Barclays has launched a new offer allowing some customers to receive total cash bonuses of up to £900 by switching both their current account and Isa savings. The bank announced a £200 cash reward for new customers switching to its bank account with blue rewards, and a £400 cash reward for those switching to a premier account.
The offer applies to switches made between October 7 and November 27. To qualify, customers must open a Barclays current account or premier current account using the Barclays app. Those opening a current account need to sign up to the blue rewards scheme for £5 a month, which provides perks such as cashback on spending, enhanced savings rates, and an Apple TV+ subscription. They must also complete a 'full switch' in the app, including at least two active direct debits.
To receive the cash bonus, customers must pay at least £2,000 into their new Barclays current account or £4,000 into a new premier current account within 30 days of opening. The switch must be completed through the Current Account Switch Service (Cass). Customers will receive their £200 or £400 switching bonus within 28 days of meeting the eligibility criteria, paid into their account.
To qualify for premier banking, customers need a gross annual income of at least £75,000 or a total balance of at least £100,000 in savings with Barclays in eligible investments, or a mix of both. Those not eligible include customers with an open current account on or before October 7, those who have taken a switching offer from Barclays before, joint account holders, under-18s, and customers living outside the UK.
On top of the current account offer, customers who switch from October 7 may qualify for additional cash bonuses by switching their Isa savings. The Isa cash reward is up to £500 per customer, meaning someone taking full advantage could receive £900 in rewards. To get the Isa transfer reward, customers need to hold or open a Barclays current account and use the Isa transfer-in service to move a minimum of £25,000 to a Barclays cash Isa. Rewards are 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-plus. Steps must be completed by November 28, and the reward is paid to the current account within 60 business days.
