Lloyds, Santander, Barclays make 'major' changes for millions of customers this month
18.06.2024 - 01:55
/ manchestereveningnews.co.uk
Major high street banks, including Barclays and Santander, have announced significant changes that could impact millions of customers. These alterations could affect current account holders, credit card users, and some mortgage customers.
It's advisable to review these updates to determine if they will affect you, as they will alter the bank's minimum repayments and interest accrued on debt. If you're dissatisfied with any changes, it might be time to switch banks and take advantage of the numerous switching offers available to consumers.
Some of the largest changes to retail banking will be for customers at Barclays, where cuts to minimum repayments could see your debt grow, or at NatWest, where those with premium accounts are set to see higher fees just for keeping their bank account open, reports the Mirror.
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You do not have to stay with one bank just because you have been with them awhile, finding the one that best suits your finances is more important. Currently, you can even earn up to £175 just by switching to certain banks, but always ensure you read the terms and conditions first to confirm your eligibility.
Barclaycard is reducing minimum repayments for credit card customers. This means you'll likely repay less each month, but you could end up being in debt for a longer period and pay significantly more in interest.
Currently, you pay the highest of 3.75 per cent of your balance, 2.5 per cent of your balance plus interest, or £5.
This applies to most Barclaycards, including Avios, Platinum, and Rewards. However, from July 22, this will decrease to the highest of one per cent of your balance, one per cent of