Barclays Premier Banking

Suzz_2

I've just got a letter from Barclays saying I've been upgraded to Premier Banking.

This means I can get an interest-free and fee-free £1000 overdraft facility repayable on demand.

I've not used an overdraft before but I assume this means I can run the account at -£1000, and keep an extra £1000 permanently in savings. Not sure what the 'repayable on demand bit means though - I'm going to check with them.

Just wondering if anyone else had got this & what you make of it?

grumbler

'Premier is an exclusive service designed to help you make the most of your money. It's ideal if you earn £100,000+ or have £50,000+ to save or invest.'

It looks like you have a lot of money! Why do you bother about trifling £1000? :rolleyes:

'Repayable on demand’ means that they can ask you to repay at anytime.

Barclays’ standard T&C:
‘7.4 Unless we have specifically agreed otherwise with you, we may demand the repayment of, or reduction in, your overdraft at any time without notice. Until you repay us in full we will charge interest and fees at the rates set out in the additional conditions both before and after any court order in our favour for repayment.’

I do not think that they do this without good reasons.

Suzz_2

Sadly neither of those 2 criteria apply to me!!!

I just got this letter from Barclays. I've been with them ages, never bothered switching to an account with better interest 'cos there's never much in my account (<£200 normally as pay goes in and all DDs/bills go out next day).

I've been looking about at other accounts though and a permanent £1000 free overdraft looks pretty good. Either to put into saving or just for convenience.

davidcampbell

I do not think that they do this without good reasons

yes, generally you will only be asked to repay 'on demand' and overdraft which you show you cannot support.

either by constantly exceeding it

or by not paying in enough to maintain it. - eg you have a £1000 o/d - you must show barclays you can afford it but crediting money to the acocunt each month ... they would probably want in excess of £1k / month credited althouh the rules differ from bank to bank and acc to acc


DC

Xbigman

Have you been offered the account or just offered the chance to apply for it?
Regards



X

Suzz_2

Never requsted it - have just automatically been upgraded. They say its been offerred to a small number of customers. As I mentioned I don't earn a huge amount and don't keep any savings with Barcalys, but I've been with them ~15 years.

It also comes with:
- increased daily limit of £750 on cash withdrawals
- 2 years extended warranty on electrical stuff over £25, bought with Connect card.

I am quite impressed with this from Barclays. The interest rate is still miserly (<1%) but I suppose the best way to run the account will be close to -£1000.