Under its savings banner, the bank offers a range of options such as ISAs, fixed rate bonds, regular savings and easy access accounts, which can offer competitive rates both online and offline. However, before choosing any account, it’s important to compare any Barclays’ deals with the wider savings market.
Barclays, one of Britain’s biggest banks, ranks highly in the innovation stakes as it was the first bank to offer debit and credit cards, Euro mortgages and contactless technology.
Compare Barclays savings accounts - Ordered by interest rate
Interest rate (AER)
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- Deposit up to £1,000 within 21 days of opening account and save up to £200 a month (meaning you can save up to £1,200 in the first month)
- The Government will top this up by 25%, so for every £200 saved the Government will top up another £50 bonus, up to a maximum of £3,000
- Online account management
- Application must be made in branch
Interest rate (AER)
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- Transferring existing ISA balances
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Barclays Savings Guide
Barclays operates in more than 50 countries across the globe and has more than 1,700 branches in the UK alone. Since it first opened its doors 300 years ago, the bank has become one of the most popular savings providers on the UK high street.
If you want to save money but can’t afford to tie up your savings into a long-term savings account, then an easy access savings account is probably best for you. With an easy access savings account there are no penalties for withdrawals at any time. You can also top up your balance as and when you want to.
If you want to save for the longer term, however, and don’t need access to your money, you may want to consider using a fixed rate bond. Fixed rate bonds generally offer higher interest rates than easy access accounts but your money is tied up for the duration of the bond.
Thanks to the Personal Savings Allowance, savings interest is now paid without any deduction of tax. If you are a standard rate (20%) taxpayer, you can earn up to £1,000 in savings interest tax-free each year. Higher rate (40%) taxpayers can earn up to £500 a year in savings interest without paying tax.
Those on the additional rate (45%) do not benefit from a Personal Savings Allowance and must pay tax on savings interest.
In addition to this tax-free allowance, you can save tax-free in an individual savings account, where every adult has an annual allowance tied to the tax year, which ends each year on April 5 (in 2017/18, the ISA allowance is £20,000).
Make sure that you weigh up the advantages and disadvantages of the different Barclays’ savings accounts – and compare them to the wider savings market – before you make a decision about where to save.
The first £85,000 (as of 30 January, 2017) of any savings held with an institution such as Barclays is protected by the Financial Services Compensation Scheme (FSCS).