Barclays Business Banking Review

An in-depth review of Barclays Business Banking.

Updated: June 13, 2024
Matt Crabtree

Written By

Matt Crabtree

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Barclays offers business current accounts with all the perks of a major bank, including a vast branch network and specialised support staff. Is there anything more you'd want from a business bank account in the UK?

Check out our ‘at a glance' summary for the highlights, or read on for the whole scoop on Barclays corporate accounts.

At a Glance — Pros and Cons

Pros

✔️ A There are several kinds of company accounts, some that even help with money and credit management.

✔️ A Barclays app includes billing as a standard feature.

✔️ A Cash flow loans and overdrafts are offered.

Cons

❌ Widely panned across the board at major user review sites.

❌ The application procedure is lengthier than other companies.

❌ There isn't always someone there to help with company matters.

Barclays Business Banking Review — Overview

What is Barclays business banking?

Barclays has earned a reputation for excellence and respect as one of the major banks in the United Kingdom. It should come as no surprise, therefore, that the bank caters to companies of varying sizes throughout the nation by providing them with a variety of services, from basic online banking to comprehensive financial management and assistance.

However, how do customers rate Barclays? Does it live up to its stellar reputation? We have researched the ratings provided by the most reputable review sites online to see where Barclays Business Banking stands.

Read on for some quick facts about the business banking services offered by Barclays to determine whether they meet your requirements.

Introducing Barclays business bank accounts

While the bank's reputation for mediocre customer service reflects the fact that your account will always be one of many at an institution of Barclays' size, the bank is still one of the most adaptable and cost-effective choices for anyone seeking a high street name.

Who is Barclays business banking for?

Barclays requires just that you be a UK-based sole trader or SME owner, and that you be 18 or older, in order to register a business account. In fact, a wide variety of inquiries will be made about your company's structure and methods of trade.

Don't be afraid to apply to Barclays if your business isn't in a high-risk industry and you have a good credit history; nonetheless, it's important to be forthright about what you need from them.

The variety of services offered by a well-known brand like Barclays is a major selling point for the company. You can get the same convenience from your business banking with any of the other major high street banks, not only Barclays. Seek out some of the cutting-edge challenger banks if you want for lesser costs.

In 2019, Barclays received widespread backlash for allegedly pressuring SMBs' owners into overspending on unused banking products and services. Avoid being pressured into opening a bank account you have no interest in maintaining.

How to open an account 📁

In order to qualify for a Barclays business account, you must require

  • Be above the age of 18.
  • Have the legal right to settle in the UK.
  • Be able to provide evidence of a UK address for the last year.
  • Company owner whose annual revenue is less than £6.5 million.

You should also expect your credit to be checked. When you apply for a business account with Barclays, they will assess your personal and company credit. If you are approved for a bank account, the bank will report your account activity to credit bureaus.

Furthermore, certain sectors, like agriculture and social housing, have more stringent qualifying requirements than others. whether your company isn't sure whether it meets the requirements for a Barclays account, you should ask them directly.

You may either apply for a brand-new Barclays Business account or use the Current Account Switch Service to transfer your existing business banking to Barclays.

It's worth noting that Barclays has temporarily stopped accepting applications for some types of business accounts.

You may apply online or through the mobile app if you are a current customer, a single proprietor, or a limited liability company that has been in operation for less than 12 months. A Barclays business account may be unavailable at this time anyway. If you have any questions, feel free to contact the bank.

The steps to opening a Barclays business account are as follows:

You'll have to provide some background about yourself and your company, including:

  • Your yearly revenue.
  • Accounting details.
  • Your company's registration number with Companies House.
  • Names, residences, and birthdates of any directors or partners.

When creating a business bank account, a standard set of paperwork and information is required, and Barclays is one of the banks that has adhered to this standard. The UK Finance website has further details.

Include your full name and current address.

Barclays requires identification and an address verification (both residential and business) before they would provide you with any business-related information. 

Among the acceptable forms of identification are:

  • Nationality
  • Photo ID 
  • Driving licenses 

The following items may be used to verify your residence status:

  • British driving licence issued on paper.
  • Money-in-the-bank-statement (currently no more than 3).
  • Mortgage declaration (during the recent year).
  • Current council tax invoice (sent within the previous year).
  • Recent (within the previous half year) electricity bill.

A commercial lease agreement, a commercial business energy bill, or a commercial business bank statement all dated within the previous three months may be used to verify your trade address. 

Wait for approval

A text message will be sent to you after your application has been processed and accepted. Within seven business days after account opening, Barclays will mail your business account information and debit card.

Barclays Business Banking Review — What features do you get?

What features does Barclays business banking offer you?

1. Reasonable charges for business use each month

When deciding on a business account, the monthly fee often stands out as the most important consideration for company owners. Among the top factors, the most important could be a reasonable monthly price.

Barclays business account fees are based on the tariff you're on and the volume of transactions processed via the account. 

Barclays' Business Account pricing structure will be applied to new clients. The e-Payments Plan and the Mixed Payments Plan are only offered to current customers and cannot be selected by prospective customers. Existing clients are similarly excluded from access to the Business Account pricing.

All plans come with a monthly cost on top of any transaction fees, with the possible exception of charity accounts. For a limited time, Barclays is offering new customers on the Barclays Business Account rate a year of free monthly service.

2. Simple login process

Convenience of account access, according to some surveys, is the second most significant factor for company owners when choosing a business bank account. 

Business banking with Barclays may be handled four different ways: via phone, internet, mobile app, or in-person. The bank's services are accessible to commercial clients through telephone from 8 a.m. to 8 p.m. Monday through Friday, and from 9 a.m. to 5 p.m. on Saturdays.  

You can find out when your local Barclays branch is open by doing a search on the site. Barclays has locations all around the United Kingdom, including in Wales, Scotland, and Northern Ireland.

Creating an account

One of the top five features that company owners seek for in a business account is the ease with which a new account may be opened. 

Within seven business days of receipt, Barclays will begin reviewing your application. After then, after Barclays has received all the necessary information and papers, the average time to start a business account is six days. 

3. FSCS insurance

Since Barclays is a UK-regulated financial institution, its customers get FSCS protection for their deposits. In the event of Barclays' insolvency, you would get up to £85,000. Oversized deposits may not be insured.

It's important to remember that the restriction affects all of your bank accounts together. Sole proprietors who have separate Barclays accounts for their personal and professional finances must realise that their combined total cannot exceed £85,000.

However, the £85,000 restriction does not apply to a limited business's account since a limited company is treated as a different legal entity from its owner.

4. Financial planning

Barclays Wealth Management provides a customised, preventative method of financial planning. We invest in getting to know you and your goals intimately so that they can tailor our services to you at every juncture. Their Wealth Management service targets those with at least £500,000 in investable assets.

You are the primary priority before any of your plans. They assign a group of professionals to you, including wealth managers, financial planners, investment pros, and others, to assist you in reaching your financial goals and meeting your day-to-day needs.

5. Accepting credit card payments in-house

You can use their services to receive payments in a variety of convenient ways without leaving your house. Also, you may accept payments on the go with Barclaycard Anywhere by connecting a card reader to your mobile device.

Customers may pay with a credit card in person, over the phone, or by mail. If you decide to move from your present provider, they may even assist you in covering the fees associated with doing so.

Their all-in-one payment system will save you time and effort by allowing you to accept all forms of payment in-store and on-the-go, monitor inventory and automate reordering, handle bookings and back-office tasks with ease, and analyse real-time sales data and customer trends. Take advantage of FreshBooks Plus's no-cost bookkeeping services as well.

6. International trade

They're a great resource for going international.

They offer everything you need to succeed in international trade, whether you're just getting started or planning a major expansion. Transfer money internationally. Send money to the United States or the United Arab Emirates with confidence and speed.

Simplify international payments and lessen the impact of currency changes on your business. Plus, learn about local marketplaces at no cost and take advantage of special pricing offers. In addition, specialised services and resources make banking convenient for your company.

Barclays Business Banking Review — Buying Guide

Let’s explore choosing an account practically. 

What packages does Barclays offer?

There are three distinct types of Barclays Business Bank Accounts. There is a £0 opening deposit account for new businesses, a £0 maintenance fee account for businesses with annual revenues of up to £400,000, and a £0 maintenance fee account for businesses with annual revenues of £400,000 to £6.5 million.

With the exception of the situations described above, the monthly maintenance charge for a Barclays Business Account is £6 for the Mixed Payments Plan and £6.50 for e-Payments.

Community accounts are free and available to non-profit groups.

Barclays business banking fees

Barclays provides many banking options for companies of varying sizes. For the first 12 months, new Barclays business clients don't pay a monthly charge. However, a monthly tax will be imposed on enterprises beyond this point.

Barclays business banking's business account tariffs determine the potential transaction costs that may be assessed on a regular basis. There might be fees associated with using your Barclays business account to make payments overseas. 

  • Payment required per month. This is a monthly payment that remains the same no matter how much money you put into the account. Under the Mixed Payments Plan, the charge is £8 per month and under the e-Payments Plan, the fee is £8.50 per month (details below).
  • Funds transfer costs. You will incur fees for receiving or making payments in cash or by check, as well as for any electronic bank transfers you make (in or out).

There are two distinct plans available for commercial accounts, each with its own set of features and benefits.

📖 Combination Payment Scheme. There is a fee for every transaction under this plan, albeit paying with cash or check is less expensive.

📖 e-Payment Arrangements. You may make unlimited free electronic bank transfers into or out of your account each month in exchange for a slightly higher monthly cost. However, the Mixed Payments Plan is more cost-effective than either cash or checks alone.

How safe is Barclays?

Their automatic system is always monitoring your account for any unusual behaviour, so you may get a call or text message asking you to verify a recent transaction or a change of address. 

They have the right to postpone, refuse, or even ban your account if we determine that you are attempting an unusual transaction. To minimise any potential disruption, please ensure that your contact information is always up to date.

Just as when using a chip and PIN or shopping online, your account information is safe while making a contactless payment. You are not responsible for any fraudulent activity on your account unless your carelessness played a role (for example, by allowing someone else to use your card).

Awards given to the app include:

  • Security and resilience as certified by the worldwide ISO 27001 standard from the British Standards Institute.
  • The app has passed independent testing by the British Standards Institute for Secure Digital Transactions to guarantee the safety of your financial and personal information.

In addition, their Online and Mobile Banking Guarantee will cover you if you become the unwitting victim of fraud while making a payment using any of the Barclays app services. In other words, they will return any funds that were improperly deducted from your account.

A personal 5-digit passcode that you create safeguards the programme. Each time you use it, you'll need to input the code. Don't save your passcode on your phone or write it down any place; doing so might compromise its security.

What about customer service?

There are user reviews of the Barclays app available for viewing on several websites. 

Over 8,100 ratings give Trustpilot a dismal 1.4 stars. Based on around 1,600,000 ratings, the Barclays app in the Apple App Store has a 4.8/5-star rating. There are now 480,000 reviews of the Barclays app on the Google Play Store, and they average 4.5 stars.

It's important to note that these evaluations are for all of Barclays' financial offerings, not just business banking.

What other features set Barclays business apart?

Barclays was established in London almost three centuries ago and has since expanded to include the whole of the United Kingdom.

Barclays Business Banking Review: The Verdict 

Barclays provides a number of business banking options, including online, mobile, and telephone access, as well as a variety of pricing structures to accommodate any size or kind of company. If you prefer traditional banking methods to online ones, its extensive branch network will come in quite handy.

There are no-fee business checking accounts available only online, but if you prefer a traditional bank, Barclays is a good option.

Visit the Barclays website or download the Barclays app to get started with opening a business account. If, after reading this review, you decide that a Barclays account is not for you, there are many of alternative options available.

More about Barclays

Barclays has a less-than-stellar reputation among regular customers, but it gets better marks from corporate customers on review sites like Finder. Because of its size, people tend to put a lot of faith in and money into Barclays. Barclays' asset management and financial planning services are a boon to any company, but especially those of a sizable size.

HSBC products and services

Barclays has four distinct business account options:

  1. If you're a new company owner, you may use this account for free business banking for the first year. In order to qualify, your company must be less than a year old and this must be its first business account.
  2. A £400,000 annual revenue limit applies to the business account. This is for long-standing companies with annual sales of £400,000 or less.
  3. Between £400,000 and £6.5 million is the average annual revenue for businesses. This applies to all other well-established enterprises with up to £6.5 million in annual sales.
  4. Small non-profits may get free banking services for a year.

Barclays contact details

For current clients, there are a few different methods to get in touch with Barclays' business banking support team.

If your annual revenue is less than £1 million, you can reach them by phone Monday through Friday between 8 am and 8 pm at 0345 605 2345.

If your annual revenue is between £1 million and £6.5 million, you can reach them Monday through Friday from 8 am to 7 pm on 0800 027 1321.

Via real-time conversation via the app or internet banking. Experts are accessible every day from 1:00 am to 11:00 pm EST. Outside of this window, you may access an automated helper.

Barclays provides help for its customers in at least one of these forms seven days a week, with online chat being accessible daily and phone support being available exclusively during the week. While an automated chat service is accessible outside of normal business hours, neither option is constantly monitored. 

However, one poll found that having access to customer support around the clock was not a major factor for respondents when making a business banking decision.

Related Guides:

FAQs

What do you receive when you open a business account with Barclays?

Do you recommend opening a business checking account?

Why is Barclays it's cutting stores?

Do I need an appointment to create an account at Barclays?

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