Barclays has thrown down the gauntlet to other high street banks with a £175 cash incentive for switching – but the offer will only be available for a few weeks.
In order to get the cash, you’ll need to switch your current account to a standard Barclays current account and join the Blue Rewards scheme, or open a Barclays Premier bank account.
To switch to Barclays and claim the cash, you’ll need to use the Current Account Switch Service (CASS), and bring across at least two active direct debits to the new current account. The account you open must be an individual account, not a joint one.
The offer only runs until 30 November – just 20 days from now. Once your switch completes, the £175 should be in your bank account within 28 working days.
Am I eligible?
To get the £175 bonus, you can’t have held a Barclays current account since 1 November 2023.
You must not hold a Barclays Basic Bank Account, Barclays Bank Account, Barclays Bank Account with a Personal Overdraft, Barclays Bank Account with Blue Rewards, Platinum Bank Account, Mortgage Current Account, or a Premier Current Account.
You also need to be at least 18-years-old and live in the UK.
How do Barclays current accounts measure up?
The switching incentive applies to the Barclays Bank Account and Barclays Premier Current Account.
The Barclays Bank account is pretty basis – it has an optional arranged overdraft and money management tools to stay in control of your finances.
Signing up to Blue Rewards Scheme is obligatory to get the £175, and costs £5 a month. But this fee is wiped out by the £5 cashback you’ll get if you successfully pay two or more direct debits from the account each month. You’ll also need to pay in at least £800 to your Barclays account each month.
Blue Rewards offers cashback on some shopping and discounts on some Barclays products – you can get £3 a month cashback if you have a Barclays mortgage or £1 a month if you have a Barclays loan.
Being a Blue Rewards members also means you can open a Rainy Day Saver account which pays 5.12% on balances up to £5,000.
The Premier Current Account is only available for people who earn at least £75,000 a year paid into the account or have at least £100,000 in savings or investments with Barclays. It offers exclusive rates on mortgages and savings accounts, higher ATM withdrawal limits and access to Barclays Avios Rewards.
