Barclays Announces £400 Windfall for Eligible Switchers
Barclays has officially confirmed that select banking customers could receive a significant £400 cash bonus paid directly into their accounts. This financial incentive is designed to attract new clients to its Barclays Premium current account, but it comes with a specific and demanding set of eligibility requirements that must be met.
How to Qualify for the Barclays £400 Bonus
To secure this welcome windfall, potential applicants must act quickly. The process involves several key steps that must be completed by the deadline. Firstly, you need to open a Barclays Premium current account via the Barclays app. Following this, you must deposit a minimum of £4,000 into the new account within 30 days of opening it.
Critically, you must also initiate a full switch from an existing current account held with a different bank. This switch, which requires the transfer of at least two active Direct Debits, must be completed using the Current Account Switch Service. The entire process, from application to completed switch, must be finalised by November 27, 2025.
Access to this offer is not universal. The Barclays Premium account is exclusively available to individuals with an annual income of at least £75,000 or those who hold savings of £100,000 or more with Barclays, or a combination of both. Barclays has stated that the £400 bonus will be paid within 28 working days of a customer meeting all the necessary criteria.
Additional Perks and the Competition
Beyond the cash incentive, successful applicants will receive extra benefits. These include a complimentary Apple TV+ subscription, valued at £9.99 per month, and a free MLS Season Pass, worth £14.99 monthly for the season's duration. The account also provides access to a savings account with a competitive 4.21% interest rate on deposits of up to £5,000.
It is important to note that this offer is not available to anyone who has previously received a switching bonus from Barclays for any of its current accounts.
Barclays is not the only financial institution vying for new customers with cash offers. Santander is also providing a £200 switching bonus to eligible individuals. To qualify for Santander's offer, customers must switch to an eligible account, deposit a minimum of £1,500, and transfer two active household Direct Debits using the Current Account Switch Service within 60 days of applying.
Similar to Barclays, Santander excludes previous account holders and those who have received a past switching incentive. The bank has indicated that the £200 payment will be made within 90 days of meeting the terms and conditions, but it reserves the right to withdraw the offer at any time.
