Barclays has launched a new switching offer that could give eligible customers up to £300 after moving their current account and meeting a series of conditions. The deal is available on the Barclays Bank Account and uses the Current Account Switch Service (CASS), with customers able to receive an initial £150 payment followed by further monthly rewards.
How the switching offer works
Customers who open an account through the Barclays app and switch using CASS can receive £150 cashback, provided they transfer at least three Direct Debits and pay in a minimum of £2,000 within 30 days of opening the account. They can then earn a further £30 a month for up to five months, potentially taking the total reward to £300.
To qualify for the additional monthly payments, customers must pay in at least £2,000 and make at least 10 debit card transactions each month. Moneyfactscompare.co.uk personal finance analyst Caitlyn Eastell described the latest offer as an "attractive cashback offer", with the account receiving an "excellent" Moneyfacts product rating.
Blue Rewards add-on
Ms Eastell said: "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." She added that customers could also sign up for Barclays Blue Rewards, which provides access to members-only savings accounts and the opportunity to earn cashback through Barclays Cashback partners.
However, Blue Rewards comes with a £5 monthly charge and customers must pay in at least £800 a month and be registered for mobile banking. The package also includes an Apple TV+ subscription, stated as being worth £9.99 a month. The standard Barclays Bank Account itself has no monthly account fee, although the Blue Rewards add-on is charged separately.
Conditions and eligibility
Ms Eastell urged customers to check the conditions before switching. "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," she said.
The account also comes with an arranged overdraft, subject to status, charged at 35% EAR, although customers receive a £15 interest-free buffer. There is no credit interest or standard cashback on debit card spending attached to the account.
Customers can open and manage the account online, through the Barclays mobile app, by phone or in branch, while other management options include post, the Post Office and text alerts. Applicants must be aged 18 or over, and terms and conditions and eligibility criteria apply.
