Barclays will provide free everyday banking and overdrafts to 650,000 customers with turnover up to £250k.

The lender has announced that it will waive all everyday banking fees and charges for existing business banking customers until July 2020.

The measures include:

• Free account fees
• Free everyday banking transactions
• No overdraft fees or interest charges on both arranged and unarranged overdraft facilities
• This change will be backdated and any accrued costs from mid-March will not be charged

Hannah Bernard, managing director for Barclays Business Banking, said: “We know that small businesses up and down the country are struggling with the impacts of coronavirus right now, and we will do everything we possibly can to support them.

“By offering free everyday banking and overdraft facilities to over 650,000 SMEs, we hope we will provide some temporary relief which will ease some of the financial stresses and strains businesses are under right now.

“The changes to the terms of the Coronavirus Business Interruption Loan Scheme announced by the Treasury last night will also be of comfort to millions across the UK and will enable us to more quickly help businesses access the support they need at this critical time.”

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