Jump to content
House Price Crash Forum
Sign in to follow this  
Charlie Don't Surf

Barclay's 10% Account

Recommended Posts

I was going to sign up for a Barclay's 10% account. It pays 10% AER - I didn't quite understand what was meant by AER but I'd imagine it still translates to a pretty healthy rate.

Anybody think of a reason why I shouldn't stick a load of cash into one of these accounts.

Cheers,

Chris

Share this post


Link to post
Share on other sites

I was going to sign up for a Barclay's 10% account. It pays 10% AER - I didn't quite understand what was meant by AER but I'd imagine it still translates to a pretty healthy rate.

Anybody think of a reason why I shouldn't stick a load of cash into one of these accounts.

Cheers,

Chris

At a guess they limit the amount u can put in and its probably for a limited time frame only ?

without even needing to look at the small print this is a guess :P

Share this post


Link to post
Share on other sites
Guest Bart of Darkness

Spot on ExeC.

You need to either have a Barclays current account or open one before you can have a 10% account.

You need to pay £1000 into your current account per month.

You can only pay between £25 and £250 into your 10% account per month.

The account lasts one year, no withdrawals allowed during that time.

At the end of the 12 month term the Regular Saver account will be converted to a Barclays Easy Saver account

Share this post


Link to post
Share on other sites

Alliance & Leicester have the same set-up, however their current account you only have to put £500 a month in. Limit for saver account is £250 per month and the deal only lasts a year. I've subscribed, and am moving my current account out of HSBC into A+L

Share this post


Link to post
Share on other sites

...so you put in 1250 per month.

The 250 gets a high rate (if its in for a year and no withdrawls etc etc)

but the 1000 portion stays in a crappy current account paying sod all.

If I have that right, when you consider the interest earned on the 1k portion I bet it turns out pretty crap rate overall.....

Share this post


Link to post
Share on other sites

...so you put in 1250 per month.

The 250 gets a high rate (if its in for a year and no withdrawls etc etc)

but the 1000 portion stays in a crappy current account paying sod all.

If I have that right, when you consider the interest earned on the 1k portion I bet it turns out pretty crap rate overall.....

With Alliance & Leicesters - you only have to pay in £500 a month. You can pay it in then take it straight out

the same day! Though they pay 5% on their current account (reverting to 2.5% in 2007 - i think!)

Edited by OzzMosiz

Share this post


Link to post
Share on other sites
...so you put in 1250 per month.

The 250 gets a high rate (if its in for a year and no withdrawls etc etc)

but the 1000 portion stays in a crappy current account paying sod all.

If I have that right, when you consider the interest earned on the 1k portion I bet it turns out pretty crap rate overall.....

You can take the 1k out! You just have to have your salary to be paid in there (which must be above £1k)

AER = Annual Equivalent Rate

I have this account, and if you can guarantee not to touch it, it's worth it.

Although, last night I realised the transfer is now £1k per day for online banking (previously £2k). Nothing related to the regular saver, but dam annoying when your moving more than £1k surplus cash to other accounts (yes, I could use telephone banking..).

Previous discussion on it: http://www.housepricecrash.co.uk/forum/ind...wtopic=24340&hl

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.