Brits hoping to save a bit of extra cash before Christmas could benefit from a new switch deal worth hundreds of pounds. A major UK bank is offering £400 for moving your account by the end of November.
Banks often offer switch deals every now and then as a way of building their customer base. However, typically the free cash offered is between £100 and £200.
The team at Money Saving Expert (MSE), the website founded by Martin Lewis, said: “Free cash for Christmas.” They explained: “Switching’s easy and hassle-free.
“Use the bank’s seven (working) day switch service. This closes your old account and moves all your money, Direct Debits and standing orders for you (though not recurring subscriptions such as Netflix or Prime). Payments to the old account are auto-forwarded.
“What are min pay-ins? It’s how banks try to ensure you use it as a main account. Yet it doesn’t need doing in one go and all that counts is what’s paid in, so as soon as it’s there, you can spend or withdraw it.”
The most lucrative switch deal highlighted by the MSE team is currently the Barclays Premier Bank Account, offering £400 for moving. However, this is only available to high earners, who make £75,000 or more a year.
It is also available if you save or invest £100,000 or more with Barclays. MSE said: “Free £400 upfront, plus Blue Rewards as standard but only for high earners.
“Switching to the Barclays Premier Current Account nets you £400 free cash, plus all the perks of Barclays’ Blue Rewards programme for free (usually £5 as month).” As part of the Blue Rewards programme you will also get:
- Free Apple TV+ subscription (normally £9.99 a month)
- Free Major League Soccer Season Pass subscription (normally £14.99 a month)
- Access to a 4.36% saver you can put up to £5,000 in
But MSE advised: “This account is only available if you earn £75,000 a year or can save/invest £100,000 plus with Barclays. Not you? A similar switch offer is available with no minimum salary or savings requirements through the Barclays Bank Account.”
How to claim the free cash
To qualify for the free £400 you must:
- Open a sole account via Barclays’ app (no joint accounts)
- Pay in at least £4,000 within 30 days of opening the account
- Start a switch in of an account from a different bank via the app, including two or more Direct Debits by November 27 – you must complete the switch within 30 days of starting it
- The £400 is paid within 28 working days of meeting all the criteria
However, it is important to note that you won’t qualify if you already have an open Barclays current account on or before October 7. You can’t have ever received switch cash from Barclays before.
Switch offer if you don’t earn £75,000
Barclays is offering a different switch deal that doesn’t have any earning requirements. Switching to a Barclays Bank Account could land you a free £200.
For this deal it doesn’t matter how much you earn but you must pay in at least £2,000 within 30 days of opening the account. You’ll also need to pay in £800 a month.
