Compare Barclays business accounts including charges and fees
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What types of business account does Barclays offer?
Barclays offers four types of business account:
- Startup business account. If you’re just starting your business, this account comes with 12 months of free business banking. You’re eligible if it’s your first business account and your business has been operating for less than 12 months.
- Business account for turnover of up to £400,000. This is for established businesses that have a turnover of up to £400,000.
- Business account for turnover of between £400,000 and £6.5 million. This is for all other established businesses that have a maximum turnover of £6.5 million.
- Community account. Free everyday banking for small not-for-profit organisations.
Barclays business account charges
Barclays charges two main kinds of fee on its business accounts:
- Monthly fee. As you may have guessed, this is a fixed fee that is charged every month, no matter how much you use the account. The fee is £8 a month under the Mixed Payments Plan and £8.50 under the e-Payments Plan (see below).
- Transaction fees. These charges depend on how many transactions you make; you’ll be charged for electronic bank transfers (in or out), as well as cash and cheque payments (in or out).
Depending on how you intend to use the business account, you can choose between two types of plan:
- Mixed Payments Plan. With this plan, all transactions are charged a fee, but cash and cheque payments are cheaper.
- e-Payments Plan. In return for a slightly higher monthly fee, you get free electronic bank transfers in or out of your account. Cash and cheque payments are more expensive than with the Mixed Payments Plan though.
You can see the full list of charges and compare the two plans in Barclays’ business account charges sheet.
The benefits of a Barclays business account
- Multiple ways to bank. In person, on the phone, online or through the mobile app.
- A wide range of related financial products available. From savings accounts to business loans to insurance, Barclays allows you to manage all your business finances in one place.
- Money back on your fees. After the first year, you’ll be eligible for Loyalty Reward, a Barclays loyalty programme that pays you back part of your business account fees. Depending on how long you’ve had the account for and on your business’s turnover, you can get between 5% and 50% of your fees back.
- Solutions to accept card payments. With Barclays there is the option to set up your own portable card terminal or e-commerce portal to accept your customers’ card payments.
- Customer support. If you need help, you can contact Barclays’ business account customer service team through the in-app chat, or by phone (telephone lines are open 8am to 8pm Monday to Friday, 8am to 3pm on Saturdays, 9am to 5pm on bank holidays and closed on Sundays).
- Accounting software integrations. The free SmartBusiness Dashboard from Barclays allows you to connect your business account to Quickbooks and to PayPal. Barclays also has a tie-up with accounting and invoicing software company FreshBooks, where qualifying business customers can use a version of the FreshBooks package for free.
How to apply for a Barclays business account
You can apply through the app, online, on the phone or in person at a Barclays branch. If you don’t have a personal account with Barclays already, you may need to pop into a branch anyway at some point in order to be able to complete your application.
Here’s a basic list of the information and documents you’ll need:
- Your personal details, proof of identity and proof of address
- Three years of address history
- Details of any other director of your business
- Your business’s details, including a proof of address
- Business registration number
- Date and certificate of incorporation
- Business turnover and tax information
- Previous banking details if you have them and are looking to switch
Pros and cons of Barclays business accounts
- Different business accounts and pricing plans to choose from.
- Multiple ways to bank – via online, mobile or telephone.
- Big branch network, if you need to visit the bank in person.
- Dedicated business support team.
- Loyalty programme means an eventual reduction in account fees.
- Option to apply for other financial products, such as business loans.
- Might be able to find a cheaper business account elsewhere.
- Not 24/7 business customer support.
Barclays offers a range of business accounts and pricing plans to cater for all types of businesses, plus the ability to manage your account through online, mobile and telephone banking. It also operates a large branch network, which is a big advantage if digital-only banking is not for you.
There are some digital-only business accounts on the market that don’t come with a monthly fee, but if you’re looking for an account at a high street bank, then Barclays represents a solid choice.
You can start signing up for a business account by visiting the Barclays website or downloading its app. If you have read this review and decided that a Barclays account is not for you, you can also compare other business bank accounts on the market.
Frequently asked questions
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