By Lizzie Day • 25 March 2020 • 21:21
Barclays is waiving overdraft interest fees for a month, as many other banks offer support to those suffering financial problems amid the coronavirus outbreak.
A statement from Barclays on Wednesday said the company would stop charging interest on personal current overdrafts between 27 March and 30 April.
Gillean Dooney, managing director at Barclays said it was ‘crucial’ to help customers through this ‘challenging time’, as the virus infects more than 8,000 people across the UK.
She added: ’We have therefore decided to waive all overdraft interest until the end of April, meaning there will be no charges for customers to use their arranged overdraft.
However, decisions will be made on a case-by-case basis, the company added.
HSBC confirmed last week it was introducing a temporary £300 interest-free buffer on overdrafts for customers with its Bank Account and Advance Accounts for a period of three months from March 26.
Lloyds followed suit today, saying customers of Lloyds Bank, Halifax and Bank of Scotland would automatically be able to access a £300 interest-free overdraft from April 6 to July 6.
Nationwide has also confirmed it will waive interest for those struggling due to the impact of coronavirus on credit cards and overdrafts, as well as increasing credit limits where needed.
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