SAVINGS
Blue Rewards Saver
Save for your medium-term goals
Get rewarded with a higher interest rate in months you don’t dip in.
Interest is paid monthly. You’ll get the higher interest rate in months you make no withdrawals, and the lower interest rate in months you make one or more withdrawals.
Is the Blue Rewards Saver right for you?
Exclusive to Blue Rewards and Premier
To open a Blue Rewards Saver account, you need to be a member of Barclays Blue Rewards or a Premier Banking customer. Terms, conditions and eligibility criteria apply.
Save for your medium-term goals
Whatever your medium-term goals are, you can use this account to save towards them.
Get rewarded for not dipping in
You’ll be rewarded with a higher interest rate in months you don’t dip into your savings.
Withdraw if you need to
You’ll have instant access to your whole balance – however, you'll earn a higher interest rate in months you don't make withdrawals.
Blue Rewards Saver FAQs
To open this account, you need to be a Barclays Blue Rewards member or a Premier Banking customer, 18 years old or over and a UK resident.
You can open and manage your account in the Barclays app or Online Banking(2). Alternatively, you can do this in a branch or over the phone. See how to apply.
Find out how to join Barclays Blue Rewards.
Find out how to join Premier Banking.
Yes, you can have more than one Blue Rewards Saver account, held in either sole or joint names, at any time.
You’ll get a higher interest rate in months you don’t make withdrawals, so you’ll earn the most interest by adding to your balance and not taking money out. This account is suitable for money you’re saving towards your medium-term goals.
If you want to take money out regularly, the Everyday Saver account might be better for you.
You could open more than one Blue Rewards Saver, split your balance across the accounts and only make occasional withdrawals from one of them. That way you can leave some money in one Blue Rewards Saver and earn the higher interest rate on it by not taking money out, and have the option to take money out of your other account if you need to.
If you’re saving for the long term, you could explore your investment options with us. Investments may offer higher returns than cash savings in the long term.
For savings accounts, the interest rate tells you how much interest we’ll pay you for saving with us – it’s shown as a percentage of your account balance. The higher the interest rate, the more interest you’ll earn by leaving money in the account.
Yes, you can set up a savings goal in our app and track your progress.
Your Personal Savings Allowance (PSA) is the total amount of interest HMRC lets you earn each tax year across all your bank accounts (except ISAs) without paying tax. The tax year runs from 6 April to 5 April.
Your PSA depends on how much income tax you pay each year – it’s £1,000 tax-free interest for basic rate taxpayers and £500 tax-free interest for higher rate taxpayers. Additional rate taxpayers don’t have a PSA.
If you earn more in interest than your PSA, you’ll need to make sure you pay the tax that’s due to HMRC. Go to HMRC’s site to find out how to do this.
Summary box
Account name
Blue Rewards Saver
Interest rates are effective from 1 September 2023.
What is the interest rate?
Balance |
Gross rate p.a. % |
AER % |
|---|---|---|
|
£1+ The higher interest rate applies when no withdrawals have been made out of the account since the account was opened, in the case of the first month, or since interest was last paid into the account. This rate will apply for the month and reset for the following month. |
3.50 |
3.56 |
|
£1+ The lower interest rate applies when one or more withdrawals have been made out of the account since the account was opened, in the case of the first month, or since interest was last paid into the account. This rate will apply for the month and reset for the following month. |
1.15 |
1.16 |
Interest is calculated daily using your statement balance and paid monthly on the first working day of the month.
The interest rate you’ll receive for each month depends on whether you’ve made any withdrawals from your Blue Rewards Saver account since you opened it (in the case of the first month) or since interest was last paid into the account.
Can Barclays change the interest rate?
Yes, rates are variable.
We can increase or decrease the interest rates for any of the reasons set out in your Customer Agreement (which includes the ‘Barclays and you: Terms and conditions for Personal customers’ and your additional terms).
For more details on when we might change the interest rates and the notice we’ll give you, please read your Customer Agreement, including the additional terms. You can get this from your usual contact or read it online at barclays.co.uk/rca
What would the estimated balance be after 12 months based on a £1,000 deposit?
Deposit amount |
Number of withdrawals |
Estimated value after 12 months |
|---|---|---|
|
£1,000 |
If no withdrawals are made every month |
£1,035.55 |
|
£1,000 |
If a withdrawal is made every month |
£890.81 |
The estimated value is based on no change to the interest rate over 12 months and no withdrawals being made.
The amount above shows the balance on an initial deposit of £1,000 after 12 months, assuming a £10 withdrawal has been made on the first day of each calendar month for 12 months (£120 total withdrawn), and interest has been added to the account.
How do I open and manage my account?
Open and manage your account – in our app, in Online Banking, in a branch or over the phone
Eligibility criteria – you must be a Barclays Blue Rewards member or Premier Banking customer, 18 years old or over and a UK resident
Minimum balance – £1
Maximum balance – £10 million
See how to apply.
Can I withdraw money?
Yes. Where you make a withdrawal since the account was opened, in the case of the first month, or since interest was last paid into the account, interest will be payable at the lower Blue Rewards Saver rate for that month. If you think you’ll make regular monthly withdrawals, this might not be the right savings account for you.
Additional information
- You can offset your Blue Rewards Saver account in a Barclays offset mortgage. If you do, you won’t earn any interest on your Blue Rewards Saver account
- You can have more than one Blue Rewards Saver account at any given time held either in sole or joint names. Where a Blue Rewards Saver account is held in joint names at least one of you will be a member of Barclays Blue Rewards or a Premier Banking customer
- You won’t receive a monthly cash reward to your Blue Rewards wallet for having a Blue Rewards Saver account. Your existing monthly Blue Rewards aren’t affected, and we’ll keep paying them into your Blue Rewards wallet
- If you stop being a Barclays Blue Rewards member or a Premier Banking customer for any reason, we’ll convert your Blue Rewards Saver to an instant-access savings account available at the time. We’ll be in touch before we do this with your new account’s terms
- To join and stay eligible for Barclays Blue Rewards, you’ll need to pay at least £800 into your chosen current account every month and pay the £5 monthly fee from that account. If you’d like to know more about Barclays Blue Rewards, please visit barclays.co.uk/bluerewards
- Join Premier Banking by opening a Premier Current Account. You also need a gross annual income of at least £75,000 paid into the account, or a total balance of at least £100,000 in savings with us, in Barclays UK investments, or in a mix of savings and investments.
Terms and conditions
Blue Rewards Saver terms and conditions [PDF, 189KB]
How to apply
You need to be a Barclays Blue Rewards member or a Premier Banking customer to open a Blue Rewards Saver account.
If you already bank with us, you can open an account in the Barclays app or Online Banking(2). If you don’t use Online Banking yet, you can register here.
If you don’t bank with us
You need to be a Barclays Blue Rewards member or a Premier Banking customer to open a Blue Rewards Saver account.
You can call us on 0345 744 5445 to book an appointment to open an account in one of our branches. Lines are open Monday to Friday 8am to 8pm and Saturday 9am to 5pm. Due to popularity, the next available appointment may be a few weeks away. You’ll need proof of ID and address.
Saving and investing
Both saving and investing can help you plan for the future. Our guide can help you find what suits you.
Other ways to save and invest
Important information
‘Gross’ is the rate payable without tax taken off. ‘AER’ (Annual Equivalent Rate) shows what the interest rate would be if interest was paid and compounded once each year.(Return to reference)
Online Banking, the Barclays app and Telephone Banking are only available if you’re registered to use these services. You need to be 18 or over to access some products and services using the app. Terms and conditions apply. (Return to reference)
