Barclays Premier Current Account

Perksy5

WillPS said:

Perksy5 said:

WillPS said:

Perksy5 said:

WillPS said:

Deleted_User said:

I have a thread about an overdraft at Barclays 

https://forums.moneysavingexpert.com/discussion/6416497/how-long-before-barclays-can-offer-you-an-overdraft#latest

They told me my free account could not have an overdraft and I'd have to upgrade. So there let are two types of Premier account?

Pleb Premier £20 a month

and real Premier?

I was the pleb!

To be eligible for Premier, you need to have a salary of £75,000 or investments worth £100k with Barclays.

To keep your Premier account fee free, you need to either maintain that investment with Barclays or pay in £3300 per month or £40k a year (which is a significant bit of wriggle room on the £75k salary but allows for any PAYE deductions you might have going on). If you don't do these, you'll be charged £20/month.

There's no option to join Premier as a 'non-eligible but fee paying' customer.

I think you can, I don't qualify for Premier in any criteria but I have the upgrade now button there and it takes me through the journey. I imagine I'd have to pay the £20 for it of course per month.
It never used to be there, premier was always invitation only or there was a call up button to discuss it. So based on that I can upgrade without ticking any boxes but pay for the privilege 

I suspect that button's presence is not intended as an assurance that you can get it, but the only way to know would be to try it.

Sorry I should've rephrased this to be less ambiguous, I know they are introducing it as an option to pay for it if you don't qualify, it'll just be treated differently for new sign ups to pay vs existing customers who no longer qualify and extending the grace period before charging them later this year

If that was the case, why would Barclays themselves state:

Are you eligible for Premier?

To join Premier Banking, open a Premier Current Account and either 

Pay in a gross annual income of at least £75,000 

or

Have a total balance of at least £100,000 in savings with us, in Barclays UK investments – or in a mix of both

This isn't hidden away, it's on their main Premier Banking product page:

Premier Current Accounts | Barclays

Every indication I see is that the monthly/yearly pay in is a step to keep the account fee free once you have it, not an alternative option for getting it.

Because as I said they've delayed the introduction of the fee for existing prem customers who are non qualifying  (see previous poster who hasn't been charged yet) until later this year. They're not going to change the website until they confirmed the new date of the fee being introduced and what they plan to do with customers who no longer qualify and don't want to pay the fee, obviously 

Saver101101

Still says its Free so far in the Letter I got last  year:

[Deleted User]

WillPS said:

Deleted_User said:

I have a thread about an overdraft at Barclays 

https://forums.moneysavingexpert.com/discussion/6416497/how-long-before-barclays-can-offer-you-an-overdraft#latest

They told me my free account could not have an overdraft and I'd have to upgrade. So there let are two types of Premier account?

Pleb Premier £20 a month

and real Premier?

I was the pleb!

To be eligible for Premier, you need to have a salary of £75,000 or investments worth £100k with Barclays.

To keep your Premier account fee free, you need to either maintain that investment with Barclays or pay in £3300 per month or £40k a year (which is a significant bit of wriggle room on the £75k salary but allows for any PAYE deductions you might have going on). If you don't do these, you'll be charged £20/month.

There's no option to join Premier as a 'non-eligible but fee paying' customer.

Barclays are offering this to me as a way to get an overdraft. I would meet the £3300 per month requirement on some months but not others. I do not earn 75k. Nevertheless they have suggested I get the account not sure if I would be charged. Do you need to pay in the £3300 for all 12 months?

wmb194

Why don't you go back to using HSBC and see whether it will offer you another overdraft? It feels like we're flogging a dead horse here.

[Deleted User]

wmb194 said:

Why don't you go back to using HSBC and see whether it will offer you another overdraft? It feels like we're flogging a dead horse here.

I’m giving Barclays 7 days to call me then I will call it a day. 

AlwaysLearnin

[Deleted User] said:

WillPS said:

[Deleted User] said:

I have a thread about an overdraft at Barclays 

https://forums.moneysavingexpert.com/discussion/6416497/how-long-before-barclays-can-offer-you-an-overdraft#latest

They told me my free account could not have an overdraft and I'd have to upgrade. So there let are two types of Premier account?

Pleb Premier £20 a month

and real Premier?

I was the pleb!

To be eligible for Premier, you need to have a salary of £75,000 or investments worth £100k with Barclays.

To keep your Premier account fee free, you need to either maintain that investment with Barclays or pay in £3300 per month or £40k a year (which is a significant bit of wriggle room on the £75k salary but allows for any PAYE deductions you might have going on). If you don't do these, you'll be charged £20/month.

There's no option to join Premier as a 'non-eligible but fee paying' customer.

Barclays are offering this to me as a way to get an overdraft. I would meet the £3300 per month requirement on some months but not others. I do not earn 75k. Nevertheless they have suggested I get the account not sure if I would be charged. Do you need to pay in the £3300 for all 12 months?

Not necessarily...

https://www.barclays.co.uk/premier-banking/premier-eligibility/

"We appreciate that the income paid into your account can differ quite significantly to your gross income, so we’ll do the following.

On the first of each month we’ll look back at the previous month to see if at least £3,330 has been paid into your current account or if you had a combined average balance of at least £100,000 in all savings and investment accounts you have with us.

If not, we’ll look back at your accounts with us over the last 12 months to see if at least £40,000 has been paid into your current account."

[Deleted User]

AlwaysLearnin said:

[Deleted User] said:

WillPS said:

[Deleted User] said:

I have a thread about an overdraft at Barclays 

https://forums.moneysavingexpert.com/discussion/6416497/how-long-before-barclays-can-offer-you-an-overdraft#latest

They told me my free account could not have an overdraft and I'd have to upgrade. So there let are two types of Premier account?

Pleb Premier £20 a month

and real Premier?

I was the pleb!

To be eligible for Premier, you need to have a salary of £75,000 or investments worth £100k with Barclays.

To keep your Premier account fee free, you need to either maintain that investment with Barclays or pay in £3300 per month or £40k a year (which is a significant bit of wriggle room on the £75k salary but allows for any PAYE deductions you might have going on). If you don't do these, you'll be charged £20/month.

There's no option to join Premier as a 'non-eligible but fee paying' customer.

Barclays are offering this to me as a way to get an overdraft. I would meet the £3300 per month requirement on some months but not others. I do not earn 75k. Nevertheless they have suggested I get the account not sure if I would be charged. Do you need to pay in the £3300 for all 12 months?

Not necessarily...

https://www.barclays.co.uk/premier-banking/premier-eligibility/

"We appreciate that the income paid into your account can differ quite significantly to your gross income, so we’ll do the following.

On the first of each month we’ll look back at the previous month to see if at least £3,330 has been paid into your current account or if you had a combined average balance of at least £100,000 in all savings and investment accounts you have with us.

If not, we’ll look back at your accounts with us over the last 12 months to see if at least £40,000 has been paid into your current account."

I don't think it would reach 40k after tax over the year, but I guess what you are saying is that it would take a year for them to notice? Because I'd pass the requirement on most months of the year so the clock will reset.

Marchitiello

Richard1212 said:

Barclays are not alone of course. One of my accounts is a NatWest Premier Select account : it seems to have most of the benefits of the Black Card Account but charges nothing instead of the £30 pcm Black Card Account. The shiny black card ( the latest in a long line of silver, gold, platinum, diamond ,ruby, diamond, etc  ) seems a mere status symbol to let people see it "accidentally" in their card wallet when paying for a meal.

I suppose all the banks catch some fish with their gimmicks. I thought the old High Street banks with their clerks who automatically( when they had done their 20 years or whatever) became managers were bad enough, though overstaffed and poor value for money ( there's a pun there somewhere), but at least they were simple . But in this era of online tech I find banks to be more and more crafty in their gimmicks ( including the dreadful "switch bonuses"), especially the myriad range of accounts that attract monthly fees----and they are still IMHO poor value for money ( customers' OWN money).

I do not agree at all about your example, thought and/or suggestion that you have virtually the same product for free than the pay for version.

For both banks you mentioned there is a clear criteria to be eligible for a Premier account, in income terms it is actually £75k for Barclays and £100k for NatWest (and RBS). The fee paying element on top of those are for additional features (Barclays offer Travel Packs and the likes, NatWest offers Rewards and Rewards Black).

the Premier Select  has virtually no benefit (is Premier written on the card a benefit?) aside of access to better Customer Service and has none of the extra Benefit of the Premier Black for which you actually pay the £31 pm:

Worldwide Travel Insurance (which you get for free as Premier customer with HSBC as comparison) 
24/7 concierge (which could be actually better if the current offering for Amex Platinum)
UK & European Break Down cover
Home Emergency Service
and up to £10 rewards value per month (this is similar to the Premier Reward, which I Have).

in addition, as a Reward Black, you can get the Black Credit Card for free, which comes with Rewards earning that adds to the £10pm and also has Forex Free spending amongst other things.

Marchitiello

WillPS said:

Perksy5 said:

WillPS said:

Perksy5 said:

WillPS said:

Deleted_User said:

I have a thread about an overdraft at Barclays 

https://forums.moneysavingexpert.com/discussion/6416497/how-long-before-barclays-can-offer-you-an-overdraft#latest

They told me my free account could not have an overdraft and I'd have to upgrade. So there let are two types of Premier account?

Pleb Premier £20 a month

and real Premier?

I was the pleb!

To be eligible for Premier, you need to have a salary of £75,000 or investments worth £100k with Barclays.

To keep your Premier account fee free, you need to either maintain that investment with Barclays or pay in £3300 per month or £40k a year (which is a significant bit of wriggle room on the £75k salary but allows for any PAYE deductions you might have going on). If you don't do these, you'll be charged £20/month.

There's no option to join Premier as a 'non-eligible but fee paying' customer.

I think you can, I don't qualify for Premier in any criteria but I have the upgrade now button there and it takes me through the journey. I imagine I'd have to pay the £20 for it of course per month.
It never used to be there, premier was always invitation only or there was a call up button to discuss it. So based on that I can upgrade without ticking any boxes but pay for the privilege 

I suspect that button's presence is not intended as an assurance that you can get it, but the only way to know would be to try it.

Sorry I should've rephrased this to be less ambiguous, I know they are introducing it as an option to pay for it if you don't qualify, it'll just be treated differently for new sign ups to pay vs existing customers who no longer qualify and extending the grace period before charging them later this year

If that was the case, why would Barclays themselves state:

Are you eligible for Premier?

To join Premier Banking, open a Premier Current Account and either 

Pay in a gross annual income of at least £75,000 

or

Have a total balance of at least £100,000 in savings with us, in Barclays UK investments – or in a mix of both

This isn't hidden away, it's on their main Premier Banking product page:

Premier Current Accounts | Barclays

Every indication I see is that the monthly/yearly pay in is a step to keep the account fee free once you have it, not an alternative option for getting it.

Various post on travel forum indicate that Barclays are easily upgrading many non eligible customers, even on income of £25-30k, but issuing ambiguous letter that their eligibility would be review in a year time. I do agree with you (and customer service confirmed my understanding few months ago) that the eligibility criteria of £75k income or £100saving remains and the charges of £20 pm comes into play when and if you are not using it as a main account by paying in at least £3.3k pm or £40k per year. Myself I received the letter informing of those changes that however confirmed  that I would not be charged as I was using the account Well above those new requirements.

I was upgraded years ago by simply receiving my salary paid in directly into Barclays at the time. To obtain Premier status instead with HSBC I had to book an appointment with a Premier banker and show her my P60. Similarly I had to do with RBS at an initial account review and as I was just short of their higher requirement, I was not offered one. It was only in my most recent account review that I was offered an upgrade (4-5 years after my initial interest and only after they confirmed ghat I was above eligibility criteria.

for me the benefit is to have an old style banker that can help me in my daily banking, and I did get a better customer service from all three banks because of my Premier Status, however I do not think it would be the same relationship if I was upgraded by a system glitch and when talking to a human they could easily see a customer pay in and out to a same named account, £1000 or £2000 multiples times… 

Marchitiello

[Deleted User] said:

AlwaysLearnin said:

[Deleted User] said:

WillPS said:

[Deleted User] said:

I have a thread about an overdraft at Barclays 

https://forums.moneysavingexpert.com/discussion/6416497/how-long-before-barclays-can-offer-you-an-overdraft#latest

They told me my free account could not have an overdraft and I'd have to upgrade. So there let are two types of Premier account?

Pleb Premier £20 a month

and real Premier?

I was the pleb!

To be eligible for Premier, you need to have a salary of £75,000 or investments worth £100k with Barclays.

To keep your Premier account fee free, you need to either maintain that investment with Barclays or pay in £3300 per month or £40k a year (which is a significant bit of wriggle room on the £75k salary but allows for any PAYE deductions you might have going on). If you don't do these, you'll be charged £20/month.

There's no option to join Premier as a 'non-eligible but fee paying' customer.

Barclays are offering this to me as a way to get an overdraft. I would meet the £3300 per month requirement on some months but not others. I do not earn 75k. Nevertheless they have suggested I get the account not sure if I would be charged. Do you need to pay in the £3300 for all 12 months?

Not necessarily...

https://www.barclays.co.uk/premier-banking/premier-eligibility/

"We appreciate that the income paid into your account can differ quite significantly to your gross income, so we’ll do the following.

On the first of each month we’ll look back at the previous month to see if at least £3,330 has been paid into your current account or if you had a combined average balance of at least £100,000 in all savings and investment accounts you have with us.

If not, we’ll look back at your accounts with us over the last 12 months to see if at least £40,000 has been paid into your current account."

I don't think it would reach 40k after tax over the year, but I guess what you are saying is that it would take a year for them to notice? Because I'd pass the requirement on most months of the year so the clock will reset.

The current letters being issued and reported elsewhere have a statement saying that all new customers will be given a year before the above mentioned terms come into play, however, as I understand, the terms above means that if last month you did not pay £3300 in, they check if you have paid £40k in the previous 12 months, and if that is also not met, they will charge you £20 for that particular month. The month after, if in the previous month you paid the £3.3k, then you get that month for free and so on.. it is a bit like other accounts like Club Lloyds that on the months where you do not meet the pay in criteria, you are charged the account fee, and when you meet them, you are not (Lloyds actually charge every month, but immediately refund the fee if pay in criteria where met)