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Published 03 April 2024
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Barclays Business Account Review: Pros, Cons & Features

Barclays has three types of business accounts as well as a community account for charities. Find out more about them and their pros and cons in our review.

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Barclays Bank is a UK-authorised high street bank that offers accounts for start ups and established businesses. Barclays also offers accounts specifically designed for charities and community groups.

Barclays Business Account

Barclays Business Account
  • Monthly Fee
    Free for 12 months
  • UK Card Purchase Fees
  • UK Bank Transfer Fees
  • Offer
    Free invoicing and accounting software

This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.

Eligibility Criteria
  • Must have an annual turnover between £400k- £6.5m
  • Must have a straightforward and clearly defined ownership structure
  • Must be at least 18 years old and be based and operate in the UK – including business owners

Learn more about how we bring you our review.

Key features

  • FSCS Protection
    Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
  • Credit facilities
    Barclays business customers can access a range of credit facilities, including loans, mortgages and overdrafts.
  • Multiple ways to manage
    Business customers can access and manage their accounts online, via the app, over the phone, or at a branch.
  • Introductory offer
    New Barclays business customers are eligible for a 12-month period with no account fees. Eligible charities do not pay a maintenance fee.

Barclays business account pros & cons 


  • Barclays offers accounts for start ups and established businesses. It also offers accounts for charities and community groups.
  • Barclays business accounts come with free invoicing and account software from FreshBooks.
  • Eligible deposits of up to £85,000 are protected by FSCS – if you’re a sole trader, the £85,000 protection will be the total across all current or savings accounts you hold with Barclays, Barclays Direct and Standard Life Cash Savings.
  • Customers can access support in branches across England, Wales, Scotland and Northern Ireland.
  • Barclays offers credit facilities, including mortgages, overdrafts and loans, for a variety of businesses. 


  • Once the introductory period has ended for any of its business accounts, Barclays charges account holders a monthly account fee of £8.50, except for those holding a charity account.
  • Account holders have a monthly allowance of 500 free electronic transactions. They will then be charged 35p for every electronic payment, 60p per withdrawal and deposit of cheques, and 60p for every £100 of cash they deposit.
  • While Barclays says it takes an average of 10 days to set up a business account, it can take over 10 weeks in some cases.

The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.

Barclays business account full review

Barclays was originally founded more than 300 years ago in London. It quickly expanded throughout England, Scotland and Wales, and now has a presence across the whole of the UK, offering both personal and business banking services.

Barclays offers three types of business current account, as well as a community account for charities and community groups. 

Business accounts

Barclays has a start-up account for businesses that have been trading for less than a year and an account for those with a turnover of up to £6.5 million.

Each business account comes with a 12-month period without an account fee for new customers. At the end of this free period, the monthly fee is £8.50. 

Barclays charges transaction fees both during and after the 12-month free period on all its business accounts. Once you have used its allowance of 500 free transactions, you would pay 35p per additional electronic payment. There is also a 60p transaction fee on cheque deposits and withdrawals, and 60p for every £100 of cash you deposit. 

Each business account from Barclays also comes with a range of services, such as borrowing options (including business loans, mortgages and overdrafts) and online tools to support your business. In addition to information and advice guides, you’ll have access to teams of business managers, high-growth professionals and entrepreneurial experts. Barclays’ international team is also available to support your growth ambitions.

All business accounts at Barclays offer free access to invoice and accounting software from FreshBooks.

As well as this, Barclays business and community account holders can apply for a foreign currency account. This is for business account holders who trade in other currencies, making international transactions easier if you trade overseas.  

Community account

Barclays’ community account for charities and impact organisations offers everyday banking and support from business managers, as well as free invoicing and accounting software from FreshBooks.

Eligible charities and community interest groups that are registered and have an annual turnover of less than £100,000 can benefit from no monthly account fee and free everyday transactions. Other community groups can still apply for the Barclays Business Account, which offers a 12-month fee-free period, after which the £8.50 monthly account fee applies, along with 500 free electronic payments before fees are incurred.

Barclays business account features: at a glance

Monthly fee£8.50 after 12-month free period
Transaction feesYes (60p per cheque paid in or out. 60p per £100 cash paid in).
Account managementOnline, via mobile app, over the phone, at a branch
FSCS protectionYes
Set-up time10 days on average, but could take more than 10 weeks
Cash depositsYes
Cheque depositsYes
Access to other banking servicesYes (business loans, mortgages and overdrafts)
International paymentsYes
Customer serviceVia mobile app
Via online banking 
Apple messages
Over the phone: 0345 605 2345, 8am to 8pm, Monday to Friday
Multiple user accessYes
Create and send invoicesYes
Integration with accounting software toolsYes

Where Barclays business account stands out

Access to accounting software: All business and community accounts come with free access to invoice and accounting software via FreshBooks.

Account management: Customers can manage their accounts online, via the app, over the phone or in a branch.

International payments: Barclays International Payments Services (BIPs) allows business account customers to make electronic international payments to countries across the world, and offers a simple tool to generate your International Bank Account Number (IBAN).

Charities and community groups: Barclays also offers current accounts to charities and community groups, with no monthly account fee for eligible charities.

» MORE: Compare business accounting software

Where Barclays business account falls short

Set-up time: It takes an average of 10 days to set up a Barclays business account, but can take over 10 weeks.

Transaction fees: Where other business bank accounts include no transaction fees in their introductory offers, Barclays only omits the monthly account fee during the 12-month period, but retains its standard transaction fees.

» MORE: Compare business bank accounts

Barclays business account customer reviews

Barclays has a ‘bad’ rating on Trustpilot of 1.4 out of 5 based on over 10,000 reviews. However, these reviews and those on its mobile apps relate to Barclays Bank in general, and not specifically its business offering. 

The Barclays mobile app has a rating of:

  • 4.8 out of 5 on the app store, based on over 1.7 million ratings
  • 4.5 out of 5 on Google Play, based on over 513,000 ratings

This information is correct as of 3 April 2024.

Barclays business account eligibility 

To be eligible to open a business account with Barclays, you must:

  • be at least 18 years old
  • have the right to live in the UK permanently
  • be able to show at least three years’ UK address history
  • run a business with a turnover of less than £6.5 million

When you apply for a business account, you must be willing to undergo a credit check. Barclays runs a soft credit check on you and your business partners to check both your personal and business credit. If you successfully open an account, the bank will then share information about how you use the account with credit reference agencies.

How to apply for a Barclays business account

If you already have a business account with another bank and you’re looking to move to Barclays, you can use the Current Account Switch Service, which will help you to switch within seven working days. Note that you can only do so if both banks belong to the scheme.

If you don’t have an existing business account and you’re looking to apply for one of the accounts from Barclays, you’ll need to follow these steps:

  • Apply online or via the app (where eligible).
  • Submit proof of ID and address.
  • Wait for approval once you have submitted your application. It can take 10 days on average to open an account.

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

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 there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

You can view our full review methodology here.

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