BARCLAYS have announced that they will relax their rules on payments for three months due to the coronavirus pandemic.

The bank has introduced the new and more lenient rules for up to 90 days as COVID-19 continues to force more and more people to self-isolate.

The relaxed rules at Barclays include repayment holidays on residential mortgages for up to 90 days, the removal of penalty charges to access fixed savings accounts early, and the stopping of late payment and cash advance fees for the next 90 days for credit cards.

A statement made by Mr Matt Hammerstein, the CEO of Barclays, said: “I know that coronavirus is a source of concern for many people right now, and we're here to help.

“Whether you would like additional support with managing your money, or have faced disruption to finances or travel plans, we can work with you to look at ways to make things easier.

“For more information on our new measures and managing your finances during this period, you can find our latest advice by visiting our homepage and clicking ‘Coronavirus help’.

“If you need to access your banking services and are unable to get to a branch, or need to stay at home, there are also a wide range of ways that we can help you there too.

“I appreciate that the circumstances in which we find ourselves at the moment will cause worry, but at Barclays we are committed to being responsive to your needs as the situation evolves, and we will continue to be in touch with information and updates.”

For those who are unable to reach their local Barclays branch, the bank has urged people to utilise their app, online and telephone services.

Through the Barclays app, people can make payments, check their balances, view transactions, and pay in cheques in the comfort of your own home.

Any customers who are considering travelling abroad have also been urged to look at the general government advice, which also tells you which areas are affected.

The bank has also issued advice in response to the threat of fraudsters who are trying to capitalise on the coronavirus pandemic by asking people to move money into a ‘safe’ account.

But Barclays have reminded people not to disclose any personal or financial information as they say they’ll never ask people to move money to a ‘safe account’ or ask for PIN numbers.

As part of the social distancing measures being introduced by the government, the bank has also reminded people that debit, and credit cards are contactless which allow people to avoid touching payment terminals and exchanging cash.