Barclays

Who they are

Barclays traces its origins to the goldsmith banking business established in the City of London in 1690. That makes it one of the oldest banks in the country, and that longevity shows in how deeply embedded it is in everyday UK financial life. It is now one of the big four banks with the largest market share of UK customers.

Barclays launched the first credit card in the UK - Barclaycard - in 1966, and the following year deployed the world's first cash machine, in Enfield. These firsts are a useful reminder that Barclays has historically been a bank that moved quickly on technology, even if its size means it can feel slower today than some of the newer digital challengers.

Barclays operates across several divisions, including the UK Consumer Bank, UK Corporate Bank, Private Bank and Wealth Management, Investment Bank, and US Consumer Bank. For most personal savers, it is the UK Consumer Bank side that matters - current accounts, savings, ISAs, mortgages and Barclaycard products.

FSCS protection and the licence-sharing point

Barclays savings and current accounts are covered by the Financial Services Compensation Scheme. All Barclays Bank UK PLC savings and current accounts are covered, with the maximum limit for deposits at £120,000 per person.

There is one thing worth being aware of here. Barclays Bank UK PLC also trades under the names Barclays, Barclays Business Banking, Barclays Premier Banking, Barclays Wealth Management and Tesco Bank. Any total deposits you hold above the limit between these brands are unlikely to be covered. So if you also have savings with Tesco Bank, those balances count toward the same £120,000 limit. Worth knowing if you spread money across multiple providers.

Savings accounts

The DepositScout data currently shows no Barclays savings products in our comparison tables. That does not mean Barclays has no savings accounts - it does offer products including easy access accounts and ISAs - but their rates are not currently ranking among the most competitive options we track. Barclays has historically positioned savings as part of a broader relationship rather than competing on headline rates alone, and that approach still shows.

If you are considering Barclays purely for savings rates, it is worth checking the live rate tables on this page first and comparing directly. You may find that specialist savings providers or newer banks are paying noticeably more on easy access or fixed-rate products right now.

Switching to Barclays

Barclays does run current account switch incentives from time to time, and our data has noted both a standard account offer and a Premier-tier offer in recent periods. The Premier switch bonus, at £400, comes with meaningful eligibility criteria - you would generally need either a gross annual income of at least £75,000 paid into the account, or at least £100,000 held with Barclays in savings or investments. The standard account offer has been more accessible, requiring a full switch via the Current Account Switch Service and a minimum number of active direct debits.

Switch offers change regularly and deadlines can pass quickly. Check the live data on this page for whatever is currently active before applying.

Is Barclays right for you?

Barclays works well as a main bank for people who value branch access, a mature app, and a long-standing institution they can trust. From the early 2000s, Barclays started proactively building its digital footprint and was early to launch online banking and a mobile app. The app has improved steadily, and for most day-to-day banking needs it does the job without drama.

Where Barclays is a less obvious choice is if you are purely hunting for the best savings rates. The big high-street banks rarely lead the market on deposit rates, and Barclays is no exception. If growing your savings is the priority, the live rate tables below are the honest place to start - they will show you what is actually available across the whole market, not just one bank's range.

Rates change often, so always use the live figures shown on this page to compare what Barclays is currently paying against the rest of the market before you decide.