Barclays Business Bank Account Review

Founded in 1690, Barclays Bank has a long history of providing financial services to businesses in the UK.

With over 900,000 businesses holding a Barclays account, it’s a popular option, but is it the right choice for you?

Barclays Business Account for Startups

Monthly Fee

£8.50

New Barclays business current account customers get their first 12 months free

Bank Transfers

£0

Card Purchases

£0

Overdraft

Yes

FSCS Protection

Yes

Our Rating

Accessibility

You can access your account online, through the mobile app, through telephone banking, or in person at a Barclays branch.

Open Account

On Barclays’ Website

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Eligibility Criteria

– You are at least 18 years old.
– You have the right to live in the UK permanently.
– As of August 2024, Barclays only accepts applications for current accounts from sole traders and limited companies.
– You have been trading for less than 12 months.
– You have at least 12 months of UK address history.
– If your business is a limited company, it can’t have more than 10 (including you) directors, shareholders or company secretaries.

Barclays Business Account for Established Businesses

Monthly Fee

£8.50

New Barclays business current account customers get their first 12 months free

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

10,651 Reviews, average rating of 1.4/5

Accessibility

You can access your account online, through the mobile app, through telephone banking, or in person at a Barclays branch.

See Deal

opens a new window

Eligibility Criteria

– You are at least 18 years old.
– You have the right to live in the UK permanently.
– As of August 2024, Barclays only accepts applications for current accounts from sole traders and limited companies.
– You have been trading for more than 12 months.
– You have at least 12 months of UK address history.
– If your business is a limited company, it can’t have more than 10 (including you) directors, shareholders or company secretaries.

Barclays Charity & Impact Organisations Account

Monthly Fee

£0.00

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

10,651 Reviews, average rating of 1.4/5

Accessibility

You can access your account online, through the mobile app, through telephone banking, or in person at a Barclays branch.

See Deal

opens a new window

Eligibility Criteria

– You are at least 18 years old.
– You have the right to live in the UK permanently
– You have at least 12 months of UK address history
– Your organisation is either a registered charity or charitable organisation, expected charity or a community interest group
– You have three or fewer officials or trustees.
– Unincorporated organisations like clubs or one-off fundraisers are not eligible.
Your current annual turnover is £100,000 or less.

Our Verdict

Barclays is an excellent choice for startups, established businesses, charities, and international operations. Their tailored accounts allow businesses to choose an account that best fits their requirements. 

For businesses involved in international dealings, the Business Currency Account is particularly useful. It supports transactions in 17 different currencies and includes tools for managing exchange rate risks. 

However, there are some drawbacks to consider. Barclays currently only accepts applications from sole traders, limited companies, and charities, excluding partnerships and other business structures. This limitation could be a significant downside for businesses operating as partnerships. 

Specific restrictions exist for account holders, such as limits on the number of directors and shareholders for limited companies and limitations on the number of officials for charity accounts. These restrictions may affect the eligibility of some businesses.

Pros & Cons

Pros

1. Varied Account Options: Barclays provides tailored accounts for different types of businesses, including startups, established companies, charities, and those handling foreign currencies.
2. No Monthly Fees for the First Year: When opening certain accounts, new customers benefit from no account maintenance fees for the first 12 months, which can help reduce initial costs for startups and established businesses.
3. Comprehensive Support: The bank offers 24/7 customer support through its mobile app and access to Barclays Eagle Labs for networking and educational resources. Charities receive additional support tailored to their needs.
4. Strong Security Measures: Barclays’ business accounts are protected by advanced security features, including 24/7 monitoring, PINsentry, text alerts, and the Online Banking Guarantee, ensuring robust protection against fraud.
5. International Banking Capabilities: The Business Currency Account supports transactions in 17 currencies and provides tools to manage exchange rate risks, making it suitable for businesses with international dealings.
6. Integrated Financial Tools: Barclays offers free access to FreshBooks invoicing and accounting software with its Business Current Accounts. This integration helps streamline financial management and can save on third-party software costs.
7. Flexible Overdraft Facilities: Both the Business Current Accounts offer the option to apply for an unsecured overdraft of up to £50,000, providing businesses with additional liquidity when needed.
8. Convenient Banking Access: Barclays provides multiple channels for easy access and account management, including online, mobile app, and telephone banking.

Cons

1. Limited Eligibility for Partnerships: As of August 2024, Barclays only accepts applications from sole traders, limited companies, and charities, excluding partnerships and other business structures.
2. High Fees for Certain Transactions: Businesses that frequently handle cash might find the fees for cash deposits (£0.60 per £100) and international payments (£25.00) relatively high compared to other banks.
3. Complex Service Charges: The fee structure for international payments and specific services can be complex and potentially costly, especially for businesses with frequent cross-border transactions.
4. Customer Service Challenges: Some customers report difficulties with long wait times and less responsive customer service, which could impact businesses needing prompt support.
5. Restrictions on Account Holders: There are specific restrictions for account holders, such as limits on the number of directors and shareholders for limited companies and the number of officials for charity accounts.

Barclays Business Banking At A Glance

Item	Barclays Bank Details
Bank Accounts	Business Current Accounts 1. Business Current Account for Startups 2. Business Current Account for Established Businesses 3. Charity & Impact Organisations Account 4. Business Currency Account Business Savings Accounts 1. Business Premium Account 2. Fixed Term Treasury Deposits 3. Instant Access Foreign Currency Savings Account
Pricing	£8.50 monthly for the Business Current Accounts for Startups and Established Businesses. New Barclays Business Account customers can get 12 months of free account maintenance.
Overdraft	Up to £50,000 unsecured, subject to application and status.
Ease of Use	Highly rated mobile app and secure online banking platform. Other methods include telephone banking and in-branch services.
Security	FSCS protects deposits up to £85,000. Various security measures including 24-hour fraud monitoring and an Online Banking Guarantee.
Customer Support	24/7 in-app support, in-branch services and telephone support available Monday to Friday, 8 am to 8 pm (excluding bank holidays).
Reviews	Trustpilot rating of 1.4 out of 5 based on 10,651 reviews.
Eligibility Criteria	Must be at least 18 years old, have the right to live in the UK permanently and have at least 12 months of UK address history. Additional criteria for specific accounts, including business type and structure.
Additional Information	Free access to FreshBooks for account holders.

Who Should Use Barclays’ Business Banking Services (and Who Shouldn’t)?

A Barclays Business Account may be suitable for you if:

• Startups: Barclays offers a Business Current Account for businesses trading for less than 12 months. 
• Established Businesses: Businesses operating for over a year can use the Business Current Account for established businesses.
• Charities and Community Groups: The Charity & Impact Organisations Account is tailored for registered charities and community groups with an annual turnover under £100,000.
• International Businesses: Those frequently handling foreign currencies may find the Business Currency Account beneficial, as it supports transactions in 17 different currencies and helps manage exchange rate risks.

A Barclays Business Account may be unsuitable for you if:

• Partnerships: As of August 2024, Barclays Bank only offers Business Current Accounts to sole traders, limited companies, or the Charity and IMpact Organisations Account for charities and community groups. 
• Businesses with Complex Structures or Needs Beyond the Offered Services: A Barclays Business Account is only eligible for sole traders or limited companies with up to ten directors, shareholders, or company secretaries. 
• High Cash Handling Businesses: While Barclays allows cash deposits and withdrawals, businesses that frequently handle large amounts of cash may find the fee structure (e.g., 60p per £100 for cash deposits) and daily cash withdrawal limits less favourable.
• Businesses Expecting Immediate High-Level Customer Support: Some users have reported long wait times and difficulties in reaching customer service.

Products and Features: Barclays Business Banking Services

Business Current Account for Startups

Best For: Businesses that have been trading for less than 12 months. 

Key Features:

• New Barclays Business Current Account customers don’t pay monthly account fees for the first 12 months, then £8.50 after. 
• As of August 2024, Barclays only accepts applications from sole traders and limited companies. 
• Free electronic payments and cash withdrawals. 
• Visa debit card with customisable limits and discounts. 
• Customers can apply for an overdraft of up to £50,000 unsecured.
• Account holders can use FreshBooks invoicing and accounting software for free. 
• 24/7 customer support through the mobile banking app. 
• Access Barclays Eagle Labs, a community hub with educational resources, events and networking opportunities. 

Business Current Account for Established Businesses

Best For: Businesses that have been trading for more than 12 months. 

Key Features:

• New Barclays Business Current Account customers don’t pay monthly account fees for the first 12 months, then £8.50 after. 
• As of August 2024, Barclays only accepts applications from sole traders and limited companies. 
• There is no charge for bank transfers, card payments or ATM withdrawals. 
• Account holders can apply for an overdraft of up to £50,000 unsecured.
• Access to expert Business Managers for advice on the best financial solutions for your company. 
• 24-hour fraud protection and monitoring to keep your account secure.
• Customers can apply for Barclaycard payment solutions to accept card payments. 
• Net Zero Specialists will help you explore sustainable options. 

Charity & Impact Organisations Account

Best For: Charities and community groups with an annual turnover of less than £100,000.

Key Features:

• No monthly account maintenance fee
• Must have three or fewer officials or trustees.
• Unincorporated organisations are not eligible. 
• Manage your account online, by telephone, or at your local Barclays branch. 
• Free access to invoicing and account software from FreshBooks.
• Social business support to help you grow your business. 
• Accept donations face-to-face, online or by telephone with simplified payments. 
• Activities, exercises and lesson plans to help charities and clubs prepare young people for work. 
• Expert Digital Eagles for tailored support using online banking and electronic payments.

Business Currency Account

Best for: Businesses that frequently handle foreign currencies

Key Features:

• Available in 17 currencies: Australian Dollar (CAD), Canadian Dollar (CAD), Chinese Yuan (CNY), Czech Koruna (CZK), Danish Krone (DKK), Euro (EUR), Hong Kong Dollar (HKD), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Polish Zloty (PLN), Singapore Dollar (SGD), South African Rand (ZAR), Swedish Krona (SEK), Swiss Franc (CHF), UAE Dirham (AED), and United States Dollar (USD.
• It helps to reduce costs and minimise the risk of exchange rate fluctuations.
• Manage your account 24/7 online, through the mobile app or telephone banking.
• Transactions are settled on the same day for EUR, USD and CAD or within two working days for other currencies. 
• Account holders don’t need to transfer money to a GBP account.
• The FSCS protects deposits up to £85,000.

Savings Accounts

In addition to these business current accounts, Barclays offers several savings accounts to help customers grow their surplus cash. As of August 2024, the savings accounts offered are the Business Premium Account, Fixed Term Treasury Deposits and Instant Access Foreign Currency Savings Accounts.

Pricing and Fee Breakdown

Barclays has different pricing tariffs depending on the account you hold.

The table below breaks down the fees associated with the Business Current Account for startups and established businesses.

Service	Fee
Account fee	£8.50 (free for 12 months for new Business current account customers)
Simple electronic payments like Faster Payments, Direct Debits and standing orders	Free
Debit card payments	Free
Cash withdrawals	Free
Paying cash in	60p per £100. Additional charges may apply for using the Barclays Collect service.
Cheques (in and out)	60p per cheque
Assisted transactions initiated by a Barclays employee	£1.50 per transaction
SEPA transactions	£1.50
International Payments (BIPS)	£25.00
CHAPS payments	£25.00
Using your debit card abroad (non-sterling)	2.99% of the transaction amount
Receiving SEPA and Eurp payments from the EEA	Free
Receiving international payments of £100 or less	Free
Receiving international payments over £100	£6.00

The Business Currency Account follows a separate tariff, as shown in the table below. No account maintenance fee information is available.

Service	Charge per item (Euro account)	Charge per item (All other currencies)
Non-automated debit and credit entries	64p	64p
Automated debit and credit entries	45p	64p
6-monthly paper statement	Free	Free
Cheque book	Free	Free
Currency notes paid in or withdrawn	Free	Free

Additional international services are charged as follows:

Service	Charge per item
International payments submitted through a Barclays branch or by telephone	£25.00. An additional £3 USD Cover Charge fee and Delivery Charge fee may also apply.
International payments through Online Banking, the Barclays mobile app or Barclays.net	£15.00 An additional £3 USD Cover Charge fee and Delivery Charge fee may also apply.
SEPA credit transfer through a Barclays branch or telephone banking	65p
SEPA credit transfer through Online Banking, the Barclays mobile app or Barclays.net	35p
Receiving SEPA credit transfer or international payments (non-euro) below £100	Free
Receiving an international payment greater or equal to £100 in value	£6.00

The Charity and Impact Organisation Account enjoys free everyday banking and has no account maintenance fees.

Safety & Security

Barclays is a fully authorised and regulated bank that offers protection from the Financial Service Compensation Scheme for eligible deposits. If Barclays goes out of business, you will receive compensation up to a maximum limit of £85,000.

Other security measures in place include:

• Independent Testing—The mobile banking app has earned the British Standards Institute International ISO 27001 certification, demonstrating that procedures are in place to protect your financial data.
• 24/7 Monitoring – Accounts are continuously tracked for unusual activity, with suspicious transactions delayed, declined or verified. 
• PINsentry – You will be prompted to create a unique 8-digit code for identity verification.
• Text Alerts – You can set up automatic alerts to notify of incoming and outgoing payments.
• Online Banking Guarantee – Barclay ensures that you will be covered for any loss you experience due to fraud when using the online banking platform, as long as you have used the service correctly. 
• Visa Secure—You may be asked to verify your identity online through your mobile banking app, a one-time passcode sent by text message, or the PINsentry card reader.

What Barclays Bank Customers Say

At the time of writing this article, Barclays Bank had a “bad” average Trustpilot rating of 1.4 out of 5, based on 10,651 reviews. The Barclays mobile app is rated significantly higher, 4.8 out of 5, based on 1.7 million ratings on the Apple App Store and 4.5 out of 5, based on 526,000 reviews on the Google Play Store. 

Common customer comments include:

Positive Reviews

• Consistent praise for professionalism, empathy, and efficiency, highlighting instances where staff went above and beyond.
• User-Friendly App: Positive feedback on the app’s ease of use and helpful features, including the “upcoming transactions” button. 
• The mobile app is praised for strong security measures and quickly locking accounts to prevent fraud.

Negative Reviews

• Challenges in reaching customer service and long wait times.
• Perceived reduction in service standards over time.
• Long-standing clients feel undervalued, and many are considering switching banks.
• Issues with cumbersome and inefficient automated systems.

Additional Information About Barclays Bank

Barclays Bank has a rich history dating back to 1690 in London, where John Freame and Thomas Gould began trading as goldsmith bankers. Over the centuries, Barclays has grown from a small goldsmith bank into one of the most influential financial institutions in the world.

Today, Barclays serves over 900,000 businesses and operates in over 40 countries. Barclays has expanded its reach through numerous strategic acquisitions. Key acquisitions include The Woolwich in 2000 and the North American operations of Lehman Brothers in 2008. These acquisitions have strengthened Barclays’ market position and diversified its portfolio.

How Barclays Bank Stacks Up Against The Competition

Features	Barclays	TSB	Bank of Scotland	HSBC
Business Current Account Options	4	1	5	7
Overdraft	Yes	Yes	Yes	Yes
Mobile App	Yes	Yes	Yes	Yes
FSCS Protection	Yes	Yes	Yes	Yes
Learn More	Visit Barclays	Visit TSB	Visit Bank of Scotland	Visit HSBC

Barclays Bank FAQs