Anyone got a £5000 0% overdraft from Barclays ?

Cornwall2000

I am considering the "additions plus" current account from barclays. They are offering an "up to" £5000 0% overdraft for 12 months. And the same amount as a fee free balance transfer on a credit card. They advertised this in the paper, but are quite quiet about this on the web site.

quote * If you take advantage of our Additions Plus account special offer and pay in at least £1,000 a month for 10 months, we can match your overdraft up to £5,000 at 0% interest.

Do you have to have an actual overdraft to transfer to them i wonder? I have an overdraft facility of £4500 with first direct and a £7500 limit Visa card. Not currently used though.
I am not interested in leaving first direct as their customer service is superb, just want the interest on £10,000 for a year.
Anyone had experience with applying for this offer ?

grumbler

squowse wrote:

Do you have to have an actual overdraft to transfer to them i wonder?

If you mean transferring overdraft to current accont, than the answer is NO. If you get £5000 overdraft limit you can do whatever you want with this money.

While waiting for other replies you can find some information here:

Barclays Additions Plus Account

Any thoughts on the new Barclays Account

AndyR_3

To answer the question: Yes, some people have got £5000 overdrafts.

These are only available when matching your existing limit though, so if you have £4.5k overdraft elsewhere, that's what you'll get at Barclays, so long as you meet the other criteria.

You are supposed to cancel the other overdraft.

Cornwall2000

Thanks - don't know why a search didn't throw up those posts. I found in the small print that they will give you an overdraft the lesser of 1. an existing approved facility. 2. 1.5x the minimum monthly payment into your account over the three months bank statements you show them. So I have just enough time to get plenty of money through my current account each month for three months and apply before the offer closes 31 october.