Form FWP BARCLAYS BANK PLC Filed by: BARCLAYS BANK PLC
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Free Writing Prospectus
Filed pursuant to Rule 433
Registration Statement No. 333-287303
Dated December 4, 2025
| ACCELERATED RETURN NOTES® (ARNs®) |
|
| Accelerated Return Notes® Linked to the SPDR® Gold Trust |
| Issuer |
Barclays Bank PLC (“Barclays”). References on this page to “we,” “us” or “our” mean Barclays. |
| Principal Amount |
$10.00 per unit |
| Term |
Approximately 14 months |
| Market Measure |
The SPDR® Gold Trust (Bloomberg symbol: “GLD”) |
| Payout Profile at Maturity |
· 3-to-1
upside exposure to increases in the Market Measure, subject to the Capped Value
· 1-to-1
downside exposure to decreases in the Market Measure, with 100% of your principal at risk
|
| Capped Value |
[$11.45 to $11.85] per unit, a return of [14.50% to 18.50%] over the principal amount, to be determined on the pricing date |
| Participation Rate |
300% |
| Preliminary Offering Documents |
http://www.sec.gov/Archives/edgar/data/312070/000095010325015738/dp237964_424b2-8092baml.htm |
| Exchange Listing |
No |
You should read the relevant Preliminary Offering Documents before
you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.
Risk Factors
Please see the Preliminary Offering Documents for a description of
certain risks related to this investment, including, but not limited to, the following:
| · | Depending
on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is
no guaranteed return of principal. |
| · | Your
return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable
maturity. |
| · | Your
investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in shares
of the Market Measure or the commodity held by the Market Measure. |
| · | Payments
on the notes, including repayment of principal, are subject to the credit risk of Barclays and to the risk of exercise of any U.K. Bail-in
Power or any other resolution measure by the relevant U.K. resolution authority. If Barclays becomes insolvent, is unable to pay its
obligations, or any other resolution measure is exercised, you may lose your entire investment. |
| · | The
initial estimated value of the notes on the pricing date is expected to be lower than their public offering price. |
| · | If you
attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated
value of the notes on the pricing date. |
| · | A trading
market is not expected to develop for the notes. |
| · | Our
business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in shares of
the Market Measure or the commodity held by the Market Measure), and any hedging and trading activities we, MLPF&S, BofAS or our
respective affiliates engage in for our clients’ accounts, may affect the market value and return of the notes and may create conflicts
of interest with you. |
| · | There
may be potential conflicts of interest involving the calculation agents, which are Barclays and BofAS. |
| · | The
sponsor and advisor of the Market Measure may adjust the Market Measure in a way that could adversely affect the value of the notes and
the amount payable on the notes, and these entities have no obligation to consider your interests. |
| · | You
will have no rights of a holder of shares of the Market Measure or any rights with respect to the commodity held by the Market Measure,
and you will not be entitled to receive dividends or other distributions by the Market Measure. |
| · | While
we, MLPF&S, BofAS or our respective affiliates may from time to time own shares of the Market Measure, we, MLPF&S, BofAS and
our respective affiliates do not control the Market Measure and have not verified any disclosure made by any other company. |
| · | There
are liquidity and management risks associated with the Market Measure. |
| · | The
performance of the Market Measure may not correlate with the performance of the commodity held by the Market Measure as well as the net
asset value per share of the Market Measure, especially during periods of market volatility when the liquidity and the market price of
shares of the Market Measure and/or the price of the commodity may be adversely affected, sometimes materially. |
| · | If the
liquidity of the commodity held by the Market Measure is limited, the value of the Market Measure and, therefore, the return on the notes
would likely be impaired. |
| · | Suspension
or disruptions of market trading in the commodity held by the Market Measure may adversely affect the value of your notes. |
| · | The
notes will not be regulated by the U.S. Commodity Futures Trading Commission. |
| · | The
payments on the notes will not be adjusted for all corporate events that could affect the Market Measure. |
| · | The
U.S. federal income tax consequences of an investment in the notes are uncertain. |
| · | Single commodity prices tend to be more volatile than, and may
not correlate with, the prices of commodities generally. |
| · | Gold prices are characterized by high and unpredictable
volatility, which could lead to high and unpredictable volatility in the Market Measure. |
| · | The value of the Market Measure may not fully replicate
the price of gold. |
| · | There
are risks relating to commodities trading on the London Bullion Market Association. |
Final terms will be set on the pricing date within the given range
for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related
risks and tax disclosure.
The graph above and the table below reflect
the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The
graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing
in the notes.
| Hypothetical Percentage Change from the Starting Value to the Ending Value |
Hypothetical Redemption Amount per Unit |
Hypothetical Total Rate of Return on the Notes |
| -100.00% |
$0.00 |
-100.00% |
| -50.00% |
$5.00 |
-50.00% |
| -30.00% |
$7.00 |
-30.00% |
| -20.00% |
$8.00 |
-20.00% |
| -10.00% |
$9.00 |
-10.00% |
| -5.00% |
$9.50 |
-5.00% |
| -3.00% |
$9.70 |
-3.00% |
| 0.00% |
$10.00 |
0.00% |
| 2.00% |
$10.60 |
6.00% |
| 3.00% |
$10.90 |
9.00% |
| 5.00% |
$11.50 |
15.00% |
| 5.50% |
$11.65(1) |
16.50% |
| 10.00% |
$11.65 |
16.50% |
| 20.00% |
$11.65 |
16.50% |
| 30.00% |
$11.65 |
16.50% |
| 50.00% |
$11.65 |
16.50% |
| 100.00% |
$11.65 |
16.50% |
| (1) | The
Redemption Amount per unit cannot exceed the hypothetical Capped Value. |
Barclays Bank PLC (Barclays) has filed
a registration statement (which includes a prospectus) with the Securities and Exchange Commission (SEC) for the notes that are described
in this Guidebook. Before you invest, you should carefully read the prospectus in that registration statement and other documents that
Barclays has filed with the SEC for more complete information about Barclays and any offering described in this Guidebook. You may obtain
these documents without cost by visiting EDGAR on the SEC Website at www.sec.gov. Barclays's
Central Index Key, or CIK, on the SEC website is 312070. Alternatively, Merrill Lynch will arrange to send you the prospectus and other
documents relating to any offering described in this document if you so request by calling toll-free 1-800-294-1322. Barclays faces risks
that are specific to its business, and we encourage you to carefully consider these risks before making an investment in its securities.
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