barclays e-savings

james3333

hi guys,
i have just read that barclays are opening an e-savings account from 2nd june
5.25% AER (5.13% Gross p.a.), which includes a 12 month bonus of 0.75% gross
now, i actually have a 'dormant' barclays e-savings account that i was gona close and move the money due to the interest at the moment being 3.?%
my question is, if i simply leave the e-savings account as it is will i start to get the new higher % rate on the 2nd june?

thanks very much.

Milarky

No details yet. But I would guess it is for new account openings only. Now do Barlcays allow you to have two e Savings accounts? - probably not. So the safest thing to do is close your e savings account now

Also on 2 June 2008, Barclays will be launching a new online savings account. e-savings Reward will pay a flat 5.25% AER (5.13% Gross p.a.), which includes a 12 month bonus of 0.75% gross, and after the introductory bonus period, the higher gross rate payable on the account is guaranteed to be not less than 0.50% below the Barclays Bank Base Rate until 1 January 2010.

http://www.moneyextra.com/news/news-barclays-unveils-039528.html

On the other hand, there is a clue in the new naming of the account. Barclays tend to discontinue very similar accounts and then bring them out under new (slightly different) terms - e.g 'Day to Day Savings' (defunct) and 'Active Savings' (current) - so my second thought is that the 'Reward' will become the successor account - and Barclays could not very well refuse to allow you to open a technically 'different' account....

james3333

well this quote is from the same article thats been released...
"The new online account will also open to new and existing customers and offers an optional cash card, enabling customers to withdrawal up to £300 from any Barclays cash machine."

http://www.moneyextra.com/news/news-barclays-unveils-039528.html

so do you think it will just 'automatically switch over ' to the new rates?

Milarky

james3333 wrote: »

so do you think it will just 'automatically switch over ' to the new rates?

No. I suspect a new account application will be requied..

james3333

Bummer, i will ring them at launch then to switch it over.
cheers

james3333

Cant see any sign of this e-savings account launching on the barclays website........ can anyone confirm?

oldfella

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=14936

not so good - 3.13% for the month a withdrawl is made

james3333

yeh, they are suppose tobe changing it....... read the link....but i cant see any sign of this 'new rate' on their website.....

Milarky

Hmm!

Higher interest rate of 5.25% AER (5.13% gross pa*) in months when no withdrawals are made. This rate includes a 12 month introductory bonus of 0.75% gross Lower interest rate of 3.17% AER (3.13% gross pa*) paid for months in which a withdrawal is made

The Moneyextra link (to original details, above) missed the fact that there are two rates of interest, and this is just the same (about) as the HSBC Online Bonus Saver (maybe, like that one, Barclays will offer affliliate cashback?)

james3333

!!!!!!,
Thanks for sharing that mate, coz i use the e-saver to drip feed my current account.....so this would be no good for me, coz i would just get the lower teir interest all the time
cheers

trashcan_2

Rang Barclay 3 weeks ago for something and they asked me if i would change over Day to Day to Active saver. I said yes as this is my emergency fund.
3 week later and another 1/2 hour on the phone and i still have not been updated.