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

2 min Read Published: 18 Apr 2024

Barclays Premier RewardsBarclays' 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.

Previously, rewards such as English Heritage memberships as well as discounts at restaurants and deals on cinema tickets were on offer. However, a few years ago, these rewards were scrapped prompting some customers to look elsewhere.

Alternative options are available with other banks, so you may want to shop around to find the account that best suits your unique needs. In this review, we take a look at Barclays Premier Account as well as some of its competitors to help you decide what's right for you.

Should I switch current accounts?

If you are a Barclays Premier Account customer, you may consider switching to an alternative premier current account since the Premier Rewards scheme has now 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 services available.

However, there are several 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?

To qualify for a premium account, you'll typically need a gross annual income of at least £75,000. Your income will need to be paid into your account. You may also qualify if you have a mortgage, savings, or investments with the bank. The terms may differ if you're applying for a joint account with a combined salary and savings. Proportionally, the requirements are significantly less when you're applying for a joint account. The exact eligibility criteria differ across different banks, however.

Barclays Premier Current AccountBarclays Premier Current Account

To open a Barclays Premier Current account,  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. Since 2023, it's no longer possible to pay a £20 monthly fee if you don't meet this criteria. Eligibility is regularly reviewed.

Some of the benefits include:

  • Access to a black debit card with up to £2,000 daily ATM withdrawals
  • Barclays Avios rewards at a cost of £12 per month
  • Interest-free overdrafts up to £500
  • Exclusive rates on savings and investments
  • Access to Premier mortgages

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

To open an HSBC Premier Account, 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.

Some of the benefits include:

  • Preferential borrowing and savings rates
  • Free family worldwide travel insurance including winter sports cover from Aviva
  • Access to HSBC Global Money where you can send money in 50 currencies globally with competitive exchange rates
  • Fee-free global transfers between your HSBC accounts
  • Interest-free overdrafts up to £500

NatWest Premier SelectNatwest Premier Select

To open a NatWest Premier Select account, you'll need to 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.

Some of the benefits include:

  • One-to-one support for complex financial decisions
  • Fee-free debit card spending abroad
  • Interest-free overdrafts up to £500

Citigold from Citibank Citigold Citibank

To open a Citigold Current Account, you'll need to have an average monthly balance of £150,000 across all your Citi UK accounts. Otherwise, you'll need to pay a £75 monthly fee.

Some of the benefits include:

  • Access to free GBP, USD, and Euro accounts
  • Transaction fee-free international transfers allowing you to spend and invest in multiple currencies
  • Worldwide annual holiday travel insurance, including winter sports cover, for you and your family members