Barclays Savings Account

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).