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Seems the new t’s and c’s state you will be charge £20 per month if you don’t meet the requirements for the Barclays Premier account.
Wonder how this will affect those who have so far “dodged” any checking of salaries etc.
Got a letter from Barclays saying they expect at least £3,300 paid into your account each month or £40,000 credited every 12 months in order to qualify for Premier via salary.
Got a letter from Barclays saying they expect at least £3,300 paid into your account each month or £40,000 credited every 12 months in order to qualify for Premier via salary.
That’s interesting – so they’ve halved the requirement then as it used to be (and is still advertised) as £75k.
- This reply was modified 55 years, 4 months ago by .
They still mention the need of £75,000 gross salary but I guess if you have student loan, pension and other discounts they expect at least £3,300 coming in every month.
This is now what’s quoted on the eligibility site:
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Can I get Premier for free?
You’ll need to have a current account with us and either
Pay a gross annual income of £75,000 or more into your Barclays current account every year, or
Have a minimum of £100,000 in savings with us and/or in personal Barclays UK investmentsWe 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.
If you meet either requirement, you’ll be able to enjoy the benefits of Premier without paying the monthly fee. If not, we’ll contact you to explain your options.
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£3300 per month is still only £53k per year before tax so way off the £75k requirement – so not entirely sure how they’ve worked that out!!
Presumably they have allowed 1k pm in direct salary deductions, like pension contributions, train season ticket payments, health insurance, childcare vouchers etc. Seems sensible.
Presumably they have allowed 1k pm in direct salary deductions, like pension contributions, train season ticket payments, health insurance, childcare vouchers etc. Seems sensible.
So with that, unless they check payslips, anyone on a salary lower than the £75k minimum but higher than say £55k could apply for the account and still meet the requirements after tax and other deductions?
Does anyone know whether this can be achieved through a standing order from another current account or are Barclays looking for a specific credit type for the £3,300 per month?
@kebl2555 Based on the document I received online, I think it does mean a gross salary of £75k but it sounds like if your salary is lower, as long as there’s £3,300 coming every month (or £40k per year coming in) you should be ok. I never had to submit any payslips, but on the app they ask your salary under your profile. Also the changes come in Sep 1st so not sure we will know until then.
@kebl2555 Based on the document I received online, I think it does mean a gross salary of £75k but it sounds like if your salary is lower, as long as there’s £3,300 coming every month (or £40k per year coming in) you should be ok. I never had to submit any payslips, but on the app they ask your salary under your profile. Also the changes come in Sep 1st so not sure we will know until then.
If they ask your salary, I would strongly recommend that you tell the truth. Dishonesty would be financial fraud, and Barclays would be well within their rights subsequently to charge you for each period where they had provided services to you based on fraudulently provided income data.
£75,000 on PAYE, with student loan, National Insurance, and 14.5% pension (NHS rate for that salary) is a take home of £3,555 per month. Start taking out salary sacrifice for a bicycle/season ticket loan etc, and it quickly drops further.
- This reply was modified 55 years, 4 months ago by .
Takes the limit down to £40k for the self-employed, of course 🙂
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