Major bank changes from Barclays, Lloyds and Santander in full - see how they affect you

Major banks are introducing huge changes

Major high street banks including Barclays and Santander have confirmed some huge shake-ups that could affect millions of customers.

Some of these changes will impact current account and credit card holders, while some mortgage customers could also be affected. It is worth reviewing these updates to see if you're going to be impacted. If you're unhappy with any changes, it could be time to change bank and take advantage of the many switch offers that are available.

You can currently get paid up to £175 to switch banks - but always read the terms and conditions first to make sure you're eligible.

Barclays

Barclaycard is cutting minimum repayments for credit card customers - so it means you’ll likely repay less each month, but you could end up being in debt for years longer and pay substantially more in interest. At the moment, 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. But from July 22, this will drop to the highest of 1% of your balance, 1% of your balance plus interest, or £5. You won't be affected if you have a 0% interest card, which is the cheapest way to repay credit card debt.

Lloyds

Lloyds Banking Group, which owns Lloyds, Halifax and Bank of Scotland, is changing the interest rate fees it charges on its overdrafts. The two standard rates that most customers are charged when they fall into their overdraft are currently 39.9% and 49.9%.

There is a cheaper overdraft fee of 27.5% for some people who pay £3 a month for a Club Lloyds Bank account. However, the banking group is adding two more overdraft rates of 19.9% and 29.9% from August. It means some people will pay less for being in their overdraft, while some will pay more.

Which tier you're charged depends on your credit history and how you use your account. the standard rate will be 39.9%. There will be two temporary six month rates of 34.9% and 44.9% before they are increased to 39.9% and 49.9%.

And from July 1, Lloyds Bank customers with a silver and platinum account will be able to use their cards abroad without any international charges.

Nationwide

Nationwide has started to pay out its latest £100 Fairer Share bonus payment to almost 3.9million customers. To be eligible for the payment, you need to have a qualifying current account, plus a mortgage or savings account with Nationwide. You can read the exact qualifying criteria here.

You should receive the money by June 28. Nationwide has also today confirmed a £200 member-only switching incentive, plus a new Member Exclusive Bond for all existing members, which offers a rate of 5.5% AER/gross (fixed) for 18 months.

NatWest

NatWest is increasing the monthly cost on some of its packaged bank accounts. The bank is upping the monthly fee for its Reward Black account from £31 to £36 a month, from June 28. NatWest is also increasing the monthly fee on its Reward Platinum account from £20 to £22 a month.

The monthly fee on the NatWest Reward Silver account will remain the same at £10 a month, as will the £2 monthly fee for the NatWest Reward account. But in less good news, is also cutting the length of time mortgage borrowers can lock in a new rate for before their current deal expires, from six months to four months.

Santander

Santander is also cutting the length of time you have to secure a new mortgage deal from six months ahead of your current mortgage ending, to four months. Martin Lewis’ MoneySavingExpert.com says this means borrowers have less time to find a better rate before their existing deal comes to an end.

Other major lenders - including Barclays, Halifax, HSBC, Lloyds and NatWest - still allow you to lock in a new mortgage deal six months ahead.

First Direct

First Direct will no longer send text messages with your balance information from August 10. At the moment, customers sometimes receive text notifications about their current account balance, or "mini statements" with their balance and the five most recent transactions.

It means First Direct customers will need to use its app or online service in order to check their balance. The bank will still send text messages if you go overdrawn on your account, or if your mortgage rate is changing due to the Bank of England base rate.

Metro Bank

Metro Bank is changing the rate on some of its variable saving accounts from July 8. It affects those who opened limited edition instant access accounts or instant cash ISAs between November 10, 2023 and February 12, 2024. These accounts currently pay 5.22%, 4.97%, 4.51, or 4.01%. This will fall to 3.95% from July 8.