Barclays Joint Account Review 2023
Keep reading to find out more about Barclays joint accounts and other Barclays financial services and which ones are more appealing to you.
A joint account at a bank could make your financial life more efficient and simpler when you are managing your money with a different person like an individual partner or spouse. A joint savings or checking account can provide a wide range of everyday banking benefits, but there are certain aspects to be considered prior to opening the joint bank account.
What is a joint bank account?
A joint account in a banking institution is one that’s used by a different person for various purposes, such as paying the bills, putting money in paychecks, or saving up for a vacation or down payment for an expensive purchase like a house or vehicle.
The majority of joint accounts are operated by a person and their spouse or partner, a family member, or a business partner. However, it is possible for any two individuals, regardless of their relationship, to establish a joint banking account.
How, exactly, does a joint bank account function?
- Both individuals are able to have their earnings paid directly into their account. Both are able to make debit card or contactless payments and pay their bills using regular Direct Debits as well as standing orders.
- You may also opt to set up separate accounts at banks for personal spending, and a common one for household expenses, like your mortgage or rent utility bills, as well as your weekly shopping.
- Both of you will have to pass an initial credit check in order to open the bank account. It’s best to be honest and open about your financial situation from the beginning in order to avoid having your application denied.
Can I open a joint account online at Barclays?
You are able to sign up for an online joint current account through us or at any of their branches.
It’s only a couple of minutes online. However, you’ll need to have your addresses from the last 3 years as well as the information about income and employment for both applicants on the application.
If you’re applying at a branch, make sure you check the ID proof documents they’ll require for each person who is applying to open an account. Both applicants must visit the branch to finish the application.
Can both users use the Barclays joint account within the Barclays application?
Yes, both joint account Barclays holders can sign up their accounts through the Barclays app on their respective devices in the event that each account owner is satisfied to allow it.
If you’re signed up for Online Banking or the Barclays app, you’ll have the ability to see the most recent transactions on your joint bank account. Each account holder can view the bank statements for their joint accounts anytime.
Let’s take a look at other Barclays financial products.
Barclays Everyday Saver
This account can be opened with as little as £1, giving instant access to cash through phone, online, and mobile banking. There’s an optional ATM card you can have, which you can use to withdraw up to £300 daily. However, since June 2022, interest rates for Barclays Everyday Saver are set to 0.01% for accounts holding under £50k, and 0.10% for accounts holding £50k or more. Overall, interest rates are down at the moment, but you could probably find better rates elsewhere. If you’re not 18 yet, eligibility for this account starts at age 16.
Barclays Premier Account
It is worth noting that the Barclays Premier current account offers an array of benefits and services to its customers, such as the Barclays Avios rewards. The account also comes with an interest-free credit of up to PS500 and can be opened either separately or in conjunction.
But, due to the numerous perks that are offered this program requires strict eligibility requirements.
What are the benefits of Barclays Premier current account?
- The Barclays Avios Reward. Join for PS12 each month, and you’ll begin to earn Avios to spend on your next flight on British Airways. You’ll get 1500 Avios each month, as well as an initial bonus, along with an anniversary bonus.
- Make withdrawals of up to £1,000 per day. Your exclusive black debit card permits you to make withdrawals of up to £1000 per day, provided there are enough funds in your account.
- International payments that are fee-free. By using the Barclays app or online banking, you are able to transfer money anywhere in the world without the need to pay an additional fee. International transactions at branches start at £25. (The bank of the recipient may charge fees.)
- Barclays Overdraft that is interest-free. Apply for an overdraft with an interest-free arrangement of as much as £500. If you take advantage of an arranged overdraft that exceeds the limit you’ll be charged 35.0 percent (variable).
- Access to an exclusive Premier Relationship Team. Available by phone all day all week. Chat services within the app, along with video bank also available in certain services.
Who are Barclays Premier Current Accounts Intended For?
To be qualified to open a Barclays Premier current account, you must be at minimum 18 years old, be a UK resident and not enrolled full-time in a university. Additionally, you must have an annual gross income of at least £75,000 that you deposit into a Barclays current account, or a minimum of £100,000 saved or deposited with the bank.
What are the Advantages of Barclays Premier Current Accounts?
There are many advantages to opening an account with Premier. If you’re a frequent traveler, the possibility of swiftly accumulating Avios points could be appealing to you. If you’re sending money to relatives or friends in other countries, the option to do so without cost will surely be appealing. The Barclays overdraft that is interest-free and free of £500 could be a good option for those who occasionally fall into the red.
Barclays’ range of financial products covers practically anything you may need to manage your money easily from the comfort of your mobile phone. However, interest rates on savings account are very low at the moment, which you should consider if this is a high priority for you.