Barclays Premier Current Account

AlwaysLearnin

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.

If it helps, paying in from an external acct also counts, so you could 'top up' a month if you needed/wanted to.

[Deleted User]

AlwaysLearnin said:

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.

If it helps, paying in from an external acct also counts, so you could 'top up' a month if you needed/wanted to.

That’s good but it would rather defeat the purpose of having an overdraft, that’s the only reason I’d consider premier.

Richard1212

Marchitiello said:

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.

I was merely highlighting a broad fact that most banks these days offer "gimmicks" of one sort or another. I am perfectly aware of the differences between Barclays and NatWest criteria for opening a Premier Account etc but that is not the point I was making----merely that all banks have certain douceurs that appeal to different types of customer.

Naturally, I have been offered NatWest Black Card Account but see no reason why I should take up the offer : personally I need none of the few added  "extras" offered by Black Card. With my NatWest Premier Select, I get the high level of 24/7personal service that I want, and I can't really improve on that service with a "concierge" when I am already surrounded by "advisers" ( including via my Premier Select). For £31 pcm extra, it makes no difference financially to me whether I have a Black or a Premier Select but its just a matter of principle for me to stop grasping banks charging more and more, using every gimmick that they can dredge up.

Marchitiello

Richard1212 said:

Marchitiello said:

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.

I was merely highlighting a broad fact that most banks these days offer "gimmicks" of one sort or another. I am perfectly aware of the differences between Barclays and NatWest criteria for opening a Premier Account etc but that is not the point I was making----merely that all banks have certain douceurs that appeal to different types of customer.

Naturally, I have been offered NatWest Black Card Account but see no reason why I should take up the offer : personally I need none of the few added  "extras" offered by Black Card. With my NatWest Premier Select, I get the high level of 24/7personal service that I want, and I can't really improve on that service with a "concierge" when I am already surrounded by "advisers" ( including via my Premier Select). For £31 pcm extra, it makes no difference financially to me whether I have a Black or a Premier Select but its just a matter of principle for me to stop grasping banks charging more and more, using every gimmick that they can dredge up.

Again, it is not a gimmick, it is a Packaged Account for somehow affluent customers, the one that probably travel a lot by both air and car, and can benefit form these extra… as I have already similar travel insurances with both HSBC Premier and Amex Platinum, breakdown cover as part of the deal with my new car, etc, the only element I would value is the £10 cashback that I get on the Premier Rewards already.. what you have not understood based on your latest comparison, is that the concierge has nothing to do with financial products and thus completely different then your 24/7 banking. The concierge offered is for personal lifestyle choices, as per dining out, arranging tickets for event and/or various travel needs. It is a bit of a centralised PA team with special access and priority to certain things.. Amex Platinum concierge for example was great in the past to secure special events tickets, or a table at an hard to book place in NYC or Tokyo etc.. recent experience and official changes made, means that Amex Concierge is no longer as good as it once it was. The NatWest /RBS premier one should be contracted to the same company that does it for Coutts, so it could actually still be a good option (a dedicated PA would naturally cost you much more than that, and if your work position does not warrant you one that can also support your personal lifestyle, then it is a great benefit).

Richard1212

Marchitiello said:

Richard1212 said:

Marchitiello said:

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.

I was merely highlighting a broad fact that most banks these days offer "gimmicks" of one sort or another. I am perfectly aware of the differences between Barclays and NatWest criteria for opening a Premier Account etc but that is not the point I was making----merely that all banks have certain douceurs that appeal to different types of customer.

Naturally, I have been offered NatWest Black Card Account but see no reason why I should take up the offer : personally I need none of the few added  "extras" offered by Black Card. With my NatWest Premier Select, I get the high level of 24/7personal service that I want, and I can't really improve on that service with a "concierge" when I am already surrounded by "advisers" ( including via my Premier Select). For £31 pcm extra, it makes no difference financially to me whether I have a Black or a Premier Select but its just a matter of principle for me to stop grasping banks charging more and more, using every gimmick that they can dredge up.

Again, it is not a gimmick, it is a Packaged Account for somehow affluent customers, the one that probably travel a lot by both air and car, and can benefit form these extra… as I have already similar travel insurances with both HSBC Premier and Amex Platinum, breakdown cover as part of the deal with my new car, etc, the only element I would value is the £10 cashback that I get on the Premier Rewards already.. what you have not understood based on your latest comparison, is that the concierge has nothing to do with financial products and thus completely different then your 24/7 banking. The concierge offered is for personal lifestyle choices, as per dining out, arranging tickets for event and/or various travel needs. It is a bit of a centralised PA team with special access and priority to certain things.. Amex Platinum concierge for example was great in the past to secure special events tickets, or a table at an hard to book place in NYC or Tokyo etc.. recent experience and official changes made, means that Amex Concierge is no longer as good as it once it was. The NatWest /RBS premier one should be contracted to the same company that does it for Coutts, so it could actually still be a good option (a dedicated PA would naturally cost you much more than that, and if your work position does not warrant you one that can also support your personal lifestyle, then it is a great benefit).

But I am already an "affluent customer" who is getting a Packaged Account via NatWest Premier Select ( which has the same criteria for opening account as the Black Account). The Packaged Account that I have is the Package I personally want---and it's no use your hassling me because I do not need the same Package that YOU want. You do not have to patronise by telling me the difference between personalised 24/7 service and concierge service. I know the difference. But the fact is that I have advisers and personal assistants up to my neck and I have no need of NatWest's concierge ( what a pretentious title) or any of the other Black services that I already have via other sources.

I hope that makes it clear that I am talking about MY needs and what I am happy with ; and you want me to kow-tow to your needs. But you can post away continually and I will be sticking to what I need

Marchitiello

You were not posting about  your needs.. you made a  wrong comparison between two banks and even more inaccurate comparison between two accounts types of the same banks, trying to argue  publicly about how the bank was trying to charge £31 was virtually the same thing you got for free…

there is nothing pretentious about the Concierge service, is recall the service industry /hotels concierge of luxury hotels.. if you are on a “true” £100k plus income can make great use of it. Myself and many of my acquaintance do.. 

Obviously you are either playing a game or simply do not understand what Packaged account means. There is nothing packaged in a select account, premier or not.

Many readers on MSE are not familiar with Premier accounts and or those premium packaged accounts as it simply does not make good values for the majority of people, but giving inaccurate information is simply false conclusion makes it even worst.

If you want to keep climbing on mirrors that is up to you..

Saver101101

Marchitiello said:

You were not posting about  your needs.. you made a  wrong comparison between two banks and even more inaccurate comparison between two accounts types of the same banks, trying to argue  publicly about how the bank was trying to charge £31 was virtually the same thing you got for free…

there is nothing pretentious about the Concierge service, is recall the service industry /hotels concierge of luxury hotels.. if you are on a “true” £100k plus income can make great use of it. Myself and many of my acquaintance do.. 

Obviously you are either playing a game or simply do not understand what Packaged account means. There is nothing packaged in a select account, premier or not.

Many readers on MSE are not familiar with Premier accounts and or those premium packaged accounts as it simply does not make good values for the majority of people, but giving inaccurate information is simply false conclusion makes it even worst.

If you want to keep climbing on mirrors that is up to you..

I agree 100%, I have lost count the amount of restaurants that that NatWest Concierge has booked for me, the same restaurants that Amex Concierge told me had no availability, so you cant compare a Premier Select to a Black account, but I also agree that everyone's needs are different.

Now I actually have NatWest Premier, and RBS Premier, and Barclays Premier and HSBC Premier and Lloyds Private Banking, all of those have vastly different benefits and income levels, from Barclays and HSBC at £75k to Lloyds at £250k, and each one provides me with a different benefit, with Lloyds providing the most as you would expect, but my preference would be NatWest for the reasons stated above..

Richard1212

To Marchitiello----Once again, I repeat that I choose to have a NatWest Premier Select rather than a Black Account, simply because it it the one that I prefer and I do wish you would do as you wish and leave me in peace to do as I wish.

As for pretentious, I am not using the word "pretentious" to describe the services ; I use it to describe the word "concierge" ( it just conjures up a picture of an old lady sitting at the open door of her lower floor flat in a block of Parisian apartments ). It is a word that 

As for you saying that I do not understand "Packaged", it's a bit rich when I already have that with my NatWest Premier Select "Packaged Account" as I have said in  previous post, and I am happy with my Package rather than another "concierge" that I do not need due to existing services I already enjoy. So YOU have your account and I'll have mine. 

As for the intervention of Saver101101, who claims to have Select and Premium and Black Accounts with every bank in the UK , I wonder why a multi-millionaire calls himself "Saver" on this forum   ??????? No, please don't tell me : I already know the answer..........



 

WillPS

What a confusing mixture of willy-waggling and offense taken over nothing this thread has turned in to.

Marchitiello

WillPS said:

What a confusing mixture of willy-waggling and offense taken over nothing this thread has turned in to.

You are right, but it is beyond me as a
statement as the one below is about someone needs and not an inaccurate statement about two bank products that I have been trying (obviously unsuccessfully ) to point out for other readers: 

“it (Premier Select) seems to have most of the benefits of the Black Card Account but charges nothing instead of the £30 pcm Black Card Account” 

and from this very site:

”Packaged accounts are where you pay a monthly fee for your account in return for benefits, most often bundled insurance policies, such as travel insurance, mobile phone insurance and car breakdown.”