Barclays’ Premier account comes with an interest-free overdraft up to £500, exclusive savings and mortgage rates, and access to the bank’s Financial Guides who can assist with financial planning.
There’s also a generous Avios reward scheme, which costs £12 per month.
While the account is free to maintain, you’ll need to meet some pretty strict criteria to be eligible.
Representative example for overdraft
The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide on how much carrying a balance could cost. Your personal offer may vary from the representative APR example.
0% interest (variable) payable on arranged overdrafts up to £500. If you use an arranged overdraft above this amount the annual rate of interest is 35.0% (variable). 19.5% APR Representative (variable), based on a £1,200 overdraft balance.
Pros
- Up to £500 interest-free overdraft (eligibility permitting)
- Access exclusive mortgage and savings rates
- Access to Barclays Avios Rewards for £12 a month
Cons
- Must meet salary or savings criteria to be eligible
- No cashback or insurance perks
Key perks
Exclusive savings rates / free financial guidance
Overdraft
First £500 interest-free (subject to status)
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Key features
- Interest-free overdraft up to £500
- Access to Barclays Avios Rewards
- Financial planning support from Barclays Financial Guides
- Withdraw up to £2,000 cash a day
- Access exclusive savings and mortgage rates.
Will I be eligible?
Barclays sets the bar pretty high in terms of eligibility criteria for its Premier account. To be accepted, you must have a gross annual income of at least £75,000 (which must be paid into the account).
Alternatively, you must hold at least £100,000 in savings or investments with Barclays. The £100,000 can be split between savings and investments.
Finally, applicants must be 18 or over with a UK address and mobile phone number. Photo ID, such as a passport or driving licence, is required to apply.
What more should I know?
Barclays Premier charges no monthly fee, and account holders can withdraw up to £2,000 in cash a day.
The account offers an overdraft facility with an interest-free buffer of up to £500. Any borrowing above this is charged at an interest rate of 35.0% (variable). Overdrafts are subject to status, and the terms you are offered may vary depending on your financial circumstances.
As a Barclays Premier customer, you can book a free telephone appointment with one of the bank’s Financial Guides. These guides can offer insights on topics including investments, planning for retirement and general family finances.
Premier customers can also enrol in Barclays’ Avios Rewards programme for £12 per month.
Members receive 1,500 Avios each month, and an additional 7,000 Avios each year, on the anniversary of their joining. This annual bonus can be swapped out for an upgrade voucher, which allows you to move up one cabin class during a flight.
There’s also a joining bonus of 25,000 Avios for members who have made a full switch to their first Barclays current account. Existing Barclays account holders get a reduced sign-up bonus of 2,500 Avios.
Avios Rewards members receive a discount for airport lounges around the world.
Exclusive savings
Elsewhere, Premier customers can access exclusive rates on savings accounts, and mortgages.
The Premier 2-Year Flexible Cash ISA – which can be opened from £1 – pays 4.50% AER, fixed for two years. After the account is opened, no additional deposits are allowed.
Savers can make up to three withdrawals per year, though each withdrawal is capped at 10% of their current balance.
The Premier 2-Year Flexible Bond pays 4.50% AER (fixed). It can be opened with a lump sum between £1 and £1 million, and no further deposits are allowed for the duration of its two-year term.
With both accounts, savers can elect to have interest paid monthly – into a linked current account – or added to the account annually, where it compounds.
Barclays also offers a handful of mortgage deals exclusive to its Premier customers, with fixed rates starting at 5.75% APR.
These Premier-exclusive deals are available for both residential and buy-to-let purchases.
Is the Barclays Premier Account right for me?
If you meet the eligibility criteria, Barclays’ Premier account could be an option worth considering.
Unlike some premium accounts, it’s free to maintain, and account holders can access exclusive savings and mortgage rates, along with a generous interest-free overdraft allowance, and free financial guidance.
Frequent travellers may equally benefit from the Barclays Avios Rewards programme – although this comes with a £12 monthly fee.
However, unlike many fee-charging accounts, there’s no linked travel insurance, breakdown cover, gadget insurance, or cashback scheme.
If you’re already a Barclays customer, you can upgrade to Premier through the app.
What are my alternatives?
If the main draw of the Barclays Premier account is its interest-free overdraft buffer, you could also consider First Direct’s First Account. It comes with an interest-free overdraft of up to £250 (subject to status).
The online-only bank also offers a regular savings account paying 7.00% AER, exclusive to First Direct customers, and is currently paying a welcome bonus of £175 when you make a full switch.
