Barclays Review 2023

How we ranked fees

We ranked Barclays Smart Investor's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Barclays Smart Investor for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared Barclays's fees with those of two similar brokers we selected, Hargreaves Lansdown and Charles Stanley Direct. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Barclays alternatives.

To have a clear overview of Barclays Smart Investor, let's start with the trading fees.

Barclays Smart Investor trading fees

Barclays Smart Investor trading fees are low for all asset classes compared to its direct competitors.

It's also great that the fee structure is transparent and easy to understand.

Stock and ETF trading fees

Barclays Smart Investor offers generally low stock and ETF commissions compared to other brokers we tested.

Barclays charges a £6 per trade fee for each online transaction. You can also set automated regular investments, in which case the fee is just £1 per trade. It costs £25 to initiate a representative-assisted trade by phone.

If you invest in international stocks/ETFs, there is a high FX conversion fee charged (up to 1%).

Besides, there is a so-called customer fee, which is based on the value of your assets held. The charge is 0.1% per year with a monthly minimum fee of £4 and a maximum of £125.

Fund fees

Barclays Smart Investor fund fees are low, however its closest competitors offer more favourable fees.

Barclays charges £3 per trade for each online fund transaction. The same conditions apply to regular investments and phone trades as above.

Similarly to stock and ETF fees, Barclays charges the customer fee. The charge is 0.2% per year with a monthly minimum fee of £4 and a maximum of £125.

Bond fees

Barclays has generally low bond fees.

The same fee structure applies to bonds as to stock and ETFs.

Non-trading fees

Barclays Smart Investor has low non-trading fees. You will not be charged because of inactivity, and there are also no deposit or withdrawal fees. 

For most account types, there is no administration or account fee. If you open a SIPP account, there is a separate, £125 + VAT annual pension account administration charge. This comprises the third-party administration fee charged by AJ Bell, which is collected by Barclays and paid to AJ Bell. 

However, there is a high conversion fee if you invest in international stocks/ETFs. FX fees are volume-tiered (the more you convert, the lower fee would be)

• 1.00% up to £5k
• 0.75% above £5k and up to £10k
• 0.50% above £10k and up to £25k
• 0.25% above £25k and up to £250k
• 0.10% above £250k

Can you open an account?

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What is the minimum deposit at Barclays?

Barclays Smart Investor has no minimum deposit. It's great if you would like to start using or testing Barclays Smart Investor service with a lower amount. 

Account types

Barclays Smart Investor provides different account types, including tax-advantaged accounts. 

In this review, we tested the Investment Account.

How to open your account  

Barclays Smart Investor has a fully digital account opening process. The online registration took ~10-15 minutes for us. However, the account verification took more than a week for us.

The steps of Barclays account opening:

1. Add personal information, like date of birth 
2. Add further personal information, like nationality or address
3. Link your bank account to your account
4. If they manage to electronically verify your details you won't even need to provide proof of ID or proof of address.

Deposit fees and options

Barclays Smart Investor charges no deposit fees and you can transfer money via bank transfer or debit card.

If you add funds with a debit card, the amount will be instantly visible in your account, while paying in via bank transfer can take up to two business days. Apple Pay can be used as an electronic wallet.

You can only deposit money from accounts that are in your name and you need to check which accounts Barclays Smart Investor accepts. 

Barclays Smart Investor withdrawal fees and options

Barclays Smart Investor charges no withdrawal fees. You can only withdraw funds to a nominated bank account. 

How long does it take to withdraw money from Barclays Smart Investor? We tested the bank transfer withdrawal and it took 2 business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from Barclays Smart Investor?

• Log in to your Account
• Go to 'My Hub' and click on 'Portfolio' to get started 
• Click on the Account (if you have more) from which you want to withdraw funds
• Click on 'Withdraw' and follow the instructions
  • You need to select whether it is a one-time or regular withdrawal 
  • Set the account you want to withdraw funds from
  • Select the account where you want to transfer the funds
  • Set the GBP amount to be withdrawn and click 'Review'
• Confirm your withdrawal request

Barclays Smart Investor provides its own-developed web trading platform. This platform is available in English.

Look and feel

The Barclays Smart Investor web trading platform is user-friendly and well-designed.

On the negative side, the web trading platform is not customizable at all.

Login and security

Barclays Smart Investor does not provide secure two-factor authentication upon login. Instead, you need to give your surname, membership number, your passcode, and two random letters of your memorable word.

You need to be careful when entering these data, as too many failed logins may get you locked out of your account, resulting in a lengthy process to restore your credentials that may ultimately involve a trip in-person to a Barclays branch.

Search functions

One of the strengths of the Barclays Smart Investor web trading platform is its search capabilities. The filters are handy, allowing you to choose your asset class and define further specific search criteria. 

Placing orders

You can use the following order types:

• Best - basically it's a market order
• Quote and Deal - similar to the market order, but you can see the Quote your order would be executed and you can accept or reject it
• Limit
• Stop
• Trailing Stop
• Regular investment.

To get a better understanding of these terms, read this overview of order types.

You can also use a Good till' date order time limit.

Alerts and notifications

We couldn't set price alerts and notifications. We found an 'Investment alerts' section under the 'News and Research', however, we couldn't make the required registration.

It would be much easier if you could set the price alerts directly if you click on an asset.

Portfolio and fee reports

Barclays Smart Investor web platform offers transparent fee and portfolio reports. You can find these reports if you click on 'Manage account'.

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Barclays Smart Investor's product offering is quite limited compared to its competitors; in fact, it only offers UK stocks, ETFs, funds, and bonds.

Stocks and ETFs

Barclays Smart Investor gives access to the UK, US, and European stocks.

You can invest into the following markets: 

• LSE, NASDAQ, NYSE, Toronto, Toronto Ventures, Xetra, Euronext Amsterdam, Euronext Paris, Bolsa de Madrid, NASDAQ Stockholm, and SIX Swiss.

Funds

Barclays Smart Investor offers approximately 2,500 UK mutual funds. The number of available mutual funds is well below what its competitors offer. 

Bonds

In comparison with similar brokers, the bond selection is average. Barclays Smart Investor provides UK corporate and government bonds.

Trading ideas

Barclays Smart Investor provides trading ideas for users in the form of 'Investment ideas' articles that can be found in the 'Investment ideas and strategies' section. These articles are written by Barclays' own expert team and present their views on recent events and what it could mean for your investments.

Fundamental data

Barclays Smart Investor offers a wide set of fundamental data on individual stocks, ETFs, and funds; and also has a Market Overview section where you can have a broader look at the daily performance of major stock and currency markets.

Besides the legacy platform (pictured above) you will find a new one, currently covering shares only, when you click on "News and research" then "Research centre". 

Charting

Barclays Smart Investor offers very limited charting tools, allowing you to use only their pre-defined charting settings. Technical Indicators can be added to the charts, but the interface is poorly designed, with little to no editing or customization options. 

News feed

Barclays Smart Investor Market News is one of the strong points of the research section. You will receive an update on all London Stock Exchange corporate news and have access to plenty of insightful fast facts via Sharecast News.

Compare research pros and cons

You can contact Barclay's Smart Investor via:

• live chat
• phone
• e-mail

Barclays Smart Investor has a very poor customer service and it lasts very long for solving a problem. A simple location change last half an hour for the support and it wasn’t updated by the time we finished the call as they still need to fill a form. It was available only in working hours.

During this time live chat and email were not working.

We missed 24/7 availability. You can contact the customer support between Monday and Friday, from 07:30 to 19:00 (18:00 on Friday).

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At Barclays Smart Investor you can learn in the following ways:

• General how-to educational videos
• Quality educational articles

Barclays Smart Investor's educational materials mainly focus on beginners, with categories such as 'New to investing', 'Accounts explained', or 'Investments Explained'. The articles are easy to read and understand, though sometimes they can be hard to find on the site as it is not structured well. Video tutorials cover 'How to' themes like managing your investment settings, opening an account, funding your account, or using the 'Research Center'.

Unfortunately, Smart Investor does not provide demo trading.

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Is Barclays Smart Investor regulated?

Yes, it is regulated by the UK's Financial Conduct Authority (FCA). 

Is Barclays Smart Investor safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• the background and ownership structure of the broker 

How you are protected

As a Smart Investor client, you are covered by Barclays Investment Solutions Limited, which is regulated by the FCA. The Financial Services Compensation Scheme (FSCS) investor protection protects against the loss of cash and securities in case the broker goes bust. The limit of FSCS protection is £85,000.

Background

Barclays Smart Investor was established in 1992 and is the investment subsidiary of Barclays Bank UK Plc, a member of the Barclays banking group that can trace its origins back to the 17th century. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

The fact that the parent company has a banking license means that Barclays Smart Investor is also subject to tougher regulations than brokers. Moreover, Barclays is listed on multiple stock exchanges, which is a big plus for safety as it releases financial statements regularly and transparently.

Overall, having a parent company with a banking background, being listed on a stock exchange, and regulated by top-tier authority are all great signs for Barclays Smart Investor's safety.

Find your safe broker

We recommend Barclays for long-term investors looking for a broker with low fees and solid background.

Below you can find links to all aspects of Barclays in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Barclays fees article.

What about the minimum deposit?

Our ultimate guide to the Barclays minimum deposit is updated regularly.

How to start your Barclays account?

Look no further than our evaluation of the Barclays account opening.

Is the quality of customer service satisfactory?

All you need to know about the Barclays customer service.

Legit or scam?

Is Barclays legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Barclays is really free.

Is this broker good for beginners?

We checked it in Is Barclays good for beginners.

Should you buy your silver bullets on Barclays?

Research for silver bugs in the Silver buy on Barclays guide

I want to trade options, are they available at Barclays?

We explored the topic in Can you trade options on Barclays?

What is the minimum account balance at Barclays?

Check out the current account balance requirements at Barclays in our What is the minimum account balance at Barclays article.

Looking for commission and fees data for Barclays?

We collected them in Barclays commission and fees.

How do you withdraw money from Barclays?

We tested it and collected the options and costs in How to withdraw money on Barclays.