Barclays bank is offering customers a free £400 cash payment into their account in time for Christmas – with another £715 on top in 2026.
The bank has made a stunning offer to try to lure in new customers by giving £400 free cash, as well as several linked benefits such as a high interest savings account.
As well as the money, Barclays will give people free Apple TV (normally £9.99 a month), free MLS (normally £14.99 a month), a 4.36% linked saver and an interest free overdraft.
Anyone who switches from another non-Barclays bank will get the money within 28 days of meeting the switching criteria.
Those criteria include paying in £4,000 within 30 days of opening the account, then setting up or switching in two or more direct debits.
You also need to be earning £75,000 a year OR save or invest £100,000 with Barclays to get the cash from the Barclays Premier Current Account.
Once you’ve made the switch, you can also get the linked savings account. The account allows you to save a maximum of £5,000 a year and generates another £215 of interest if you max it out.
Add that to the free £500 overdraft and you have a maximum of £715 you can get from Barclays on top of the £400 switching bonus.
If you don’t earn enough for Barclays’ Premier Current Account, you can instead get a normal Barclays current account, which is paying £200 cash up front instead. For this, you only need to pay in £2,000 within the first 30 days, and only need to pay in £800 per month.
Martin Lewis said on the latest episode of his podcast on October 16: “If people are looking to make a little bit of extra cash right now, bizarrely they want to look at the banks.
“Because currently, there are seven banks willing to pay people free money in order to switch.
“A legal bribe if you like.
“And the biggest payer pays four hundred quid for your custom.”
Martin added: “So what I would say to people is, unless you’re so deliriously happy with your bank, because it gives you a nice massage every single time you deal with it, have a look at whether you can be paid or not.”
