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extra benefits but higher fees on barclays packaged current accounts
Published: 14/08/2009 |
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With effect from 1st September, Barclays is increasing the monthly fee on its Additions Active account from £14 to £15 per month. On the same date, the monthly cost for Current Account Plus customers is jumping from £3 to £5 per month. Andrew Hagger from Moneynet.co.uk comments: Some people may find these price increases difficult to swallow bearing in mind the interim profits announcement earlier this month; however when you drill down into the figures, Barclays retail banking arm reported profits at a substantially lower level than those seen in 2008. With increased pressure on interest margins and higher levels of bad debt, it’s not surprising to see moves being made to boost income. In the current climate I can see other providers following suit and trying to squeeze extra cash out of their customer base where they can. Whilst the price rises will not be welcome, the blow is softened by the introduction of additional services for each of these accounts. The Current Account Plus will include mobile phone insurance and a free legal helpline from 1st September, whilst Additions Active customers will receive an extra benefit in the form of Home SOS emergency insurance cover. If you receive notification of increased account fees for your banking, use it as a reminder to check that you’re making full use of the all or the vast majority of the benefits on offer; otherwise you’re simply wasting your money. A packaged account can be a good value product if used to its full potential, unfortunately there are too many people who shell out their fee month after month but get nothing in return. ENDS
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