Banking/Savings Section

Barclays Bank Offers A Good Money Saving Deal

July 2005

If you're presently not banking with Barclay's and have overdraft debts alongside credit card debts then the deal currently being offered on their Additions Plus account should be seriously looked at.

Basically, by moving your business to Barclays with the provision of paying in at least £1,000 a month they'll offer you up to a £5,000 interest free overdraft alongside a £5,000 0% balance transfer with Barclaycard (with no fee for transferring a balance in).

So if you're in debt this account can be a real money saver.

Note that the account charges a fee of £12 a month but this is rebated back after 10 months. Barclays is most probably using the account to attract business but after the 10 months is up there's nothing to stop you closing the account down and taking your business elsewhere. In fact if you've got debt on your personal balance sheet then it doesn't take much time or effort to play games with the different financial institutions to save some serious money.

Other Points

• Interest on credit balances is 0.1% so if you're not going to take advantage of the interest free overdraft then the account looks like a real loser
• Included in the account is free family annual travel insurance (most probably worth £100-£200)
• Also included is free Green Flag car breakdown insurance (worth around £50)

See Also

• Barclays Additions Account
• An Emergency Fund - Why You SHOULD have One
• Corking Savings Rate From Chelsea B.S - 5.4%
• Find's List of Banking Links