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Barclays launches 5.12% linked savings account – here's how to get it

Barclays has launched a new linked "Rainy Day Saver" savings account for Blue Rewards members, which pays 5.12% interest on balances of up to £5,000 – over double the top open-to-all easy-access account. You need to jump though a number of hoops to get it though. Here's what you need to know.

If you are looking to shore up your savings against sky-high inflation, see our Top savings accounts guide for the best buys, including up to 2.5% easy access and up to 4.6% fixed.

Who can get Barclays' new linked savings account

The Rainy Day Saver is easy access, so you can withdraw funds whenever you like, and can start saving from just £1. However, you'll only earn 5.12% on up to £5,000, anything above this threshold only attracts 0.15% interest.

To get the account, you must be a member of Barclays Blue Rewards – a scheme only available to Barclays current account holders – that offers cashback and other benefits.

To become a member, you must pay at least £800 a month into your Barclays current account and pay a £5 monthly fee – though this is waived if you have at least two direct debits set up. You also need to be registered for online or mobile banking.

You can then open the Rainy Day Saver via Barclays' online portal, through its app, in branch or by phone.

How the 5.12% interest rate compares

The table below shows the maximum interest earned after a year with Barclays' Rainy Day Saver on a balance of £1,000, £5,000 and £10,000 compared to the current top easy-access account, and the top one-year and two-year fixes.

Rainy Day Saver vs top easy-access & fixed-rate accounts (1)

Product Interest earned on £1,000 in savings after one year Interest earned on £5,000 in savings after one year Interest earned on £10,000 in savings after one year

Barclays Rainy Day Saver

(5.12% on up to £5,000, 0.15% on £5,000.01+)


£51 £250 £263

Top easy-access account

Yorkshire Building Society (2.5% on up to £5,000, 2% on £5,000.01+)

£25 £125 £225

Top one-year fixed account

Secure Trust Bank (4.2% on £1,000 to £1 million)

£42 £210 £420

Top two-year fixed account

Cynergy Bank (4.5% on £10,000 to £1 million)

N/A N/A £450

(1) Assumes a constant balance for a period of one year and that variable interest rates do not increase or decrease.

The pros and cons of Barclays' new savings account

Here are the pros of Barclays' new savings account:

  • The interest rate smashes the next best open-to-all easy-access account. As outlined in the table above, Barclays' 5.12% is much higher than the next best easy-access rate offered by Yorkshire Building Society at 2.5% on up to £5,000 and 2% on anything more.

  • For those with £5,000 or less to save, this is the top rate offered. Those with more money might want to consider alternatives, however. See our Top savings guide for your options, including easy-access accounts that pay the same rate of interest on deposits of up to £2 million.

And here are the cons – though ultimately you need to decide what's best for you based on your individual situation and needs:

  • It's a variable account, which means the rate can fall, as well as rise, at any point. If this is something you're concerned about, you may want to consider fixing instead. However, this does mean you won't be able to withdraw your savings during this time. In addition, you could miss out on higher rates in future given the base rate, which influences savings rates, is expected to continue to rise.

  • As outlined above, the table shows you can earn more on £10,000+ in savings elsewhere. See our Top savings guide for alternatives.

  • You need to be a Barclays current account holder AND a Blue Rewards member to access the account. If you're not already a Barclays current account-holder, there are no cash bonuses available to switch to it at the moment. In comparison, you can currently earn up to £200 by switching elsewhere. See our Best bank accounts guide for more info.

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