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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
Free for 12 months
Free
Free
Free invoicing and accounting software
- 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
NerdWallet's Review Summary
British high-street bank Barclays offers accounts for start ups and established businesses. Barclays also offers accounts specifically designed for charities and community groups.
For more details, read NerdWallet’s Barclays Business Account review.
Barclays key features:
- Account access: Barclays accounts can be accessed online, via the app, over the phone, or at a branch.
- Credit facilities: Banking with Barclays can offer access to credit facilities, including loans, mortgages and overdrafts.
- FSCS Protection: Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
NerdWallet's Pros & Cons
Pros:
- 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.
Cons:
- 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.
- On the mixed payments plan (where you use cash, cheques and other ways to make and receive payments) electronic transactions are charged at 35p per transaction, 60p per withdrawal and deposit of cheques, and 60p for every £100 of cash they deposit.
- While Barclays says it takes an average of eight days to set up a business account, it can take over 34 days in some cases.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Learn more about how we bring you our review.
Key features
- FSCS ProtectionEligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
- Credit facilitiesBarclays business customers can access a range of credit facilities, including loans, mortgages and overdrafts.
- Multiple ways to manageBusiness customers can access and manage their accounts online, via the app, over the phone, or at a branch.
- Introductory offerNew Barclays business customers are eligible for a 12-month period with no account fees. Eligible charities do not pay a maintenance fee.
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. Electronic payments are free on the e-payments plan and 35p per transaction on the mixed payments plan. 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 free electronic payments on the e-payment plan.
Barclays business account features: at a glance
| Monthly fee | £8.50 after 12-month free period |
| Transaction fees | Yes (60p per cheque paid in or out. 60p per £100 cash paid in). |
| Account management | Online, via mobile app, over the phone, at a branch |
| FSCS protection | Yes |
| Set-up time | 8 days on average, but could take more than 34 days |
| Cash deposits | Yes |
| Cheque deposits | Yes |
| Access to other banking services | Yes (business loans, mortgages and overdrafts) |
| International payments | Yes |
| Customer service | Via mobile app Via online banking Apple messages Over the phone: 0345 605 2345, 8am to 8pm, Monday to Friday |
| Multiple user access | Yes |
| Create and send invoices | Yes |
| Integration with accounting software tools | Yes |
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 eight days to set up a Barclays business account, but can take over 34 days.
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 1.8 out of 5 based on over 11,000 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 1.8 million ratings
- 4.6 out of 5 on Google Play, based on over 530,000 ratings
This information is correct as of 20 November 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
- have fewer than 10 directors, shareholders or company secretaries if a limited company
- 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
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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.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
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