Barclays has launched one of the best savings account rates in the UK, offering ten per cent on all payments for a year.
The Barclays Regular Saver will offer a market-leading rate on payments of between £25 and £250 a month for the first twelve months after it is opened.
The offer is open to new and current customers, with the provision that they have at least £1,000 paid into a Barclays current account monthly.
There are several clauses which may make it unsuitable for some savers, however.
Typically for this kind of offer, the money must stay locked in to the account for the first year, and the maximum deposit is no more than for a cash ISA (£3,000).
If any of the conditions is broken the rate falls to a measly 2.9 per cent – the same rate as the Barclays Easy Saver Account – and unlike an ISA, savings will not be tax free, effectively reducing the rate to around eight per cent net.
The Barclays current account attached to the Regular Saver is also short of some of the inducements offered by its rivals, such as cashback or a significant amount of interest on balances.
“Barclays bank account customers paying in over £1,000 a month and such individuals that do not have the inclination to switch their current account elsewhere, should take advantage of this ten per cent rate,” commented finance expert Stuart Glendinning.
Others may be better advised to look elsewhere.
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