Barclays has officially outlined who can claim its £175 switching bonus, clearing up confusion for customers eager to take advantage of the offer.
Who Qualifies for Barclays’ £175 Bonus?
The bank has confirmed that the incentive is available to new customers who switch to a Barclays current account using the Current Account Switch Service (CASS). However, there are specific conditions:
- You must not have received a Barclays switching bonus since January 2020.
- The switch must include at least two active direct debits.
- You must deposit at least £800 into the account within 31 days of opening.
How to Claim the Bonus
Once you meet the eligibility criteria, the £175 will be paid automatically within 28 days. No additional application is required.
Why Barclays is Offering the Incentive
With competition heating up in the banking sector, Barclays is joining rivals like NatWest and Lloyds in using cash incentives to attract new customers. The offer is available for a limited time, so those interested should act fast.
Note: The bonus is subject to tax, so recipients may need to declare it as income.
