A limited-time offer could mean you’re able to get a total of £900 just by switching your bank accounts. Barclays has launched a new offer, which means you could get the cash if you switch both your current account and your ISA savings. The bank will offer a £200 cash reward to new customers who switch to its bank account with Blue Rewards. It also introduced a £400 cash reward for new customers switching to a Premier account.
However, you’ll need to be quick if you’re hoping to snap up the offer, which is only applicable to switches made between October 7 and November 27.
Another criterion for qualifying is that customers should open a Barclays current account or Premier current account using the Barclays app.
Customers opening a current account will need to sign up for the Blue Rewards scheme for £5 per month.
The Blue Reward scheme will give customers perks including cashback on spending, enhanced savings rates and subscription to Apple TV+.
If you’re hoping to get the cash, you must also complete a “full switch” in the app, including at least two active direct debits.
To receive the cash, you must pay £2000 or more into your new Barclays current account or £4000 into a new Premier current account.
This money must be transferred within 30 days of opening your account.
You should ensure that you check all the terms and conditions required to fulfil the criteria.
The switch must be completed through the Current Account Switch Service.
Customers will receive their £200 or £400 switching bonus within 28 days of meeting the eligibility criteria, which will be paid into their account.
To qualify for premier banking, customers must have a gross annual income of at least £75,000 or a total balance of at least £100,000 in savings with Barclays, or a combination of both.
Those who will not be eligible for the current account switch cash offer include customers who have an open current account with Barclays on or before the offer starts on October 7; customers who have taken up a switching offer from Barclays in the past; customers opening a joint account; under-18s; and customers living outside the UK.
In addition to the current account offer, customers who switch from October 7 may qualify for an extra cash bonus by transferring their ISA savings.
The ISA cash reward is up to £500 per customer. This means someone taking full advantage of the Barclays offers could receive £900 in rewards.
To get an ISA transfer reward under Barclays’ offer, someone would need to already hold or open a Barclays current account and then use the ISA transfer-in service to move a minimum of £25,000 to one of Barclays’ cash ISA products.
The reward customers receive will be based on the amount transferred.
Customers transferring £25,000 to £49,999.99, will receive £100; those moving £50,000 to £99,999.99 can get £200 and those transferring £100,000-plus will receive £500.
The steps must be completed by November 28 to receive the Isa reward. To use Barclays’ Isa transfer service, customers can select the “transfer-in an existing ISA” option in the app or online banking, or they can visit a branch.
The reward payment will be paid to the customer’s Barclays current account within 60 business days after the completion of their last eligible transfer or 60 business days after November 28, whichever is sooner, the bank said.
