‘WE ARE in the midst of something of a current account revolution. The number of accounts on the market has doubled over the past ten years - and the range of deals is increasing. But read between the lines and that “new and improved” offer might not be all it is cracked up to be.

Barclays will today start targeting competitors’ customers in this increasingly-competitive market, with the launch of a new offering it claims is worth £1,000.

The Additions Plus account, launched today , offers a £5,000 interest-free overdraft, £5,000 interest-free Barclaycard and no fees (usually £12 per month) for the first ten months, provided that £1,000 is paid into the account each month.

Customers, however, must pay the £12-per-month fee, which will be refunded at the end of the offer period, if that condition has been met, and overdraft and credit card interest-free limits are subject to consumers’ existing limits with their current providers.’

Read more at A banking revolution … or just a way to get us to rack up more debt?

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