Barclays

Who they are

Barclays is a British multinational bank, headquartered in London. Its roots trace back to 1690, when Quaker goldsmiths began a banking business in Lombard Street - and the name Barclays has been on the door, in various forms, ever since a network of private banks united under that banner in 1896. Along the way it clocked up some genuine firsts: it launched the UK's first credit card, Barclaycard, in 1966, and deployed the world's first ATM in 1967.

UK retail deposits sit in the ring-fenced bank Barclays Bank UK plc (FCA firm reference 759676, status: Authorised), which is owned by Barclays plc. Your eligible deposits are protected up to £120,000 per person by the FSCS. One thing worth knowing: Tesco Bank now trades under the same banking licence. If you hold money with both brands, the £120,000 limit is shared across them.

The Barclays app is one of the better high-street banking apps, with strong ratings on both the Apple App Store and Google Play, and it handles everyday banking, card management, Barclaycard servicing, and payments from a single place. In 2026, Barclays is also visibly recommitting to branch access rather than retreating from it - a real differentiator against app-only challengers.

Savings accounts

Barclays offers a wide range of savings products, though the rate you get often depends on which current account you hold.

For easy access, the Rainy Day Saver pays 3.96% AER variable from just £1 - but this is reserved for Blue Rewards and Premier customers. The Blue Rewards Saver pays 2.51% AER and the Reward Saver 1.85% AER. The Everyday Saver, available to all, pays 1.00% AER. There is also a Children's Savings account at 2.27% AER.

On the fixed side, the 1-Year Fixed-Rate Bond pays 4.25% AER (minimum £500, no access until maturity). The Single Access 2-Year Flexible Bond and the 1-Year Single Access Flexible Cash ISA both pay 4.40% AER - you get one withdrawal during the term. Premier customers have access to the Premier Triple Access range, which pays 4.55% AER across 1, 2 and 3-year terms, with up to three withdrawals permitted.

For ISA savers, the easy-access Reward ISA pays 2.75% AER, while the Instant Cash ISA sits at 1.00% AER. The Investment ISA is a Stocks and Shares ISA: investments are covered by the £85,000 FSCS investment limit if the provider fails (not against market losses), while any uninvested cash held within it has the £120,000 deposit protection.

All cash savings accounts are covered by the FSCS up to £120,000 per person.

Switching to Barclays

Barclays is currently offering a switch bonus worth up to £300 on its standard Bank Account. To get the first £150, you need to open a sole account in the Barclays app from 1 October 2026 (completing the application within 21 days), then within 30 days request a full Current Account Switch Service switch from another UK bank with at least 3 active Direct Debits, and pay in a salary of at least £2,000. A further £30 per month - up to £150 more - is available in each of the 5 full months after the switch reward is paid, as long as you receive at least £2,000 in salary and make at least 10 eligible debit card purchases that month.

Switch to Barclays and you can also link to the Rainy Day Saver at 3.96% AER, though bear in mind that rate is restricted to Blue Rewards and Premier account holders.

Is it right for you?

Barclays suits people who want the reassurance of a long-established high-street bank, a capable app, and a genuine branch network to fall back on. It does not match Chase on everyday interest or Monzo on app features, but for the broad middle of the UK banking market - people who want branches, a full product range, and reasonable digital tools - Barclays delivers.

The savings range is tiered, so what you earn depends on the account you hold. Premier customers get the most competitive fixed rates, and the Rainy Day Saver's headline rate is gated behind Blue Rewards or Premier membership. If you want the best rates without paying a monthly fee, it is worth comparing carefully before committing.

Check the live rates shown on this page to make sure the figures above still apply - they can and do change.