Barclays – business banking analysis and reviews

Last updated on 10 August 2023

Our Barclays business banking review should need no introduction to anybody with a passing familiarity with the banking trade. This brand has survived for quite some time for a reason – it remains an evergreen presence on the high street, and business customers are entitled to a range of current accounts and lending streams.

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Banking with an institute the size of Barclays means that your account will always be just one of many, which is reflected in this bank’s reputation for less-than-stellar customer service, but it is certainly one of the most flexible and affordable options for anybody that wishes to bank with a high street name.

Video: Getting started with business bank accounts

Barclays business banking services

Pros and cons of Barclays for business services

Pros of BarclaysCons of Barclays
Plenty of high street branches (for now) Closing branches across the UK
Lots of account options and lending streams Limited customer service
FSCS protected Poor online reviews
No fees for 12 months Fees apply to some transactions
Free access to FreshBooks software
Pros and cons of Barclays business banking

Business current accounts

Three main current accounts are available to Barclays business customers:

All of these accounts offer free access to the FreshBooks bookkeeping software, and will not accrue charges for the first 12 months.

After a year, any Barclays business current account costs £8.50 per month. You can make 500 free electronic transfers per month after a year, then you will be charged 35p per transaction. You will be charged 60p per £100 for cash transactions, and 60p for any cheque paid in or out.

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Start-up business account

Designed for new business ventures, you will enjoy access to advice from business experts.

Business account

The standard Barclays business account, intended for an established company or sole trader with a turnover below £400,000 PA. 

Business account for turnover above £400,000 PA

As above, but you will be provided with a dedicated relationship manager.

Business overdrafts

A business overdraft of up to £25,000 is available to Barclays business current account holders. Interest rates and set-up fees will vary depending on your overdraft limit.

Business savings accounts

Barclays offers two savings accounts to business customers:

Instant Access Account

No minimum deposit or upper limit on your savings, and you can add or withdraw funds at any time. Interest rates vary dry depending on how much money is in your account, and is paid quarterly. 

Fixed Term Account

A minimum of £150,000 must be deposited, with a maximum balance of £249.999,999. A fixed interest rate will be agreed upon opening the account and paid upon maturation, the EAR of which will depend on the length of the fixed term.

Barclays at a glance

Phone number0345 734 5345
App downloadsiOS; Android – only one user can access these apps
Websitewww.barclays.co.uk/business-banking
Number of branches1,600, but Barclays is closing branches regularly
FSCS protected?Yes
Founded1690, London
Key information

Barclays business finance and loans

As a major financial provider, Barclays also offers business customers lines of credit alongside current accounts.

Video: Business loans and finance explained

Business mortgages

Barclays offers business mortgages to company owners seeking a trading premises or investment opportunity. See commercial mortgages.

Business loans

Barclays business customers can apply for loans for any sum over £1,000, though unsecured loans are capped at £100,000.  See business loans.

Business credit cards

A range of Barclaycard products can be taken out under your business identity. See business credit cards.

Invoice finance

Release anticipated funds tied up in outstanding invoices ahead of receiving payment from customers and clients. See invoice factoring.

Asset finance

Borrow substantial funds to purchase business-critical tools and assets for your company. See asset finance.

Barclays reviews

Barclays business banking review – what are other business banking customers saying about Barclays business accounts?

Review platformScoreNumber of votes
TrustPilot1.4/58,165
FeefoNot reviewedN/A
Reviews.co.ukNot reviewedN/A
Smart Money People3.3/5197
Which?3/51
Average score2.57/58,364
Barclays business banking review

Barclays business eligibility criteria

On paper, the only criteria Barclays offers for opening a business account is that you are a UK-based sole trader or SME owner, aged 18 or over. In reality, you will be asked a range of questions about your business model and trading practices. If your company does not operate in a high-risk niche and you have a clean credit history, there is no reason to worry that Barclays will decline your application, but be honest when discussing your needs.

Barclays business finance alternatives

One of the great appeals of choosing Barclays for your business banking is that such a big name offers so many features. If you are seeking a similar one-stop-shop experience from your business banking, switch Barclays for another high street giant. If you pine for lower fees, investigate some of the more advanced challenger banks instead.

Barclays other considerations

Back in 2019, Barclays was publicly criticized for upselling bank accounts and services to small businesses, encouraging company owners to spend more on services they did not need. Do not allow yourself to be bullied into taking out an account you do not want or need.

FAQ

Is Barclays a proper bank?

Yes, Barclays is a legitimate bank. It has been providing banking services for more than 300 years and is one of the world’s largest banks with assets totaling nearly $2 trillion. Barclays is regulated by the Financial Conduct Authority (FCA) in the UK and is registered with the Prudential Regulation Authority (PRA).

How to open a Barclays business account?

To open a Barclays business account, you will need to provide the following information:

• Business trading name and address
• Contact details of an officer of your company
• Annual accounts or financial statements
• Identification documents for each customer including date of birth, address and photographic ID
• A copy of a utility bill in the business’s name to demonstrate proof of address
• Proof of legal registration if applicable

Once you have the required documents and information ready, you can apply for a Barclays business account online or in person. You will need to provide additional information and relevant documentation such as Certificate of Incorporation and Articles of Association. After submitting your application, Barclays will review the information and contact you with a decision on your application.

What fees does Barclays charge for a business account?

Barclays business accounts come with various fees and charges depending on the type of account you select. These fees may include a monthly charge, transaction fees, cash deposit fees, overdraft fees and more. It is important to read the terms and conditions carefully so that you are aware of all applicable charges before opening an account with Barclays.

What services does Barclays offer?

Barclays offers a range of services for businesses, including banking services such as current accounts, savings accounts and international payments. Additionally, Barclays can provide loans, overdrafts and credit cards to help businesses manage their cash flows. In addition to traditional banking services, Barclays also provides other business solutions such as merchant services, insurance, foreign exchange and e-commerce solutions.

What types of payments does Barclays accept?

Barclays accepts a wide range of payments including debit cards, credit cards, Apple Pay, Google Pay and other contactless payments. Barclays customers can also make payments via online banking or using the Barclays mobile app. Additionally, customers can deposit cash at any Barclays branch or ATM machine.

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Reviewed by , Managing Director

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