Three million Barclays customers will be moved from old savings products to the firm's Everyday Saver in February 2015 as the bank culls off-sale products.

Barclays is this week writing to all affected customers, with about 2.6 million customers likely to get a rate boost as a result of the move, while nearly half a million will be worse off.

However, as the Everyday Saver only pays up to 0.8% AER depending on how much you have in the account, all savers should use this opportunity to see if they can switch by moving their cash elsewhere.

Savers can earn up to 5% AER by moving their money elsewhere (see our Top Savings and Best Bank Accounts guide for full information on the top payers).

Lee Chiswell, head of savings at Barclays says: "We want to continue to simplify the way we do business with our savings customers. These changes will make it easier for our customers to understand their products, and easier for our staff to serve them."

The move follows a similar cull by Barclays earlier this month, when it moved 2.4 million customers on old ISA products to its Instant Cash ISA Issue 1 (see the Got an old Barclays NISA? Check your rate's not about to drop MSE News story).

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Who's affected?

Anyone with one of the following savings accounts will be moved to Barclays' Everyday Saver over a one week period beginning on 18 February 2015:

  • Active Savings (currently pays 0.1% AER).
  • Barclays Instant Savings Account (currently pays 0.15% AER).
  • Bonus Saver (currently pays up to 0.1% AER depending on how much is in the account and whether any withdrawals have been made since the last interest payment).
  • Day to Day Savings (currently pays 0.1% AER).
  • Direct Access (currently pays between 0.7% AER and 1.40% AER depending on how much is in the account).
  • Direct Access Plus (currently pays 1.5% AER).
  • E-savings (currently pays between 0.1% AER and 0.12% AER depending on how much is in the account).
  • Easy Saver (currently pays 0.1% AER).
  • Essential Savings (currently pays between 0.1% AER and 0.79% AER depending on how much is in the account).
  • Instant Cash Account (currently pays 0.1% AER).
  • MoreForMore Savings (currently pays between 0.5% AER and 1% AER depending on how much is in the account).
  • Nest-egg Savings (currently pays up to 0.1% AER depending on how much is in the account and whether any withdrawals have been made since the last interest payment).
  • Postal Savings (currently pays between 0.1% AER and 0.3% AER depending on how much is in the account).
  • Regular Savings Account (currently pays 0.05% AER).
  • Reward Saver (currently pays between 0.1% AER and 0.2% AER depending on the number of withdrawals made in a year).
  • Savings Builder (currently pays up to 0.1% AER depending on how much is in the account and whether any withdrawals have been made since the last interest payment).
  • Tracker Savings (currently pays 0.1% AER).
  • 30 Day Savings (currently pays between nothing and 0.1% AER depending on how much is in the account).
  • 50 Day Notice (currently pays up to 1.85% AER depending on how much is in the account).
  • 60 Day Savings (currently pays between nothing and 0.1% AER depending on how much is in the account).

Does the move affect any other terms and conditions?

Barclays says customers will receive new terms and conditions relating to the Everyday Saver in the post this week when it notifies users of the change.

By moving to the Everyday Saver customers will no longer have any restrictions on their savings account such as notice periods, withdrawal restrictions and access restrictions.

However, their existing sort code and account number will remain the same and they'll be able to continue to make transactions on their account as normal before, throughout and after the change.

What does the Everyday Saver pay?

Below are the interest rates the Everyday Saver pays, all of which include a one year introductory bonus of 0.21% AER.

  • £1-£10,000 – 0.31% AER.
  • £10,000-£25,000 – 0.46% AER.
  • £25,000-£50,000 – 0.60% AER.
  • £50,000-£100,000 – 0.70% AER.
  • £100,000+ – 0.80% AER.

Customers can access the Everyday Saver in branch, over the phone, online and via mobile banking.

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