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Barclays to offer customers new £750 interest-free overdrafts
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From the start of next month Barclays customers will pay no interest on the first £750 of their overdrafts. The new measures will be automatically applied for existing and new customers.
Barclay's £750 interest-free buffer comes into force as the bank's current plan - which sees all interest and charges on overdrafts waived - comes to and end.
The bank added that it will also cut the interest rates for people who go over the £750 limit to 19.51%. "We’re not charging any interest on arranged overdrafts between 27 March and 30 April 2020," an update on Barclay's coronavirus help page reads. "Between 1 May and 9 July, we’re not charging interest on overdrawn balances of up to £750 and we’re temporarily lowering our rates and capping interest
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