Details

Account namePremier Current Account
ProviderBarclays Bank
ATM withdrawal limit£1000
Debit networkVisa
Card typeCash / Debit
Minimum eligibility age18 Years
Min. operating balance£1
Min. opening balance£1
Direct debits
Current account switch guarantee
Cheque Book

Headquartered in London, Barclays is a British multinational universal bank that provides a variety of accounts and financial products for its 24 million UK customers. Here, we review its Premier current account.

What is the Barclays Premier current account?

The Barclays Premier current account offers a range of exclusive benefits and services for its customers, including Barclays Avios Rewards. The account also offers an interest-free overdraft of up to £500, and it can be opened individually or jointly.

However, because of the exclusive perks on offer, it also has strict eligibility criteria.

How does it work?

The Barclays Premier current account offers the following features:

  • Barclays Avios Rewards. Join for £12 a month and start collecting Avios to put towards your next trip with British Airways. You’ll earn 1,500 Avios every month, a joining bonus and an anniversary reward.
  • Withdraw up to £1,000 a day. Your exclusive black debit card lets you withdraw up to £1,000 each day, providing you have enough funds in the account.
  • Fee-free international payments. By using the Barclays app or online banking, you can send money around the world without having to pay a fee. International payments in a branch cost from £25. (The recipient’s bank may still charge a fee.)
  • Interest-free overdraft. Apply for an interest-free arranged overdraft of up to £500. If you use an arranged overdraft above this amount, you’ll be charged 35.0% (variable).
  • Access to a dedicated Premier relationship team. Available by phone 24 hours a day, 7 days a week. There is also a chat service in the app and video banking is available for some services.

Who is it for?

To be eligible for a Barclays Premier current account, you’ll need to be at least 18 years old, a UK resident, and not in full-time education. You’ll also need an annual gross income of £75,000 or more paid into a Barclays current account or a minimum of £100,000 saved or invested with the bank.

What are the benefits?

There are several benefits to opening a Premier current account. If you’re a keen traveller, the option to rapidly build up Avios points may appeal, while if you send money to family or friends overseas, being able to send it fee-free will no doubt be attractive. The account’s interest-free overdraft of £500 could also be useful for those who sometimes slip into the red.

How to apply

The quickest way to open a sole Premier current account is to download the Barclays app and open it to start your application. Alternatively, you can apply online. If you already bank with Barclays, you can upgrade via online banking or by giving Barclays a call.

Pros and cons

Pros

  • Easy to open via the app or online.
  • Interest-free overdraft of up to £500.
  • Fee-free international payments.
  • Option to earn Avios points.
  • Withdrawal limits of up to £1,000.

Cons

  • You’ll need a high income or savings pot to qualify.
  • To apply for Avios Rewards you must pay £12 a month.
  • If you go over the interest-free overdraft limit, the interest charged is high.
  • No interest paid on in-credit balances.

Our verdict

Barclays Premier current account could be a good choice for those who travel frequently or who need to regularly send money abroad.

However, eligibility requirements are strict and the account is only suitable for those with a high income or those with a lot in savings. If you don’t qualify, or even if you do, it’s well worth comparing what else is out there to see whether it’s really the best option. A number of challenger banks such as Monzo, for example, allow you to send money abroad cheaply, while there are a range of credit cards that let you collect Avios points, some of which have no monthly fee.

Frequently asked questions

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