Barclays is offering new customers up to £300 to switch their current account, a deal highlighted by money experts as the "biggest overall switch cash offer from a simple account". The offer appears in the latest Moneyfactscompare.co.uk 'Pick of the Week' rundown from October 2.
What the offer includes
Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said switchers "could now receive up to £300" if they met certain criteria. She explained: "Consumers could now receive up to £300 for switching using the Current Account Switch Service (CASS) and meeting certain conditions, such as depositing at least £2,000. Alongside the attractive cashback offer, customers can also sign up for Blue Rewards, which gives them access to exclusive members-only savings accounts and the opportunity to earn cashback with Barclays Cashback partners."
Eastell added: "Before opening an account, it’s important that consumers can meet any restrictions and that they can make full use of any additional perks to avoid overpaying. Overall, the account earns an Excellent Moneyfacts product rating." The deal was also flagged in a regularly updated report by Martin Lewis' MoneySavingExpert (MSE) team, where money analyst Gavin Shepherd and money editor Chris Collier described it as the "biggest overall switch cash offer from a simple account".
How to earn the cash
The Barclays Bank Account pays £150 upfront for switching at least three Direct Debits and paying in monthly earnings of at least £2,000 in the first month. Payments can come via BACS from an employer, state or private pension, transfers from a UK business account, or benefits payments - but not transfers from another personal current account.
For the five additional £30 payments, customers must continue to pay in at least £2,000 a month via the approved methods and make at least 10 debit card payments in each of the next five months.
Eligibility criteria
For the main £150 cash bonus, customers must be a new Personal Sole Barclays Current Account customer, a UK resident aged 18 or over, and download the Barclays app to open a sole Barclays Bank Account from October 1, 2026, until the offer is withdrawn. They must start their application through the app before the offer is withdrawn and complete it within 21 days, complete a full switch using CASS from another UK bank or building society with at least three active Direct Debits, complete the switch request within 30 days of opening the account, pay a salary of at least £2,000 into the account within 30 days, and have an open sole Barclays Bank Account when the reward is paid.
Those who qualify for the initial bonus are also eligible for the remaining £150 spread over five months. Monthly criteria for the second half include making at least 10 eligible debit card purchases, receiving salary payments totalling at least £2,000 into the account, and having an active Barclays Account on the date the £30 Engagement Reward is paid. The main disqualifier is already having an open Barclays Current Account on or before October 1, which Barclays says includes student, graduate, or Premier Current Accounts.
