying into that or must I close my Lloyds one too?

You can have both the Barclay's and Lloyds operating at the same time.