Overdraft switcher offer

Terms and conditions

1. These additional conditions relate to the Overdraft Switcher Offer and supplement and amend the general conditions of your Customer Agreement with us (Barclays Bank PLC).  In the event of any inconsistency between these additional conditions and the general conditions of the Customer Agreement, these terms will apply in relation to the Overdraft Switcher Offer.
 

2. Overdraft switcher offer terms

Availability

2.1 To have an overdraft under these terms you must:

(a) not already have a personal current account (of any type) with us either in sole or joint names at the date of application for this offer;
(b) have a personal current account with an overdraft limit with another financial institution in the UK, including accounts operated through online banking (the "existing account").
(c) open a personal account with us in the form of a Barclays Bank Account, Additions Active, Premier Life or Current Account Plus account (your "new account"); and
(d) make payments into your new account every whole calendar month for a specified period in accordance with these Overdraft Switcher Offer terms starting in the month after the date of account opening.

2.2 Your new account must be opened with Barclays Bank PLC in the UK (excluding Knightsbridge International Banking Centre) and must be opened under the same name(s) as your existing account.

2.3 You may open only one new account (either in sole or joint names) under these Overdraft Switcher Offer terms. If you do this you cannot participate in any other offers that Barclays makes available to its new current account customers unless Barclays allows it.

Withdrawals and Deposits

2.4 You must either:

(a) pay £1,000 or more into your new account every month for at least 12 consecutive months (Option A); or
(b) pay £500 or more into your new account every month for at least six consecutive months (Option B).

2.5 You must choose one of the above options when you open your account.

Overdraft Limit

2.6 You will be entitled to apply for an overdraft limit on your new account which matches the overdraft limit on your existing account subject to a maximum of the lower of either:

(a) £5,000 or
(b) 1.5 x the lowest monthly total paid into your existing account in the 3 month period referred to in 2.9(a)

2.7 If you have more than one existing account with an overdraft limit, you must nominate one of these only to be your existing account.
   
2.8 If we are able to match your existing overdraft limit, you must cancel the limit on your existing account.
 

Supporting evidence

2.9 You must provide us with:

(a) existing account statements (which must be originals) for the last three consecutive months, the most recent bearing a date no more than 30 days old; and
(b) written evidence of your existing overdraft limit (unless this is shown on your account statements)

2.10 If you operate your existing account through online banking, you must provide us with printed statements from the financial institution, together with a letter confirming your existing overdraft limit, and produce both to us.

2.11 You must have conducted your existing account on a satisfactory basis and, in particular, you must:

(a) not have incurred more than three unauthorised overdraft/excess fees or any unpaid fees; and
(b) have received payment(s) totalling at the end of each month at least:

(i) £1,000 if you chose Option A; or
(ii) £500 if you chose Option B.

Interest

2.12 If you make monthly payments under Option A you will pay no interest for a period of 12 months from the date your new account is opened providing your balance stays within your agreed limit.

2.13 If you make monthly payments under Option B you will pay no interest for a period of 6 months from the date your new account is opened providing your balance stays within your agreed limit.

2.14 If you fail to make payments into your new account in accordance with these additional terms, we will apply the standard interest rates that are applicable to agreed overdrafts on type of account you have with us. Details of our interest rates are available in our interest rates leaflet or on our website.

Card Limits

2.15 If your existing debit card or cheque guarantee card ("your existing card") has a cheque guarantee limit higher than £50 and you want us to match that limit (subject to a maximum limit of £100), we will require sight of your existing card.  Your existing card must:

(a) apply to the account on which you are producing statements,
(b) show the cheque guarantee limit to be matched;
(c) be signed;
(d) not have expired; and
(e) must not have been tampered with in any way.

3. Terms that apply after the overdraft switcher offer

3.1 If you make payments under Option A your overdraft will either need to be repaid or replaced with a new agreed facility at the end of the 12 month period.  We will contact you at least two months before the end of the 12 month period to review your ongoing overdraft requirements.

3.2 If you make monthly payments under Option B interest will be charged at the end of the 6 month period in line with our standard rate for the type of account you hold. Details of our interest rates are available in our interest rates leaflet or on our website.