One of the “big four” banks, Barclays is a trusted place to put a savings pot. It’s known for offering table-topping rates, but these are sometimes reserved for existing customers only. Here’s the current range, all the need-to-know info plus a round-up of your reviews.
Easy access savings accountsBarclays Bank's best easy access rate of 5.12% is significantly lower than today's market-best rate of 8%.
Cash ISAsBarclays Bank's best cash ISA rate of 5.3% is very slightly lower than today's market-best rate of 5.71%.
Fixed-rate bondsBarclays Bank's best fixed-rate bond rate of 5.25% is very slightly lower than today's market-best rate of 5.8%.
Business savings accountsBarclays Bank's best business savings account rate of 1.41% is significantly lower than today's market-best rate of 5.7%.
Overview of Barclays savings
|Savings account types include||Easy access, cash ISAs, fixed-rate bonds, business|
|Best easy access rate||5.12%|
|Best cash ISA rate||5.3%|
|Best fixed-rate bond rate||5.25%|
|Best business savings account rate||1.41%|
|Fixed bond terms||1 year - 1 year 6 months|
|Opening options||Branch, website, mobile app, telephone|
Other popular accounts
Barclays has all bases covered. Didn’t find the account type you were looking for? Check our other guides:
How do I decide which account is for me?
You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:
- Interest rates. Obviously we all want the highest rates possible on our savings. You can also weigh up wether to go for a fixed- or variable-rate product.
- Access to cash. If your circumstances are likely to change, you might want to retain easy access to your savings. If things are pretty stable, you could lock some away for a set period in return for a better rate.
- Eligibility. Some Braclays savings accounts require that you’re already a banking customer.
What is Barclays Blue Rewards?
The Barclays Blue Rewards scheme is a paid-for-add-on which can give you access to members-only savings accounts. These accounts include the Blue Rewards Saver and Rainy Day Saver, which pay higher rates of interest compared to other Barclays’ savings accounts.
To benefit from the rewards, you’ll need to have a Barclays current account and agree to pay the membership fee of £5 a month. You’ll also need to pay at least £800 into your current account each month and register for the Barclays app or online banking.
Learn more about Barclays Blue Rewards and what other benefits it can offer in our guide.
Barclays savings account for over 50s
Barclays doesn’t offer savings accounts specifically for over 50s. However, over 50s are eligible to apply for all its savings products.
For those with a lump sum, looking to supplement pension income, a fixed-rate bond paying monthly interest away to a nominated account may appeal. The downsides of this are that your lump sum is effectively locked away for a set period, and by syphoning away the interest, it won’t benefit from compounding.
Does Barclays offer online or mobile banking?
Yep, it offers both. Here are some of the basic features:
- Check balances. For any type of account.
- Transfer money between accounts. In a matter of seconds.
- Pay bills and people. All within the online portal.
- All of those features. On the go.
- Send money to others using just a phone number. Formerly the ridiculously-named “Pingit”, “PayM” allows Barclays customers to transfer to friends without faff.
Barclays customer reviews
In our 2023 customer satisfaction survey, Barclays scored 4.5 stars out of 5, with 78% of customers saying they’d recommend the brand to a friend.
Customers in our survey found Barclays “reliable”. Yet most of all, customers commented on how easy their Barclays saving account was to use and set up.
The Barclays app has a rating of 4.8 out of 5 from over one million reviews on the App Store. On Google Play, the app has a score of 4.5 from around 480,000 Android app users (July 2023).
What are the benefits and drawbacks of banking with Barclays?
Barclays is a British multinational banking and financial services company headquartered in London.
- Online and mobile banking. The Barclays app makes it simple to keep an eye on your finances.
- Flexibility. Barclays does offer a wide range of accounts for any sort of financial need.
- Better rates elsewhere? Rates are pretty poor right now across the board, but you might be able to squeeze a slightly better rate from other providers. (Depending on your needs!)
From cash ISAs to children’s savings, Barclays certainly has the range. But it’s a shame that some accounts are for existing customers only.
However, as with any financial decision, do your research beforehand to check you’ll be getting the best rates and flexibility that you’re looking for.
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