Barclays warns customers not to exceed little-known 'annual deposit limit'

Barclays has issued a warning over "per year" cash deposit limits. 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."

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."

READ MORE:Three face court charged with forced marriage offence as young Birmingham woman rescued

READ MORE:Corrupt Birmingham Pc's pack of lies about crook boyfriend she claimed 'ruined my life'

READ MORE Met Office issues three-word update over snow battering UK within days

On its website, the bank explains: "To pay in cash at a branch, you’ll need to go to a self-service machine or counter. You’ll need your debit card from us or a pre-printed paying-in slip. If you don’t have either of these when you visit us, talk to us and we’ll see how we can help."

It adds: "Even if you have more than one personal account with us, the total amount of cash you can pay in across all of them is still £20,000. This limit includes any children’s savings accounts you have with us, but doesn’t include cash you’ve paid into any business accounts.

"You can also receive payments and cheques using your app or Online Banking." It says: "When you pay in cash at one of our branch counters or self-service devices, it’ll count towards your overall cash deposit limit.

"Any cash paid into your personal joint account counts towards the yearly cash deposit limit for each account holder."