Woolwich savings and current accounts will all be moved into Barclays accounts during 2007, following Barclays' June 2006 announcement about the closer integration of Woolwich.
Barclays, which bought Woolwich in 2000, has said that, as a result of the integration, more than 3.5 million, or 98% of Woolwich savers, will see their interest rates stay the same or even increase. In total, Woolwich savers will benefit from more than GBP19 million in additional interest.
According to global financial services provider Barclays, Woolwich’s savings range will be vastly simplified, as the 14 Woolwich savings accounts will be moved into seven Barclays accounts, with the opportunity to explore alternative account options available if the saver wishes.
Barclays has also said that there will be no break in service or change in interest rates for the two million Woolwich current account customers, and that these customers will be able to continue using their Woolwich debit card and cheque book until their Barclays replacements arrive.
In a bid to simplify the moving process for customers, Barclays has stated that all standing orders, direct debits and salary credits will be automatically moved to their new account, and that Woolwich mortgage customers will be unaffected.
Beginning in January 2007, and continuing throughout the remainder of the year, Woolwich customers will be contacted individually around three months before any changes are made to their branch and two months in advance of any product change. Barclays expects all changes to have been made by the end of 2007.
Catharine French, UK retail customer services director for Barclays, said: This is good news for our Woolwich customers. Many will see their interest rates rise and all will have far greater access to branches, including the ability to bank with Barclays through their local Post Office.
The move is complex behind the scenes but we aim to make it simple for our customers, she concluded.