Barclays offers a range of current and savings accounts to suit diverse needs. Their Premier accounts provide exclusive perks and dedicated services, while Everyday Saver and Blue Rewards Saver yield attractive interest rates.
The user-friendly Barclays app simplifies banking tasks and allows for international payments. However, customer reviews highlight areas for improvement, particularly in customer service and app stability. Additionally, as a legacy bank, Barclays doesn't have the robust budgeting tools many digital-first banks have to offer.
Who is it best for? Barclays is best for individuals and businesses in the UK who value a long-established banking history, global presence, and a wide range of account options. It’s an ideal choice for those looking for competitive interest rates on savings accounts and investment opportunities, as well as comprehensive wealth management services.
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 7.0 | Visitbarclays.com |
Introducing Barclays
With a remarkable history dating back to 1690, Barclays stands as one of the oldest and most influential financial institutions in the UK. Founded by two Quakers, John Freame and Thomas Gould, as goldsmiths in London, the bank initially offered loans to businesses and merchants.
Over the centuries, Barclays has been known for innovation, funding the world's first public railway, pioneering the first cash machine, and introducing the UK's inaugural credit and debit cards. Today, it’s one of the big four banks commanding a significant market share of UK customers and excelling in global operations across more than 40 countries.
Types of Accounts
ATM Limit | Money Transfer Limit | |
|---|---|---|
Personal current accounts | £300 | £50,000 |
Premier accounts | £700 | £100,000 |
Business account | £750 | £100,000 |
Current Accounts
Barclays offers four types of accounts; Barclays Bank Account, Premier Current Account, Student Additions Account, and Higher Education Account. Here are more details on each of them.
Barclays Bank Account
The Barclays Bank Account comes with no monthly charges and provides the convenience of optionally arranged overdrafts, rewards, and easy money management through its user-friendly app and online banking platform.
While this account has fewer perks than the Premier account, it makes up for it with less demanding eligibility requirements, which ask for customers to be UK residents aged 18 or over.
Premier Current Account
The Barclays Premier Current Account also comes with no monthly charges. It provides clients access to a dedicated team of Financial Guides and exclusive rates on Premier mortgages and savings accounts.
For a monthly fee, however, you can choose to collect Avios with Barclays Avios Rewards or earn cash rewards with Barclays Blue Rewards.
Besides needing to be a UK resident aged 18 or over, the eligibility requirements for this account include having an annual income of at least £75,000 paid into the account or a total balance of at least £100,000 in savings, investments, or a combination of both with Barclays.
Student Additions Account
Besides being free of monthly charges, the Student Additions Account offers interest-free overdrafts of up to £1,500 over the course of your studies. This is the same amount you get with similar student bank accounts, such as the one at Santander, so it’s a decent deal, also considering banks like Chase that don’t offer overdrafts at all.
To be eligible for the Student Additions Account, you need to be 18 years or older, to have lived in the UK for at least 3 years, and to be studying full-time in the UK for an undergraduate degree lasting at least two years, a postgraduate degree lasting at least one year, or a Higher Apprenticeship (Level 4+).
Higher Education Account
Designed for recent graduates, the Higher Education Account is available for up to three years after graduation and comes with no monthly fees or charges. Customers can access optionally arranged overdrafts and have the ability to add perks such as the Tech Pack and Travel Pack to their accounts.
To be eligible to open a Higher Education Account with Barclays, you need to be a UK resident aged 18 or over and have completed a higher education program in the last three years.
Benefits & Additional Features – 8/10
From exclusive banking services and a variety of investment options to expert wealth planning and borrowing solutions, let’s dive into the best aspects of banking with Barclays.
Benefits
At the moment, Barclays UK doesn’t offer cashback, and most of the perks and benefits that become available are accessed via Barclays Premier banking. To become a Premier customer, one can open a Premier Current Account and meet either of the two criteria: a gross annual income of at least £75,000 or a total balance of £100,000 in savings, investments, or a combination of both with Barclays UK.
The Premier Current Account comes with a host of advantages tailored to your needs. Notably, you receive an exclusive black debit card allowing daily ATM withdrawals of up to £1,000. You also gain access to an interest-free arranged overdraft of up to £500, provided you meet the application requirements and have a favourable financial track record.
Additional Features
Insurance Services
From home insurance to protect your property, business insurance for entrepreneurs, and life insurance for financial security, Barclays offers a comprehensive range of insurance services. Customers can also access travel insurance, including travel and breakdown Insurance packages for worry-free journeys.
For more options, visit our list of the best packaged bank accounts.
SIPP
In partnership with AJ Bell, Barclays allows SIPP investing with access to over 2,000 funds and ETFs, trusts, and shares.
Account maintenance and trade transaction charges are covered by a customer fee (0.2% yearly for funds and 0.1% yearly for other investments). Additionally, there's a £31.25 + VAT AJ Bell SIPP administration fee, charged quarterly. This is within the industry average considering Hargreaves Lansdown charges 0.1%–0.45% and Vanguard charges up to 0.15%.
Smart Investor
Barclays Smart Investor is a user-friendly DIY investment platform catering to both experienced and novice investors, which allows buying and selling shares across 10 international exchanges.
Whether through an Investment ISA, general investment account, or a SIPP, Smart Investor grants access to thousands of investment options, offering the flexibility to build and manage your portfolio according to your preferences and goals.
Wealth Management
Barclays Wealth Management offers a comprehensive suite of financial services to cater to diverse wealth needs. Such services include the Wealth Current Account, credit cards, and a range of Wealth Savings products, such as the 1-Year and 2-Year Flexible Cash ISAs, as well as the 2-Year Flexible Bond. These options ensure flexible and efficient management of funds, along with attractive interest rates.
Saving & Interests Earned – 9/10
There are multiple savings accounts to choose from at Barclays, ranging from rainy day savings to kids bank accounts. The Blue Rewards and the Rainy Day Saver accounts are available to Blue Rewards members only; however, they come with better interest rates than the Everday Saver account accessible to all members.
Interest rate (AER) | |
|---|---|
Rainy Day Saver | 5.12% (£1–£5,000)1.00% (£5,000+) |
Blue Rewards Saver | 3.04% in months with no withdrawals1.00% in months with at least one withdrawal |
Everyday Saver | 1.51% (£1–£10,000)1.00% (£10,000+) |
Barclays Children’s Savings | 2.68% (£1–£10,000)1.00% (£10,000+) |
*Rates applicable as of December 2023.
Savings Accounts
Here are details on the savings account options on offer at Barclays.
Everyday Saver
The Everyday Saver account from Barclays offers a competitive interest rate to help grow your savings. For balances up to £10,000, you can earn an attractive 1.51% AER, while balances over £10,000 will receive 1.00% AER.
Allowing instant withdrawal access and a minimum opening value of only £1, this account is an excellent choice for those looking for a straightforward savings option with the potential to earn a reasonable return on their deposits.
Blue Rewards Saver
Exclusive to Barclays Blue Rewards members, the Blue Rewards Saver account offers an impressive 3.04% AER in months with no withdrawals. However, if you make any withdrawals in a given month, the interest rate drops to 1.00%.
Coming in with a minimum opening value of only £1, this account is a rewarding option for those who can maintain a savings discipline and avoid frequent withdrawals.
Rainy Day Saver
Also designed exclusively for Barclays Blue Rewards members, the Rainy Day Saver account offers an enticing 5.12% AER on balances up to £5,000. For balances exceeding this figure, the interest rate drops to 1.00%.
This account is ideal for building an emergency fund or setting money aside for unexpected expenses. It requires a minimum opening value of only £1 and allows instant withdrawal access.
Bonds
Barclays Bonds offer attractive options for savers seeking secure and predictable returns. With Fixed-Rate Savings Bonds, customers can lock in a competitive fixed rate for a set period, ensuring steady growth on their investment. On the other hand, Flexible Bonds also provide a fixed rate for a specific term while granting the added advantage of limited withdrawals.
All bond offers at Barclays come with a minimum opening requirement of £1 and restricted money access, allowing up to three withdrawals, each up to 10% of your initial deposit. The only exception is the 1-Year Fixed-Rate Bond, which comes with a £500 minimum opening requirement and no withdrawals until the end of the term.
Interest rate (AER) | |
|---|---|
1-Year Fixed-Rate Bond | 4.30% (£500-£1,000,000) |
2-Year Fixed-Rate Bond | 4.40% (£1-£1,000,000) |
Premier 2-Year Flexible Bond | 4.50% (£1-£1,000,000) |
Wealth 2-Year Flexible Bond | 4.50% (£1-£1,000,000) |
Cash ISAs
Barclays Cash ISAs offer a range of appealing options for savers, some of which are available to all customers, while some are exclusive to Premier and Wealth Management customers only.
All of them come with a £1 minimum opening requirement, and restricted money access allowing up to three withdrawals free of charge, each one up to 10% of the balance. The only exception is the Instant Cash ISA, which allows withdrawals anytime.
Interest rate (AER) | |
|---|---|
Instant Cash ISA | 1.51% (£1-£10,000)1.06% (£10,000+) |
1-Year Flexible Cash ISA | 4.30% (£1-£1,000,000) |
2-Year Flexible Cash ISA | 4.40% (£1-£1,000,000) |
Premier 1-Year Flexible Cash ISA | 4.40% (£1-£1,000,000) |
Premier 2-Year Flexible Cash ISA | 4.50% (£1-£1,000,000) |
Wealth 1-Year Flexible Cash ISA | 4.40% (£1-£1,000,000) |
Wealth 2-Year Flexible Cash ISA | 4.50% (£1-£1,000,000) |
Overdraft Limits & Fees – 8.5/10
Barclays offers both arranged and unarranged overdrafts with a variable annual interest rate of 35%. Fortunately, you can reduce the overdraft fee by taking advantage of the interest-free allowance provided to Barclays Premier customers.
There is also the £15 safety net feature, which charges no interest on overdrafts of £15 or less.
Other Borrowing Options
Besides overdrafts, you can also access loans and credit cards on Barclays. Here’s a brief rundown of your options.
Rewards Credit Cards
Barclaycard Rewards lets you earn cashback on eligible purchases, or you can opt for Avios to spend on flights and hotels with Barclaycard Avios credit cards. APR representative is 78.9% (variable).
Purchase Offer Credit Cards
Barclays' Purchase cards allow you to make interest-free purchases for a specific period, enabling you to spread the cost over time. APR representative is 27.9% (variable).
Credit Building Credit Cards
For those seeking to improve or establish their credit score, Barclays offers credit-building cards with 33.9% APR representative (variable).
Balance Transfer Credit Cards
For up to a 2.99% fee and 24.9% APR representative, you can consolidate credit or store card debts with Barclays' balance transfer cards to potentially save on interest.
Loans
There are several borrowing options available at Barclays, from holiday and car loans to wedding and home improvement loans. If you’re borrowing between £7,500 and £15,000, you will get an APR of 9.9%. However, this is a representative figure depending on the loan term and other circumstances.
Overseas Usage – 7/10
Exchange rate | Above mid-market rate |
|---|---|
Currency conversion fee | 2.99% |
ATM withdrawal limit | £300 |
Barclays provides convenient overseas usage with their debit cards, allowing customers to use them in millions of shops and ATMs worldwide. However, when using the card abroad or paying in a foreign currency, customers should be aware of a 2.99% non-sterling transaction fee.
Additionally, cash machine providers may apply other charges for cash withdrawals and the overseas ATM limit is up to £1,000 for Premier account holders.
For more flexibility in your currency purchases, make sure to explore multi-currency account options, as well as specialised euro and US dollar accounts.
Usability – 7.5/10
Barclays Online Banking Review
Barclays Online Banking lets customers make international payments, access their PINs securely, and easily order tax or interest statements. There’s also the option to change your personal information and manage your cards, standing orders, and direct debits.
Design and navigation
The design of Barclays UK Online Banking focuses on simplicity and clarity, allowing users to quickly locate essential functions such as viewing account balances, making transactions, and accessing statements.
The interface features a clean layout, with well-organised menus and icons such as; ‘move money’, ‘manage accounts’, ‘borrow’, ‘save’, and more. This makes it quite intuitive and easy to navigate.
Login and security features
Barclays takes security seriously, and one of the key features ensuring customer safety is PINsentry, which grants customers an extra layer of protection for online banking access.
The bank also employs advanced data encryption to safeguard clients' data and ensure a secure online banking experience.
Barclays App Review
The Barclays app is freely available and offers a user-friendly approach to handling your finances. Setting it up is a straightforward process, granting you baking access on the go. Whether it's paying bills, transferring money, or managing cheques, these tasks are seamlessly integrated.
The app also allows you to conveniently schedule standing orders, cancel direct debits, and even report lost or stolen cards. Additionally, you can securely update your personal information and banking details within the app. Beyond its transactional functions, the app extends its reach to encompass mortgage management, providing a comprehensive tool to oversee your financial responsibilities.
Opening an Account With Barclays
Here are four straightforward steps to open a bank account with Barclays.
Step 1: Research account options
Step 2: Gather required documents
Step 3: Apply online or in-person
Step 4: Verification and account ownership
Customer Satisfaction & Reputation – 8.8/10
Let’s delve into Barclays' customer service and reputation, and explore the feedback received from users.
Customer Reviews
Trustpilot Score | 1.4/5 |
|---|---|
App Store Score | 4.8/5 |
Google Play Score | 4.6/5 |
Barclays on Trustpilot
Barclays' Trustpilot rating paints a nuanced picture encompassing both positive attributes and areas of concern. While their mobile banking app presents the potential for seamless financial management, recurring issues have dampened the overall experience.
A notable concern revolves around customer service interactions. Numerous customers have expressed frustration with representatives lacking product knowledge, leading to ineffective issue resolution.
Additionally, app suspensions have been a recurring problem, hindering users from conducting transactions smoothly. Mortgage-related banking experiences have also been met with disappointment, underscoring the need for improvement in that domain.
Barclays on Google Play
Barclays receives a varied array of feedback on the Google Play Store, reflecting a blend of positive and constructive insights. Users commend the mobile banking app's user-friendly design, which simplifies transactions and account management, contributing to a seamless banking experience.
The app's emphasis on security through encryption is appreciated, fostering a sense of trust among users for conducting financial activities. While some users have encountered occasional crashes, the majority appreciate the app's overall stability.
One highlight is the convenience of international payments, enhancing global banking accessibility. However, suggestions for improvement revolve around the non-sterling transaction fees, prompting a desire for more competitive rates.
Barclays on App Store
Users acclaim the app's user-friendly interface, easing the journey through account management and card control, leading to a seamless banking experience. The app's proficiency in international transactions is frequently highlighted.
However, a recurring complaint pertains to customer service quality. Many users voice disappointment in the support's responsiveness and effectiveness, underscoring a need for improvement in this crucial aspect.
Customer Service
You can get 24/7 customer service offered by the Barclays digital assistant. However, If you wish to speak to a support agent, you’d have to call between 7 am and 11 pm.
Phone number | Personal and Premier Customers 0800 400 100From abroad: +44 2476 842 099 |
|---|
Security
FCA Regulated | ✔️ |
|---|---|
FSCS Protected | ✔️ |
2FA | ✔️ |
Virtual Cards | ✔️ |
Besides funds being protected for up to £85,000 under FSCS, Barclays prioritises the security of its customers' accounts and transactions with a range of robust features. PINsentry, a unique security code generator, adds an extra layer of protection for online banking access.
The bank provides two-factor round-the-clock monitoring for comprehensive protection against potential threats. Additionally, Barclays guarantees swift reversals in case of unauthorised payments, reassuring customers about the safety of their funds.
Alternatives
If Barclays doesn’t seem like the right bank for you, here are some alternatives to consider.
Santander Edge Current Account
Who is it for: Anyone who wants higher interest and more cashback than Barclays has to offer.
Santander's Edge current account offers cashback on expenses, like council tax, mobile and home phone bills, broadband, and utility bills, with a £10 monthly cap for each cashback tier, totalling £20. To be eligible for cashback, a minimum monthly deposit of £500 is required, alongside a £3 monthly fee.
Account holders also gain access to the associated Santander Edge Saver account. This savings option provides a variable 4.00% AER on balances up to £4,000, inclusive of a bonus rate of 0.50 percentage points for the first year when you switch accounts, after which it expires. Balances above £4,000 do not accrue interest.
For those considering overdraft usage, the account offers this facility with a representative APR of 39.94% (variable).
Chase Current Account
Who is it for: Anyone looking for an interest-earning current account.
The Chase current account allows you to earn a variable 1% AER (1% gross) interest on your account balance, compounded daily and credited monthly. As a new customer, you get access to a unique benefit: 1% cashback on everyday debit card spending during the first 12 months, up to £15 per month.
The 'round-up account' feature presents an innovative way to save. Every purchase made with your Chase debit card is rounded up to the nearest pound, with the spare change accumulating in an account that earns an impressive 5% AER (4.89% gross) interest rate.
Even if you choose to leave your funds untouched, the Chase Current Account ensures your balance earns a consistent 1% interest.
