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Essential Savings

Everyday Savings
  • Tiered interest rates mean the more you save, the more you earn
  • Open an account from just £1 
  • Instant access, with no withdrawal restrictions
  • Earn rates from 0.60% AER/0.60% gross pa1  variable 
  • All rates include a fixed rate bonus of 0.50% gross. The bonus is payable for 12 months from the date you open your account, after which time the rate will reduce accordingly 2
  • If you've got a Barclays current account you can manage your account online or by phone 3  as well as in your branch
  • No maximum balance
  • Optional ATM card to withdraw up to £300 per day from Barclays cash machines - subject to available funds
  • Interest paid monthly 
  • Account can be included within an offset mortgage arrangement if you have a Woolwich Offset Mortgage

Key product information for our savings accounts - Essential Savings

Account name Essential Savings
Interest rates (AERs) Essential Savings
Conditions for bonus payment All rates include a fixed rate bonus of 0.50% gross. The bonus is payable for 12 months from the date you open your account, after which time the rate will reduce accordingly 2 
 
Tax status Interest will be paid net of basic rate income tax. UK resident non- taxpayers can register with us to receive gross interest.
Withdrawal arrangements Instant access
Access In branch and Barclays cash machines with optional card. Online and phone access also available to Barclays current account holders.

 

Additional Conditions

These additional terms and conditions relate to the Essential Savings account and supplement and amend the general conditions of your Customer Agreement with us (Barclays Bank PLC). In the event of any inconsistency between these additional conditions and the general conditions of the Customer Agreement, these terms will apply in relation to the Essential Savings account.

1. Availability

1.1. To have this account you have to be at least 16 and resident in the UK for tax purposes. You can have more than one Essential Savings account at any given time in sole or joint names.

1.2. The account is also available to trustees of personal funds, executor(s) of estates and administrator(s) of estates.

2. Essential Savings Account Terms

Payments into and out of the account

2.1. You must make an initial deposit of £1 when you open the account after which you can make deposits of any amount at any time.

2.2. There is no maximum account balance.

2.3. Withdrawals from the account are allowed at any time with no notice. An ATM card is available on the account upon request.

Interest

2.4. Current interest rates and tiers are set out in our interest rate leaflet and on our website.
 

Cooling Off
If you are not happy with your account, you have a 14 day period in which to contact us to cancel your account or switch to another account. This period begins on the date your account is opened or the date you receive your terms and conditions and other account information, whichever is the later. If you contact us within this period to cancel or switch your account, we will refund any account fees you may have paid. However, if you cancel or switch your account at a later date, you will not be refunded the account fees that you have paid. If you wish to cancel or switch your account, you should tell us by writing to Barclays Bank PLC, Leicester Servicing Centre, Leicester LE87 2BB.
 

Your Feedback
We want to hear from you if you feel unhappy with the service you have received from us. Letting us know your concerns gives us the opportunity to put matters right for you and improve our service to all our customers. You can complain in person at your branch, in writing, by email or by telephone. A leaflet detailing how we deal with complaints is available on request in any of our branches, from the Barclays Information Line on 0800 400 100 4 or at www.barclays.co.uk Alternatively you can write to Barclays, Leicester LE87 2BB.

If we do not resolve your complaint internally to your satisfaction, you may be able to refer it to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel: 08000 234 567 4 ). The Financial Ombudsman Service is an organisation set up by law to give consumers a free and independent service for resolving disputes with financial firms. Details of those who are eligible complainants can be obtained from the Financial Ombudsman Service.

This could suit you if:

  • You want instant access to your money with no withdrawal restrictions
  • You want an account you can manage by phone, in your branch or online 3 

See our alternative accounts if:

  • You don't need instant access to your money
  • You want to earn a fixed rate of interest
  • You haven't used your ISA allowance this tax year

Apply for Essential Savings

  • If you're new to Barclays, you will need to apply in branch with your ID
  • You need to be at least 16 to apply
Important information
1. Gross is the rate of interest payable before income tax is deducted. Interest is payable gross to non-taxpayers subject to the required certification. AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year.
 
2. We may withdraw or change the bonus offer at any time without notice. This would only apply to new accounts opened from that time.
 
3. Online and telephone access is only available to Barclays current account holders who are registered for Barclays Online and Telephone Banking. You will need a Barclays current account and your debit card to register for Barclays Online Banking.
 
4.To maintain a quality service, we may monitor and record phone calls. Calls to 0800 numbers are free when calling from a UK landline. Charges may apply when using a mobile phone or when calling from abroad. Call charges

Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078).

Barclays Bank PLC. Registered in England. Registered no. 1026167. Barclays Insurance Services Company Limited. Registered in England. Registered no. 973765. Registered office for both: 1 Churchill Place, London E14 5HP. ‘The Woolwich’ and ‘Woolwich’ are trademarks and trading names of Barclays Bank PLC. Barclays Business is a trading name of Barclays Bank PLC.


 

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