Barclays seven-week warning over ‘reset’ that could alter £20,000 rule | Personal Finance | Finance

Barclays has spelled out the rules for cash deposit limits for customers after a query from a saver.

New rules came in from the start of July with each customer getting an annual maximum limit of £20,000 for how much they can pay into their accounts.

The Barclays website states: “From 1 July 2024, we’re introducing an annual limit of £20,000 to the amount of cash you can pay into your personal accounts. This limit will reset in January of each following year.”

For those with more than one personal account, the £20,000 limit applies across all of your accounts.

A customer reached out over X for clarity about how the rules work, asking: “This £20,000 per annum cash deposit limit. As I understand it – it resets in January?

“Do deposits from the 1st of July 2024 only count towards 2024 total or do deposits from 1st Jan 2024 count to the running limit?”

The bank said in response: “You’re absolutely right that this resets each year in January.

“As this limit was introduced on the 1st of July 2024 this would mean that the annual limit of £20,000 would run from the start of July to the end of this year, resetting in January. So you’d have that limit from July rather than January this year.”

They also sent them a link to the Barclays website with more information about how the rules work.

Whenever you make a deposit at a branch counter or using a self-service device, this will count towards your cash deposit limit.

Any cash deposits into a personal joint account will count towards the yearly limit for each account holder.

Barclays will inform a customer if they are approaching their deposit limit. You can also check how much you have left using a self-service device, by talking to a staff member in person, over the phone and by getting in touch via the app.

If you want to pay money into a Barclays account but you are not a customer with the bank, you can use any of these three methods:

• Paying cash into your own bank, then use online, mobile or telephone banking to transfer the funds into a Barclays account
• Setting up a standing order with your bank
• Opening an account with Barclays and you can then make payments in person, over the phone, online or via the bank’s app.