Barclays outlines COVID-19 plan of action

Jake Carter

March 10, 2020

Barclays has outlined its plan of action in the face of COVID-19.

For personal customers who are impacted by the virus, the lender has said it is removing penalty charges to access fixed savings accounts early, and it will allow customers to apply for a temporary increase on their credit card limit.

For SME customers, the lender says that it has 12-month capital repayment holidays on existing loans over £25k and increased or new overdraft facilities as well as other working capital solutions.

Furthermore, Barclays highlights that 360,000 SMEs have pre-assessed lending limits which can be accessed via the Barclays app or online banking.

A £14bn lending fund was launched in 2019, which the bank says is in place to help SMEs build resilience during uncertain times.

A Barclays spokesperson said: “Any customers suffering hardship as a result of COVID-19 can contact our specialist support colleagues if they are experiencing problems making repayments to their mortgage, overdraft, personal loans or credit cards.

“These customers can also access their fixed savings accounts early without paying any penalty charges.”

Barclays were pushed for a comment in relation to mortgages, however, they said that the above information is all they are releasing at this time.

Sign up to our daily email