Over the Bank Holiday weekend we have been spending some time looking again at the Barclays Premier and Barclays Avios Rewards partnership, so you can see if it is worth signing up.
This is the last article, you’ll be pleased to hear. It looks at what Barclays Premier has to offer as a stand-alone premium banking proposition, irrespective of the Avios and BA upgrade voucher.
Remember that there is a 25,000 Avios bonus for signing up. You will earn a total of 43,000 Avios in your first year.
What do you get from Barclays Avios Rewards?
If you qualify for Barclays Premier and complete a full current account switch, plus activate Barclays Avios Rewards (£12 per month fee) you will receive:
- a sign-up bonus of 25,000 Avios
- a monthly bonus of 1,500 Avios
- an annual British Airways upgrade voucher, allowing you to upgrade 2 x one-way flights or one return flight, booked on Avios, by one class
Here is our main introductory article on how the scheme works:
There is more to Barclays Premier Banking than just Avios
For obvious reasons, our coverage of this offer has focused on Barclays Avios Rewards, the generous 25,000 Avios sign-up bonus and the annual British Airways upgrade vouchers.
Barclays Premier Banking has more to offer than just Avios, of course.
To join Barclays Premier Banking, you require either:
- a gross annual income of £75,000 or more, paid into your account, or
- £100,000+ saved or invested with Barclays
Whilst most readers have focused on qualifying via the salary option, those with considerable liquid assets may want to look at the savings route and compare Barclays with their current provider. This article explains how to apply for Barclays Premier if you want to qualify based on savings and not move your existing current account.
How does the Premier current account work?
Click on one of the Barclays Premier ads on HfP to take a look at the application site.
It is important to note that there is no fee for a Barclays Premier currrent account.
There is a £12 month fee for joining Barclays Avios Rewards, but this is offset by the 1,500 monthly Avios you earn. Indeed, you would get £12 back by converting your 1,500 Avios into Nectar points and spending them in Sainsbury’s, Argos or eBay. The annual British Airways upgrade voucher is just the icing on the cake.
Your Premier current account comes with:
- an interest free arranged overdraft of up to £500
- ability to withdraw £1,000 per day from cash machines
- access to a 24/7 Premier relationship team
- fee-free international payments when made via the app or online, with all major currencies supported
You also get access to a range of dedicated products:
- Premier mortgages, with exclusive rates for high-value loans
- Premier landlord mortgages
- Premier Barclayloan
- Premier insurance and, for high value items, premium home insurance
- Premier Cash ISA and savings products
Some of these products come with an extra Avios incentive if you are enrolled in Barclays Avios Rewards:
- Mortgage – 700 Avios per month, with a one-off bonus of 2,000 Avios when taking out a mortgage
- Life cover – 150 Avios per month for the first 12 months (500 Avios if critical illness cover is included)
- Home cover – 75 Avios per month for contents insurance, 75 Avios per month for buildings insurance, 150 per month for combined cover, all payable for the first year of cover only
Whilst these benefits clearly have some value, there is no ‘killer’ benefit that makes Barclays Premier worth jumping on if you ignore the Avios element. HSBC Premier, for example, comes with free Worldwide Travel Insurance, including winter sports cover, and is also free with similar income requirements.
Barclays Wealth may also be an option
Whilst we focus on Barclays Premier Banking, Barclays Avios Rewards is also available to Barclays Wealth customers with a current account.
Barclays Wealth requires you to hold investible assets of over £500,000. As well as standard banking services, you can access a range financial planning and investment options, depending on your situation and the level of support that your are looking for. This could include investment advice, discretionary portfolio management and financial planning.
If you are a high earner, it makes sense to move your current account to a ‘premium’ offering. You will get better service and access to more relevant products and services.
The Barclays Premier current account is free so you won’t be paying for the privilege. Whilst there are no stand-out benefits, it remains a step up from a standard Barclays current account.
Once you have an account, you can choose to add Barclays Avios Rewards and pick up your 25,000 Avios joining bonus as well as your 1,500 monthly Avios and your annual British Airways upgrade voucher.