Dan Barraclough
Kristina FoxMany or all of the products and brands we review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotion’. However it doesn’t influence our reviews. Our opinions are our own.
Barclays business account: at a glance
Barclays is a UK-authorised bank that provides personal bank accounts, as well as business bank accounts to both small and large businesses, including sole traders and limited companies.
Barclays currently offers business accounts for organisations at every stage of their journey, including start ups, established businesses and charities and community groups.
Find out more about Barclays business accounts, including key features, pros and cons, in our review below.
Learn more about how we bring you our review.
Promotion
Barclays Business Account
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Monthly FeeFrom freeFree for 12 months for new customers | £8.50 after first 12 months, or if you're an existing customer.
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Card Purchase FeesFrom free
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Bank Transfer FeesFreeFree between Barclays accounts
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OfferNew customers may be eligible for an introductory offer of 12 months without a monthly fee.
Barclays business account pros & cons
Pros
- Accounts can be managed in branch, online and via the provider’s app.
- Deposits up to £85,000 may be protected by the Financial Services Compensation Scheme (FSCS).
- Customers can access in-branch support in England, Wales, Scotland and Northern Ireland.
Cons
- A monthly fee applies to Barclays business accounts (after introductory offer, if applicable).
- Barclays can take longer than some mainstream banks to set up your account.
These pros and cons are based on a survey of UK business owners on what they found important when selecting a range of business products, conducted by NerdWallet in December 2022.
Barclays business account key features
- Barclays is a UK high street bank regulated by the Financial Conduct Authority (FCA)
- Deposits may be protected by the Financial Services Compensation Scheme (FSCS)
- Barclays business accounts have a monthly fee, plus fees for certain transactions, depending on the tariff chosen
- Borrowing, such as business loans and credit cards, may be available subject to eligibility and status
Barclays business account full review
Barclays was originally founded more than 300 years ago in London, and today has a presence across the whole of the UK.
Barclays offers a wide range of accounts and services to businesses of all sizes. There is no monthly fee for 12 months for business customers who are new to Barclays. Though after this point, businesses will pay a monthly fee.
We’ve collated everything you might want to know about a Barclays business account in the table below.
| Monthly fee | Yes (after introductory offer, if applicable) £8 (Business Account tariff and Mixed Payments Plan) £8.50 (e-Payments Plan) |
| Transaction fees | Yes (for certain transactions, depending on tariff) |
| Account management | At a branch Over the phone Online Via mobile – app or Apple Messages |
| FSCS protection | Yes |
| Potential for same day set up | No |
| Cash deposits | Yes |
| Cheque deposits | Yes |
| Access to other banking services, such as business loans and savings accounts | Yes |
| Integration with accounting software and tools | Yes |
| International payments | Yes |
| Customer service | Via mobile app Via online banking Automated web chat Over the phone |
| Multiple user access | Yes |
| Trustpilot rating | 1.4 out of 5 (22 February 2023) |
Barclays business account features
The following sections provide some key information about specific features of Barclays business accounts.
Business account fees
The stand-out factor considered by business owners when choosing a business account is the monthly price. According to NerdWallet’s survey, a low-cost monthly fee ranked highest out of the 10 criteria.
How much you will pay for a Barclays business account depends on the tariff you are on, and how you use the account.
- New customers will be put on the Barclays Business Account tariff.
- Existing customers may be on either the e-Payments or Mixed Payments Plan; these plans are not available to new customers. Similarly, the Business Account tariff is not currently available to existing customers.
There is a monthly fee plus transaction charges for all plans except charity accounts, which may benefit from free banking.
New customers on the Barclays Business Account tariff may be eligible for an introductory offer of 12 months without a monthly fee.
Monthly fee
The monthly fee you pay for a Barclays business account depends on the tariff you are on.
| Tariff | Monthly fee |
| Barclays Business Account tariff | Free (first 12 months, if you’re new to Barclays) OR £8.50 (after first 12 months, or if you’re an existing customer) |
| Mixed Payments Plan | £8 |
| e-Payments Plan | £8.50 |
Day-to-day business banking transaction charges
With Barclays business banking, the transaction fees you may have to pay vary between business account tariffs. You can find more detail in the table below.
| Transaction type | Fee on Barclays Business Account tariff | Fee on Mixed Payments Plan | Fee on e-Payments Plan |
| Faster Payments | Free* | 35p | Free |
| Direct debits and standing orders | Free* | 35p | Free |
| Purchases with a debit card | Free | 35p | Free |
| Cash withdrawal at an ATM or Post Office | Free | Free at an ATM 90p per £100 at the Post Office | Free at an ATM £1.50 per £100 at the Post Office |
| Cash paid in at Post Office or automatic machines | 60p per £100 | 90p per £100 | £1.50 per £100 |
| Cash paid in or out at a branch counter | £1.20 per £100 | 90p per £100 | £1.50 per £100 |
| Cheques paid in | 60p per cheque (via Barclays app or a self-service device) £1.20 per cheque (at a Barclays branch counter or Post Office) | 65p per cheque | £1.50 per cheque |
| Cheques paid out | 60p per cheque | 65p per cheque | £1.50 per cheque |
| Transfers between Barclays accounts | Free | Free | Free |
* It’s worth noting that the Barclays Business Account tariff includes 500 free ‘simple electronic payments’ per month. This includes Faster Payments, direct debits and standing orders, as well as electronic payments into your business account. Transactions over this limit will be charged at 35p each.
This information is correct as of 15 February 2023.
Other fees
If you want to make international payments using your Barclays business account, you may incur extra charges. More information can be found on the Barclays website, but some common charges are summarised in the table below.
| Transaction type | Fee on Barclays Business Account tariff | Fee on Mixed Payments Plan | Fee on e-Payments Plan |
|---|---|---|---|
| SEPA payments (online or via the app) | 35p | 35p | Free |
| SEPA payments (at a Barclays branch) | £1.50 | 65p | £1.50 |
| Payments via Barclays International Payment Service (online or via the app) | £15 | £15 | £15 |
| Payments via Barclays International Payment Service (at a Barclays branch) | £25 | £25 | £25 |
This information is correct as of 15 February 2023.
Easy account access
According to the business owners that NerdWallet surveyed, the second most important criteria when looking for a business account is how easy the account is to access.
You can manage Barclays business accounts in four ways: over the phone, online, via the mobile app, and at a Barclays branch.
Mobile and internet banking are available 24 hours a day, seven days a week, and businesses can access bank services over the phone during opening hours: 8am-8pm on weekdays, and 9am-5pm on Saturdays.
Branch opening days and times vary; you can search your local branch on the Barclays website for more detailed information. There are Barclays branches across England, Wales, Scotland and Northern Ireland.
Account set-up
Being able to set up a business account quickly is one of the top five criteria business owners look for in a business account, rated most important by around a quarter of the business owners that NerdWallet surveyed.
Barclays aims to begin processing an application within seven business days of receiving it.
After that, Barclays takes six days on average to open business accounts, once all required information and documents have been received and no more information is needed from the applicant.
FSCS protection
According to the business owners we surveyed, the third most important criteria in a business account is that deposits are protected by the Financial Services Compensation Scheme (FSCS).
Barclays is a UK-authorised bank, so its bank accounts are protected by the FSCS. If Barclays were to fail, you would automatically be compensated up to £85,000 in your account. Deposits over this limit are unlikely to be covered.
It’s worth noting that the limit applies across all accounts that you hold with a bank. So if you’re a sole trader with separate personal and business accounts with Barclays, the £85,000 limit applies jointly to both of your accounts. However, if you run a limited company, it’s considered a separate legal entity to you as a person, so the company’s account has its own £85,000 limit.
Mobile phone app
Money management via a mobile app is ranked the fourth most important criteria for business owners looking for a business account, according to NerdWallet’s survey.
Barclays has an app available on both iOS and Android devices, so customers can access their account, make transfers and manage their money digitally.
Customer service
Existing customers can contact Barclays business banking support in the following ways:
- By telephone on 0345 605 2345 (if your turnover is under £1 million) from weekdays between 8am-8pm. Or on 0800 027 1321 (if your turnover is between £1 million and £6.5 million) weekdays between 8am-7pm.
- By live chat via the mobile app or online banking. Advisers available from 1am-11pm, seven days a week. Automated assistant available outside of this time.
Barclays offers customer service in at least one of these formats, seven days a week, with web chat available every day while phone support is only available on weekdays. Neither channel is available 24/7, though there is an automated chat service for out-of-hours support.
However, 24/7 customer service was not essential when choosing a business account according to our survey, ranking joint ninth alongside international banking facilities.
Customer reviews
The Barclays app has been reviewed by users on several platforms.
- Trustpilot: 1.4 out of 5, based on over 8,100 reviews
- Apple App Store: 4.8 out of 5, based on over 1.6 million reviews
- Google Play: 4.4 out of 5, based on over 478,000 reviews
It’s worth noting that these reviews also cover other financial services and products Barclays provides, not just business banking.
This information is correct as of 22 February 2023.
Barclays business account eligibility
To be eligible to open a business account with Barclays, you must:
- be aged at least 18
- have the right to live in the UK permanently
- be able to show at least 12 months’ UK address history
- run a business with a turnover under £6.5 million
You must also be willing to undergo a credit check. Barclays runs a credit check on you and your business when you apply for a business account. If you successfully open an account, the bank will then share information about how you use the account with credit reference agencies.
Additionally, there are specific eligibility criteria for certain industries, such as agriculture and social housing. It’s worth contacting Barclays directly if you have queries about your business’s eligibility for an account.
How to choose a Barclays business account
There are a number of questions that you may want to ask yourself when looking at a Barclays business account, or comparing to other providers:
- Would you prefer to pay a monthly fee or pay per transaction?
- How would you like to manage your account (i.e. online, via an app, in branch)?
- Do you want to bank digitally or would you like the option of face-to-face banking in a branch?
- Are you willing for you and your business to undergo a credit check as part of your business banking application?
- Do you want protection through the Financial Services Compensation Scheme (FSCS)?
How to apply for a Barclays business account
You could either apply to open a new Barclays Business account from scratch, or you could switch your current bank account to Barclays using the Current Account Switch Service.
It’s worth mentioning that Barclays have paused some business account applications at the moment. If you are an existing customer, a sole trader or a limited company that has been trading for less than 12 months, you’ll be able to apply online or through the app. Otherwise, you may not currently be able to get a Barclays business account. You can contact the bank for further details.
To apply for a Barclays business account, you’ll need to follow these steps:
- Apply online.
- Submit proof of ID and address.
- Wait for approval.
Apply online
You can apply for a Barclays business account online or through the Barclays business banking app. How you’re able to apply may depend on your business type and whether you currently have a personal or business account with Barclays.
You can also enquire by contacting the bank or by visiting a branch.
You’ll need to provide information about you and your business, such as:
- your annual turnover
- your tax information
- your Companies House registration number (if applicable)
- details about directors or partners, including names, addresses and dates of birth
Barclays is one of the banking providers to have agreed a common set of documents and information that you need to provide when opening a business account. You can find more information on the UK Finance website.
Submit proof of ID and address
As well as any information about your business, Barclays needs proof of your identity and address (both home and trading address).
You can use the following as proof of ID:
- UK or foreign passport
- national identity photocard
- UK or foreign driving licence
You can use the following as proof of your residential address:
- UK paper driving licence
- bank statement (dated within the last three months)
- mortgage statement (dated within the last 12 months)
- council tax bill (dated within the last 12 months)
- utility bill (dated within the last six months)
To prove your trading address, you can use a document, such as a commercial tenancy agreement, a commercial business energy bill (dated within the last three months) or a business bank statement (dated within the last three months).
Wait for approval
Once your application has been reviewed and approved, you’ll receive a text letting you know your account is open.
Barclays will then send your business account details, along with your business debit card, within seven business days of opening your account.
Review methodology
At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.
You can view our review methodology here.
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