Barclays Premier Banking

retiree

I note that Barclays has moved some customers who fall well short of the basic income requirement to Premier Banking without asking them. Is anybody else wary about this?

KGriff

It does say in many of the Barclays terms and conditions that a customers eligibility is reviewed regularly.

For the premier account (as an example), there are two separate pieces of criteria applied. Either you earn £75,000 per year paid into your current account or hold a combined total of £100,000 invested with them. I assume that includes their Barclays Wealth products too... Fail both those pieces of criteria and you get their basic current bank account.

I think the issue is most people chase higher rates these days and there are many other higher interest paying providers out there and things are a lot easier to switch online.

Barclays don't do much to keep their customers ... Even their new blue rewards scheme, for the basic current accounts is not stopping the mass exodus to the higher paying current accounts such as Santander 123 account etc.

retiree

Sorry I wasn't very clear. The issue is that I have been moved INTO Premier Banking without requesting it. My income and savings are nowhere near the minimum required.

KGriff

In fact your post was clear retiree and it is me who has misread it, sorry.

I used to be an old Barclays platinum (not premier) account holder many years ago, when I had some of their Barclays Wealth products and ISA's, but that came with Barclays Additions £12pm account fees etc.

I know that they do 'regular account reviews' because my account was later downgraded when the investments matured and were moved elsewhere.

My wife holds their normal free current bank account and she has just checked and her account is still a standard account.

Perhaps you have come into some money (over £100,000) and just not aware of your windfall... ha ha ... Have you won the lotto perhaps? ha ha

I reckon you need to make a few enquiries of your own.. I think the only advantage of the account is a £300 free overdraft facility plus a few discounts at stores (that none of us use) and discounts at some restaurants, mainly useful to those who live near London or other big City. I don't think there is a monthly charge for the account, unless you choose to add their premier tech pack etc.

oldfella

its a bit better than that, free overdraft is £1000, and the goodies include free entry to English Heritage and the RA, and a Gourmet society sub.

not fantastic but if you use Barclays anyway, and they are prepared to give it to me, I wont refuse. They said I qualified because of how I managed my account, whatever that means.

Shmo

I had a large amount of money moving through my Barclays current account last year and received an email inviting me to join premier banking, so it was definitely an opt-in thing.

Didn't do it because I would have fallen short of the criteria the next time they checked and I'm not too bothered about getting a black debit card.

The only reason I stay with Barclays is because they have a very good Windows mobile app for checking my current account. I'd probably switch to Nationwide if they had one too.

tocsin

I'm (pending) moving out of Premier banking to 'normal' banking - there were plenty of letters beforehand, so I could have upped my investments with Barclays.

To be honest, most of the benefits were of no interest (especially as the current account interest is now zero!), and I will be happy to pay a lower monthly fee for the travel insurance.

I would have thought a specific opt-in would be required for a chargeable account, though!

retiree

tocsin wrote: »

I would have thought a specific opt-in would be required for a chargeable account, though!

They make it clear that there is no charge for Premier Banking, but I am wary of changes made without my authorisation (you don't get owt for nowt!).

Orwell

The major benefit I found was the higher daily ATM limit - handy if you're taking a lot of cash out to buy a car or get foreign currency.