Barclays current account overhaul announced

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Barclays current account overhaul announced

Thu 29th May 2008

Barclays has announced changes to its current accounts for personal customers, including the launch of an overdraft service called Personal Reserve and the introduction of new accounts.

Personal Reserve is a facility that will be available from August 18th and will replace the unauthorised overdraft.

For a flat fee of £22, a customer who has the Personal Reserve facility can access it for five days, acting as a safety net for customers who exceed their agreed overdraft limit if they have one or go overdrawn if they do not.

The average Personal Reserve amount offered will be £250 and payments which go beyond the allocated amount will be bounced.

Barclays has also introduced a new range of five current accounts, ranging free in-credit banking to fee-paying accounts with credit interest, interest free overdrafts and additional services.

Mark Parsons, managing director of current accounts at Barclays, commented: "Increasingly we are finding that many customers are attracted by the extra benefits and services that are available on fee paying accounts. It is a matter of individual choice."

Yesterday Barclays Wealth re-launched its Defined Returns Plans, complete with a new four-year option.

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