Downgrading Barclays Premier Account

BoracicLint

Good Morning all,

I've recently decided to streamline some of my outgoings, including downgrading my mobile phone contract, negotiating cheaper gym membership, cancelling credit expert's membership fee etc.. and the next item on the list is my Barclays Premier Account, which I intend to downgrade to a free account before switching everything to First Direct to take advantage of the £125 bonus.

I currently pay a fee for the Barclays Premier account, which includes various policies such as breakdown cover, mobile phone insurance, travel insurance etc.. Does anyone know if I can downgrade the account in branch instantly or does it have to be on the anniversary of the account opening due to the insurance policies running?

I also have a large overdraft limit with Barclays, although I am currently in the black and intend to stay there, are they likely to relinquish this high limit if I downgrade or should it be applied to the downgraded accout?

On a side note, I was wondering if anybody had tested Barclays customer-retention tactics? In other words, has anybody managed to maintain the benefits of the Premier Account with a reduced fee, by the threat of leaving?

Thanks in advance for any advice...

System

You might be able to get them to 'downgrade' it to a platinum account - I say downgrade as the main difference is better banking services such as free CHAPS. The interest free limit on overdrafts is lower but then the account is fee free.

Look at it yourself; it's listed as closed product on the Barclays website but is still available as downgrade from Premier.

I would suggest it's better than First Direct's offering.

BoracicLint wrote: »

Good Morning all,

I've recently decided to streamline some of my outgoings, including downgrading my mobile phone contract, negotiating cheaper gym membership, cancelling credit expert's membership fee etc.. and the next item on the list is my Barclays Premier Account, which I intend to downgrade to a free account before switching everything to First Direct to take advantage of the £125 bonus.

I currently pay a fee for the Barclays Premier account, which includes various policies such as breakdown cover, mobile phone insurance, travel insurance etc.. Does anyone know if I can downgrade the account in branch instantly or does it have to be on the anniversary of the account opening due to the insurance policies running?

I also have a large overdraft limit with Barclays, although I am currently in the black and intend to stay there, are they likely to relinquish this high limit if I downgrade or should it be applied to the downgraded accout?

On a side note, I was wondering if anybody had tested Barclays customer-retention tactics? In other words, has anybody managed to maintain the benefits of the Premier Account with a reduced fee, by the threat of leaving?

Thanks in advance for any advice...

BoracicLint

Heng_Leng wrote: »

You might be able to get them to 'downgrade' it to a platinum account - I say downgrade as the main difference is better banking services such as free CHAPS. The interest free limit on overdrafts is lower but then the account is fee free.

Look at it yourself; it's listed as closed product on the Barclays website but is still available as downgrade from Premier.

I would suggest it's better than First Direct's offering.

Thank you. I'll give this a try when I visit the branch tomorrow. I just had a look at the spec on the account, it seems to be basically a premier account (same £750 withdrawal limit etc..) but with no monthly fee, which would suit me fine...

I may just do this and then transfer a couple of direct debits and £1500 out to First Direct and collect their £125 bonus as well.