Barclays Premier Current Account Review: What are the benefits of switching?

2 min Read Published: 10 Aug 2022

Barclays Premier RewardsWith Barclays scrapping its Premier Rewards scheme in December 2020 - meaning premier banking customers no longer enjoy free English Heritage membership, discounts at restaurants and deals on cinema tickets - some may be considering switching to another premier banking scheme.

While Barclays states it is looking for "new and different ways" to reward customer loyalty, in the meantime, its fee-free Premier Current Account customers can access exclusive deals on mortgages, loans and savings accounts, as well as other benefits, such as a dedicated premier relationship team and the ability to earn Avios points. However, as always, there are alternative options available with other banks, so you may want to shop around to find the account that suits your unique needs best.

Should I switch current accounts?

If you are a Barclays Premier Account customer, you may be considering switching to an alternative premier current account since the Premier Rewards scheme has ended. There are a number of alternatives available from rival banks, with a variety of benefits, including cashback offers and preferential rates. The general rule of thumb is the greater the monthly or annual fee you are willing to pay, the better the rewards and service available. However, there are a number of competitors that offer fee-free options, and the incentives for switching to a new current account are quite generous at the moment. You can check out our round-up of the best current account switching offers, cashback & incentives to help you decide.

Am I eligible for a premier current account?

Eligibility for premier accounts is typically based on either having a minimum annual salary of at least £75k per year (with the monthly salary being paid into the account), or having a sizeable mortgage, savings or investments with the bank. Terms may differ if you are applying for a joint account, with the combined salary, savings or investment requirement often being proportionally significantly less. Ultimately, though, eligibility criteria differs across different banks, so do your research and make sure you qualify.

Barclays Premier Current AccountBarclays Premier Current Account

  • Eligibility: You need to have an annual gross income of £75,000 or more paid into a Barclays current account or a minimum of £100,000 saved or invested with Barclays. Eligibility is regularly reviewed and from September 22, if you do not meet the criteria you will be required to pay a fee of £20 per month.
  • Benefits: Access to a black debit card with up to £1,000 daily ATM withdrawals. Barclays Avios rewards at a cost of £12 per month.

The best alternative no-fee premier current accounts

There are plenty of no-fee premier current accounts to choose from on the UK market. We've rounded up our top 3 alternatives to Barclays' offer.

HSBC Premier AccountHSBC Premier Account

  • Eligibility: You need to earn a minimum of £75k a year or have a minimum of £50k in savings and investments with HSBC and hold a qualifying HSBC product.
  • Benefits: Preferential mortgage and savings rates, free family worldwide travel insurance from Aviva, fee-free transfers between global HSBC accounts.

NatWest Premier SelectNatwest Premier Select

  • Eligibility: Either pay a minimum £100k sole income or £120k joint income into a NatWest account, have £500k minimum mortgage borrowing with NatWest, or have a minimum £100k in savings or investments with NatWest.
  • Benefits: One-to-one support for complex financial decisions, access to the NatWest mobile banking app, 24-hour online or telephone support.

Citigold from CitibankCitigold Citibank

  • Eligibility: Average monthly balance of £150,000 across all accounts with Citi UK (otherwise subject to a £75 per month charge).
  • Benefits: Free USD and Euro accounts, worldwide family travel insurance, fee-free transfers to other Citi accounts.