Knowing how to get the most out of your money can be an absolute minefield with so many options out there. It can be tempting to keep savings in one place for a long time to minimise any potential hassle.
However, moving between accounts can actually earn you a few extra pounds here and there with many banks offering switching payouts.
Money Saving Expert (MSE), the financial advice website set up by Martin Lewis, urged people to make use of one such payout on offer until the end of August.
In its most recent money tips newsletter, MSE shared a switching deal that could earn you £175 free cash and leave you with an account providing 5.12 percent interest.
MSE explained: “Bank switch offers tend to be on-again, off-again and – with two free cash deals having already ended in the last month, and at least one of the remaining two soon following suit – we could be heading towards another off-again spell. So if you’re looking for some easy extra cash in your pocket, it’s time to take your pick.
“Switching’s usually quick and easy. To get free cash, you need to go via the bank’s seven-working-day switch service, which closes your old account and auto-moves your balance, standing orders and direct debits. Once done, any payments to your old account are auto-forwarded. You’ll also need to pass a not-too-harsh credit check.”
According to MSE, Barclays is offering £175 plus extra perks such as an Apple TV+ subscription and free Major League Soccer streaming for moving to its 5.12 percent savings account and signing up to its Blue Rewards scheme.
“Switch bribes from Barclays aren’t common – great news for regular switchers, as it means many won’t fall foul of the ‘new customer’ rule,” MSE said.
“You’ll need to go quick though, as it ends on 30 August and there are a few steps involved.”
However, it is important to note that this account requires £800 deposited a month and costs £5 a month to own.
But you do only need to sign up for one month to get the free £175.
How to get it
To be eligible for the £175 you need to use the Barclays app on your phone to switch your current account by August 30.
Via the app you will need to:
- Open a sole Barclays Bank Account and join Blue Rewards for £5 a month or open a sole Premier Current Account
- All other accounts are excluded from this offer, including our basic bank account
- Use the Current Account Switch Service to move your current account from another participating bank or building society to us, including at least two active Direct Debits
- Pay at least £800 into your new account by 30 August 2024.
- Within 28 days of you qualifying for the offer, Barclays will pay £175 into your new account.
MSE adds: “Blue Rewards costs £5 a month (min pay-in £800 a month), but you need only be a member for a month to get the £175.
“After that, whether to ditch depends on if you think free Apple TV+ (normally £8.99 a month), free Major League Soccer streaming (normally £12 a month) and access to 5.12 percent savings (max £5,000) are worth a fiver.”
