Barclays Premier Account review: Everything you need to know

Barclays Premier banking service¹ offers current and savings accounts, as well as mortgages, advice and a range of discounts, offers and promotions, to eligible UK customers.

But what Barclays Premier account benefits are there? And given the high minimum balance requirements, is Barclays Premier worth it? Our Barclays Premier account review covers all you need to know.

Not sure if Barclays Premier is right for you? Take a look at the Wise account as a great way to manage your money in GBP alongside dozens of other currencies, with mid-market currency exchange and low, transparent fees*.

You can also order a Wise card as the perfect partner for travel, offering low cost spending and withdrawals at home and in 150+ countries around the world*.

Discover the Wise card 💳

What is the Barclays Premier Account?

Barclays Premier banking services are offered to customers who qualify for Premier service thanks to holding a high minimum balance or depositing a high salary to their account. There are a few different account options, including the Barclays Premier Current Account² which we’ll look at throughout this guide.

Barclays Premier Current Account customers get exclusive benefits, including higher ATM withdrawal limits compared to customers with standard accounts. We’ll walk through how the Premier Current Account works and how it’s different to other Barclays products next.

How does it differ from other Barclays accounts?

If you don’t qualify for Barclays Premier banking, Barclays will recommend that you open their standard current account³ instead. Here are a few key differences between the options:²

Feature	Barclays Premier Current Account2	Barclays Current Account3
Age eligibility	18 or older, not in full time education	18 or older
Balance eligibility	100,000 GBP balance, or salary over 75,000 GBP	No minimum balance requirement
Overdrafts	No interest on arranged overdrafts to 500 GBP Interest applies on higher amounts	Arranged overdrafts available on application, for a fee
ATM withdrawals	2,000 GBP/day maximum	1,000 GBP/day maximum
Saving and investment options	Available with exclusive offers, rates and advice	Available
Extras	Join Barclays Avios to earn air miles, get exclusive benefits	Not available

Barclays Premier Account benefits and key features

We’ll look at the eligibility requirements for a Barclays Premier Current Account in just a moment, as well as what it’ll cost you. First, though, here’s a rundown of the key features and benefits you’ll get:

• No overdraft interest on arranged overdrafts up to 500 GBP
• Exclusive black debit card with high ATM limits of 2,000 GBP/day
• Join Barclays Avios to earn British Airways rewards and upgrades
• Premier customers can also open saving accounts with preferential interest, and get a mortgage
• Financial planning support and wealth management options available
• 24/7 Premier customer service support available

What qualifies you for a Barclays Premier Account?

To become a Barclays Premier customer you’ll need to be 18 or older, and not in full time education. You must live in the UK, and have lived here for at least the 12 months prior to applying. You’ll also need to hold a 100,000 GBP balance in Barclays savings or investments, or deposit a salary to your account of over 75,000 GBP per year.

Premier Account fees and charges

Once you have your Barclays Premier Current Account you’ll need to know about a few fees. Here’s a summary - you can also get a full fee disclosure on the Barclays website.

Service	Barclays Premier fee4
Monthly account fee	No fee as long as you maintain Premier customer status
Send domestic payments	Faster and CHAPS payments are free online CHAPS payments in branch: 25 GBP
Send international payments	No Barclays transfer fee for online payments International payments in branch: 25 GBP Overseas delivery charges and foreign exchange fees may also apply
Receive international payments	6 GBP for payments over 100 GBP in value
Foreign transaction fee	2.99%

Does the account have overdraft fees?

There is no interest on arranged overdrafts of up to 500 GBP. Interest of 35% (variable) applies on overdrafts of a higher amount.²

Are there fees for using the Barclays Premier Account abroad?

If you use your Barclays Premier debit card overseas you’ll pay a foreign transaction fee of 2.99% every time you spend or make a withdrawal.⁴

Can I use my Barclays Premier Account abroad?

Yes. You can log into your account and view or manage transactions with the Premier app, and you can also spend and make withdrawals with your Barclays debit card.

Bear in mind that a fee applies when you use your card overseas, which means an extra 2.99% cost for transactions and withdrawals⁴. We’ll touch on how you can avoid this cost with the Wise card a little later.

Do I get airport lounge access with Barclays Premier?⁵

Barclays Premier doesn’t automatically come with lifestyle benefits like airport lounge access.

However, you can sign up for Barclays Avios for a fee of 12 GBP a month, to get free Avios points, airport lounge access or vouchers and more. If you have a Premier account, Avios rewards, and also sign up for a Barclays credit card you may also qualify for free lounge access 4 times a year.

Avios is the air miles reward scheme for British Airways, which means you can use your points for flights and upgrades, too.

Are cabin upgrades included with a Premier Account?⁵

When you sign up for Avios rewards with Barclays you’ll get a voucher every year as a thank you, which you can use for a cabin upgrade on one flight.

Does my Barclays Premier account include travel insurance?

The Barclays Premier account does not automatically include travel insurance.

How to open a Barclays Premier Account²

You can open a Barclays account easily online or in the Barclays app. You’ll need to upload a photo of your ID and then a video selfie to show your image matches that on your ID document. You’ll also need to prove you meet the Premier eligibility requirements.

Eligibility

To open a Barclays Premier Current Account you must meet the following eligibility requirements:²

• You must be 18 or older, and not in full time education
• You must live in the UK, and have lived here for at least the 12 months prior to applying.
• You must hold a 100,000 GBP balance in Barclays savings or investments, or deposit a salary to your account of over 75,000 GBP per year.

Documents you’ll need

As with all accounts, you’ll need to provide your ID and a proof of address acceptable to Barclays, to get started. While the documents needed can vary a little you’ll usually be asked for:²

• ID - your passport or driving licence for example
• Proof of address - such as a utility bill in your name
• Proof of income, or a minimum balance which meets to Premier requirements

Opening a Premier Account with Barclays - step-by-step

If you already have a Barclays account you can apply for Premier in the Barclays app pretty easily. If you’re not yet with Barclays you’ll take the basic following steps:

1. Download the Barclays app
2. Navigate to Premier banking and tap Sign up
3. Upload your ID document following the prompts
4. Add a video selfie for verifications
5. Follow the instructions to upload any other required document like a proof of income
6. Your account will be verified and your card send in the post

Barclays Premier Account: Pros and cons

Here are a few pros and cons you may want to consider if you’re not sure about Barclays Premier:

Pros:

• Access exclusive benefits and better interest rates on savings
• Join Barclays Avios for more rewards, upgrades and lounge access
• Get 24/7 specialist support, wealth management advice and financial planning tools

Cons:

• Restrictive eligibility requirements including high income or minimum balance
• There are still fees to pay for some services, such as a 2.99% foreign transaction fee

Is the Barclays Premier Account safe?

Yes. Barclays is a large, regulated and trusted bank in the UK and internationally. In the UK, Barclays is overseen and regulated. And as a global business it’s also regulated in other jurisdictions by similar international bodies.

How to close a Barclays Premier Account

You can close your Barclays Premier account in various ways. If you have other accounts with Barclays you can simply close this one in the Barclays app. If this is your only account you’ll need to send a secure message, phone, or call into a branch.⁶

Bear in mind that if you need to close a Barclays business account, or close a Barclays credit card, the process may be different. You’ll be able to find the closure process in your Barclays app, or by popping into a local branch to ask staff.

Barclays Premier Account review: Is it worth it?

The Barclays Premier Current Account has some distinct benefits which may mean it suits particular customers. However, it’s also got some pretty restrictive eligibility requirements, which means it’s not right for everyone.

Generally this product is marketed towards high net worth individuals and higher earners, who may need services like wealth management, financial planning and investment advice. You’ll access lots of great benefits - but you also have to commit a high minimum deposit to Barclays investments or savings.

If you’re more interested in a flexible account for day to day use, you might find a cheaper and more accessible product elsewhere. Barclays also offers standard current accounts which don’t have the same minimum balance requirements.

Not to mention there are other banks and non-bank alternatives that also have some great solutions. We’ll look at one - the Wise account - next.

Check out the Wise account as a flexible, non-bank alternative

Wise isn’t a bank, but it’s a trusted and regulated provider of powerful multi-currency accounts with low, transparent fees and innovative ways to manage your money across borders.

The Wise account lets you hold and exchange 40+ currencies, with mid-market currency exchange and low, transparent fees*.

Plus you can get paid in 8+ currencies with local bank details, send money to others in 160+ countries, and get a Wise card for low cost spending and withdrawals in 150+ countries around the world*.

Wise has no minimum balance requirement and no ongoing fees - it’s free to open a personal account, so you’ll only ever pay for the services you use. See if Wise can help you manage your money at home and overseas, with convenient, secure ways to pay and withdraw and low fees*.

Your Wise account awaits

Sources used for this article:

1. Barclays Premier banking services - Barclays Premier banking
2. Barclays Premier Current Account - Premier current account details
3. Barclays current account - standard current account details
4. Barclays Premier fees - Premier account fees and charges
5. Barclays Avios rewards - Barclays Avios rewards details
6. Barclays Help - closing a Barclays account