Barclays is offering £200 to savers who switch their bank account, but the deal closes at the end of this month. The offer requires opening a Barclays account, transferring two direct debits, and depositing at least £2,000 within 30 days. Once all conditions are met, the cash is paid within 28 days.
Deadline and requirements
The switching offer is set to end on August 27, giving savers only a few weeks to take advantage. It is one of several switching deals currently available. Bank of Scotland is offering £175 until August 4, HSBC is giving £220, and Co-op is offering up to £300.
Expert advice
Financial experts urge people to consider the full account features, not just the cash incentive. Rachel Springall, finance expert at 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 choosing the right account depends on individual circumstances.
How to switch
Switching is usually done through the Current Account Switch Service (CASS) and takes up to seven working days. Direct debits are automatically transferred. You must apply for the new account, and the bank will notify your existing one. Before switching, choose your switch date and transfer old bank statements to the new account. Consider the perks of the new bank to ensure it meets your needs.
