Barclays Savings Account Review

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Barclays Savings Account
2.5 stars
Average rating for this product is: 2.5 out of 5

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Mindy's Review of Barclays Savings Account

8th Apr 2004

Overall Rating

2.5 stars
  • Value for money
    5 stars
Good Points

Accessible online
Easy to transfer money around


Bad Points

Doesn't earn much interest


General Comments

I signed up for a Barclays Savings Account because I had a student checking account which had my grant cheque for a year sitting in it, and it wasn't earning any interest, so the cashier recommended to transfer the bulk of the money into a savings account, which would earn marginally more interest and then each month, using internet banking, move the month's budget into my checking.

In one sense this is great because as a foreign student, most banks would not give me an account at all, as I'm not on the voting register (even now that I have permanent residency status, a job, etc.) so at the time I needed an account, any account and they gave me this one and it doesn't cost anything to set up or in monthly fees - many American banks try to charge monthly fees. The internet banking feature is brilliant because it allows you to transfer funds immediately between your Barclays accounts, and I have a standing order set up to send a set amount each month into my savings account, so I know there is always that cushion in savings for the future.

The downside is that it's with Barclays, who are the scourge of banks. They seem to always deduct the standing order a day or 2 early when the transfer date for the funds is a Monday - surely I should have access to the money due to go up til the scheduled transfer date. And the account earns very little interest - something like 1%.

That said, the account is there. My money is safe in it (I think....) and will remain there until I have enough to make a deposit on a new car. I suppose you could ask for more than that, but it will do for now (or at least until I persuade another bank that I am not a high risk to run up a huge overdraft and abscond from the country).

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LenderAccountDescriptionInterestAEROverdraft  
Overdraft LimitOverdraft Rate
NatWeste-ISAAvailable to existing Natwest Customers Only. The longer you save the more you can earn, save up to £3,600 in a tax year. See site for details.Monthly2.00%N/A
AbbeyDirect ISASave from just £1 to receive 2.00 AER (variable) tax free.Annually2.00%N/A
NatWestCash ISAAvailable to existing Natwest customers only. Transfer your previous years ISA's into this great cash ISA. Earn up to 2.0% AER tax free.Monthly2.00%N/A