Barclays has launched a new switching offer that could see customers receive up to £900 in cash rewards, but the deal ends on 27 November. The bank is offering £200 for switching to its standard current account with blue rewards, and £400 for switching to a premier account, available for switches made between 7 October and 27 November.
To qualify, customers must open a Barclays current account or premier current account via the Barclays app, complete a full switch using the Current Account Switch Service (Cass), and have at least two active direct debits. They must also pay in at least £2,000 into the standard account or £4,000 into the premier account within 30 days of opening, and sign up to the blue rewards scheme for £5 per month.
Customers can also earn up to an additional £500 by transferring their Isa savings to Barclays. The Isa reward is based on the amount transferred: £100 for £25,000 to £49,999.99, £200 for £50,000 to £99,999.99, and £500 for £100,000 or more. The Isa transfer must be completed by 28 November.
Barclays joins other high street banks in offering switching incentives, with Lloyds offering £200, and NatWest, first direct, and Nationwide each offering £175. However, experts advise consumers to look beyond headline figures and ensure the account meets their needs, as the full £900 from Barclays requires a minimum of £100,000 in Isa savings.
Customers who already have a Barclays current account, have previously taken a switching offer from Barclays, are under 18, live outside the UK, or are opening a joint account are not eligible for the current account switch offer. The switching bonus will be paid within 28 days of meeting the criteria, while the Isa reward will be paid within 60 business days after the transfer or 28 November, whichever is sooner.
