Barclays

Who is Barclays?

Barclays is one of the UK’s largest and oldest banks, with a history dating back to 1690. It has grown into a global financial powerhouse, serving millions of customers across retail, business, and investment banking.

In the UK, Barclays offers current accounts, savings, mortgages, loans, credit cards, and investment services. It also provides digital banking through its Barclays app and online platform.

With a strong focus on innovation, Barclays was among the first to introduce contactless payments and mobile banking, making everyday banking more convenient for its customers.

What types of current accounts does Barclays offer?

Barclays offers a range of current accounts, ranging from no-frills options to premier banking with monthly fees. These include:

• Barclays Bank Account: The standard current account offering. There is no monthly fee and you have an optional arranged overdraft with a daily cash withdrawal of £500. In-app and online management as well as access to telephone banking

• Barclays Bank Account + Blue Rewards: Offers cashback and exclusive perks through Barclays Blue Rewards scheme for a £5 monthly fee, as well as giving access to Barclays higher rate savings accounts. Certain conditions apply, such as paying in £800 each month and having at least two direct debits set up

• Premier Current Account: Provides cash withdrawals up to £2,000 per day and 24/7 telephone banking, but you’ll need a gross annual income of at least £75,000, or have a total balance of at least £100,000. Other features include cashback and rewards, a chance to join Barclays Avios Rewards for £12 a month, and premier mortgage options

• Barclays Basic Account: If you’re not eligible for any of Barclays’ current accounts, don’t yet have a UK account, or you’re experiencing financial difficulties, the basic account still allows you to bank in the UK. There is no fee, and no overdraft facility provided

• Student Additions Account: An everyday bank account designed for student life. You can apply for an interest-free overdraft of up to £1,500 over the course of your studies

• Higher Education Account: Barclays account for when you finish your studies. Retains the overdraft facility for a period and also opens up other features, such as Barclays’ Blue Rewards scheme where you can access perks and discounts for a monthly fee

• Young people’s accounts: Barclays has two accounts for young people, a BarclayPlus account for 11 to 15 year olds and a Young Person’s Account for 16 to 17 year olds. Both accounts allow you to shop online and in-store with a debit card. When you turn 16, the BarclayPlus account changes to a Young Person’s Account, which in turn becomes an adult current account when you reach 18.

What rewards can I get with Barclays?

Barclays offers two rewards schemes that give a variety of benefits to its customers.

• Blue Rewards: Barclays’ loyalty program available to add to current accounts for a £5 monthly fee. Members enjoy a complementary Apple TV+ subscription and can earn up to 15% cashback when spending at selected retailers using your linked Barclays Visa debit card. The program also offers access to competitive savings accounts, such as the Rainy Day Saver, which provides attractive interest rates on balances up to £5,000.

• Barclays Avios Rewards: Available for £12 per month to premier banking customers, Avios is the rewards currency for several airlines, including British Airways. Every month, customers receive Avios points that can be redeemed for flights, upgrades, hotel stays, car hire, and more, including discounted passes to over 1,000 airport lounges worldwide. There is a joining bonus for new customers who switch their existing current account to Barclays using the Current Account Switch Service.

Can I switch to a Barclays account?

Yes, you can switch to a Barclays current account easily using the Current Account Switch Service (CASS). This free, hassle-free process takes seven working days, moving your balance, direct debits, and standing orders automatically.

Barclays even offers a switching bonus through certain rewards programs, like Barclays Avios Rewards. To be eligible, you’ll need to meet the specific account requirements, such as a minimum monthly deposit.

Plus, your old bank will close your previous account, and you’ll get the Current Account Switch Guarantee, protecting against any payment issues.

What overdraft do I get with a Barclays current account?

With a Barclays current account, overdrafts vary depending on the account type:

• Standard current accounts: You can apply for an optional arranged overdraft, subject to approval. Fees and interest apply.

• Premier account: Comes with a £500 interest-free overdraft, and you can apply for more through an arranged overdraft.

• Basic account: No overdraft facility is available.

• Student account: Offers an interest-free overdraft of up to £1,500 over the course of your studies

Overdraft limits depend on eligibility and credit checks, so always check the terms before applying.

What fees and charges come with Barclays accounts?

Barclays current accounts come with various fees and charges depending on the account type and services you use.

If you opt for Barclays Blue Rewards, there’s a £5 monthly fee, but you can earn cashback and rewards. Additionally, Barclays Avios Rewards costs £12 a month, offering Avios points towards flights and travel perks.

For overdrafts, arranged overdrafts incur interest based on your personal rate, while unarranged overdrafts may come with additional fees. Using your debit card abroad may result in foreign transaction fees, and there may be charges for sending money overseas.

Some accounts, such as Premier, may offer fee-free perks, but standard charges apply for certain services like international payments.

Always check your specific account terms to understand any applicable fees. Barclays provides a breakdown of charges online or via mobile banking to help you manage costs effectively.

Is Barclays regulated?

Yes, Barclays Bank is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), ensuring it operates securely and fairly.

Customers’ eligible deposits are protected up to £120,000 per person under the Financial Services Compensation Scheme (FSCS), providing peace of mind if the bank were to face financial difficulties.

How do I open an account with Barclays?

Opening a current account with Barclays is straightforward.

1. Select the Barclays current account that suits your needs, whether it’s a standard, student, or Premier account

2. Complete the application via the Barclays website, mobile app, or visit a branch

3. You'll need proof of identity (passport or driving licence) and proof of address (utility bill or bank statement)

4. Once approved, you'll receive your account details and debit card, and you can register for online and mobile banking

Why you should compare current accounts with MoneySuperMarket

With MoneySuperMarket, you can quickly compare current accounts from top banks across the market to find the best fit.

Whether you’re looking for switching bonuses, generous overdrafts, cashback perks, or high-interest savings, we bring all the key details together.

When you’ve made your choice, the Current Account Switch Service makes moving to your new account effortless, transferring your payments