Major high street banks including Barclays, Lloyds, and Santander are set to implement significant changes that could affect millions of customers in the next month.

These alterations will have an impact on current account and credit card holders, with some mortgage customers also potentially affected. It’s worth taking the time to review these updates to see if they’ll affect you.




If you’re not happy with any changes, it might be time to switch banks and take advantage of the numerous switch offers currently available, reports the Mirror. You do not have to stay with one bank just because you have been with them awhile, finding the one that best suits your finances is more important.

READ MORE: New HMRC rules and strict tax crackdown results in ‘not a single fine’

At present, you can receive up to £175 for switching banks – but always ensure you read the terms and conditions first to confirm your eligibility.

Barclays

Barclays has confirmed a big change for its retail banking customers

Barclaycard is reducing minimum repayments for credit card customers. This means you’ll likely repay less each month, but you could end up being in debt for a longer period and pay significantly more in interest.

Currently, you pay the highest of 3.75% of your balance, 2.5% of your balance plus interest, or £5.

This applies to most Barclaycards, including Avios, Platinum, and Rewards. However, from July 22, this will decrease to the highest of 1% of your balance, 1% of your balance plus interest, or £5.



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