Savers can get £200 for doing one simple thing. Barclays is offering the free cash as part of their switching offer, which closes this month. The deal offers switchers a free £200 when they open a Barclays bank account and transfer two direct debits to it. To get the cash, you must also add at least £2,000 to the account within 30 days of opening it.
Should you meet all the requirements, the money will be paid within 28 days. But for those who want to take advantage of the offer, you have to be quick, as it is set to end on August 27, so you only have a few weeks.
Barclays is not the only bank with a switching offer on; in fact, there are plenty of deals on the market right now for savers. Bank of Scotland is offering £175 to switchers until August 4, whilst HSBC is handing out £220, and Co-op is giving up to £300.
Financial experts are urging people to really have a look at the accounts they could be switching to rather than just being drawn in by the big offers.
Rachel Springall, finance expert at data firm Moneyfacts, said: “Current accounts are all very different, some pay credit interest, others reward customers each time they spend on bills, and some are simpler and carry a competitive overdraft tariff.”
She added that selecting the right current account depends on a saver’s individual circumstances.
Switching banks is usually done through the Current Account Switch Service (CASS), and usually takes up to seven working days. Your direct debits will be automatically transferred during the process.
You have to apply for the new account you want, and the bank will inform your existing one that you are moving from.
Before you switch, you should choose your switch date and transfer any old bank statements to your new account. You can contact your existing bank for the old statement.
Also consider what perks come with the bank you are with switching to ensure that it is the correct decision for your needs.
