Barclays Business Banking

About Barclays

Barclays are a traditional bank that dates back all the way to the 1700s - being one of the first to introduce cash machines and debit cards to the UK. They are one of the Big Four Banks with more than 1,500 branches, serving more than a million business customers of all different types and sizes. Bank from home or in-branch and find the right Barclays business banking service for you.

See our full Barclays business bank account review of features, fees and how they compare against other online and high street bank accounts.

Barclays pros & cons

Pros of Barclays

• Free banking for 12 months for new startups
• Low monthly account fee
• Choice of business accounts and pricing plans
• Online, mobile and telephone banking

Cons of Barclays

• Poor online reviews in regard to customer service
• No 24/7 customer support

Barclays current accounts

These are some of the main features of Barclays business banking:

• Business banking experts - you'll have access to a team of business managers to help with any issues you may come across
• UK customer support - customer support is just a phone call away or there are thousand of Barclays branches for you to pop into
• SmartBusiness Dashboard - this consolidates all of your banking information into one place, so you can get see how everything is from just a glance.
• Barclays Analytical Insights - Barclays free industry data provides business insights at scale or localised for your area of work or the whole of the UK

Barclays have three business bank accounts to choose from, which can all be accessed by phone, online or in-branch:

• Start-up business account - this account is specifically for startup businesses that have been trading for less than 12 months and have an annual turnover of no more than £400,000.
• Business account (<£400k) - for businesses that have been running for more than a year but still generate less than £400,000 turnover per annum.
• Business account (£400k-£6.5m) - this account is suitable for business that earn more than £400,000 but less than £6.5 million each year. You'll have access to a team of business managers that can help with any needs you may have.

Businesses that have just started out, or have less than 12 months business history, are eligible for 12 months of no fees on their bank account.

After the 12 months you'll have the choice of two simple pricing tariffs; one that is cheaper for mixed-payments (cash and credit) and one that is cheaper for online payments only (credit).

Here is a fee breakdown of Barclays' two business account plans:

Barclays have a Loyalty Reward programme, that is available on their standard bank accounts, where a percentage of the fees you pay are paid back to you monthly.

This is the range of cashback you could earn, depending on how long you've had your account:

Eligibility

To be eligible for a Barclays account you must:

• Be a sole trader, partner or director
• Have the right to live in the UK
• Provide 12 months address history
• Be at least 18 years old

There is more specific turnover eligibility criteria that varies depending on the account you choose. Startups will also need to provide the following:

• Companies House registration number (if applicable)
• Business details: tax information and turnover
• Personal details: name(s), date of birth, address(es), National Insurance number(s)

Opening an account

Here's how to open a Barclays business account:

1. To open online download Barclay's app from the App Store or Google Play
2. To open in store find your nearest Barclays and head on in
3. Complete their application - Barclays will confirm your eligibility
4. Verify your ID - with photo ID such as a passport or photocard driving licence
5. Once approved you can start banking

Overdrafts

Barclays offer arranged business overdrafts from £1,000 up to £25,000.

The interest you pay varies depending on what overdraft limit you agree, but starts at 13.40% for overdrafts between £1,000 and £5,000, up to 8.43% for overdrafts of £20,001 to £25,000.

Arrangement fees vary too, starting at fixed fees of £95 to £295 for limits up to £15,000, moving to fees between 1.6% to 2.5% the agreed limit on overdrafts over £15,000.

For businesses that require an overdraft of more than £25,000 (up to £50,000), rates and fees can be discussed upon application.

Barclays savings accounts

Barclays also offer businesses savings account facilities, these include a fixed term, instant access and notice account:

• Business Premium Account - an instant access savings account that requires no minimum balance and can be opened with a deposit of £1. You'll earn 0.60% on balances less than £1 million, 0.65% over £1 million and 1.31% AER over £10 million.
• Clients Premium Account - another instant access account but this is for businesses that look after their clients' money. This account avails interest rates between 0.23% and 1.31% AER, depending on balance (see above).
• Treasury Deposit Account - this is a fixed rate savings account, for businesses that deposit large amounts of money. The minimum allowed balance is £100,000 and deposit limits vary depending on term. The most you can save is £25 million and there are no withdrawals allowed. Rates are available on request.

Here's a summary of Barclays' business savings accounts:

Additional business services

Barclays offer many other business services, including business loans and other finance options, as well as card readers from Barclaycard, a subsidiary of Barclays Bank.

There is a community bank account available for non-profits and charities.

Barclays reviews

Barclays business apps perform very well with 4.8 stars on the App Store from over 1.6 million ratings and 4.5 out of 5 on Google Play from over 474,000 reviews.

However, Barclays score poorly on Trustpilot with only 1.4 stars from over 7,900 reviews, where 86% rated them 1-star.

Information correct as of 26th January 2023.