With the introduction of euro notes and coins on January 1, 2002, Barclays Private Clients, the wealth management arm of Barclays, is launching a new euro High Interest Cheque Account (euro HICA) to meet international growth in demand for euro services.
“The introduction of euro notes and coins will, for many people, be the first sign that the euro is here to stay,” said Gordon Rankin, marketing director of Barclays’ Private Clients International Banking. “In terms of international payments and usage it will quickly become second only to the US dollar, and therefore it is absolutely the right time to launch a truly multi-functional current account to the international market.”
The euro HICA is being introduced alongside a US dollar version, the US dollar HICA. The products will complement Barclays Private Clients existing sterling accounts. “Euro Hica combines the benefits of an interest-earning savings account with the instant access and card functionality of a current account. The account’s card is a deferred debit card that offers deferred payment, similar to a charge card,” said Rankin.
“All spending on the card will be run up and debited in one payment at the month end with interest being accrued on the full balance until the monthly debit is made. Card holders can withdraw up to €1,000 daily from 680,000 cash machines around the world and to pay for goods and services wherever the Visa sign is displayed.”
Interest is paid quarterly with tiered rates of interest beginning on deposits of €5,000 or more. Overseas transactions are made with payment instructions processed on the same day if received before 14.00 hours (GMT). Regular electronic payments can be set up in advance to settle bills. Overdrafts are also set up and are fee free, according to a bank press release.
The account is accessible around the clock using a combination of online and telephone banking. It is available through Barclays Private Clients International Banking Centers in the Isle of Man, Jersey, Guernsey and Knightsbridge, London. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
