Barclays has launched two market-leading switch bonuses worth up to £600 today (October 1). Customers who open a Barclays Bank Account or Barclays Premier Account could earn rewards worth up to £300 and £600 respectively, provided they meet certain criteria.
Premier Account bonus details
To earn £450 initially through the Premier Account, customers must complete a full switch using the Current Account Switching Service (CASS), have three direct debits, and pay in a minimum £5,000 salary within 30 days. The remaining £150 bonus will be paid in £30 installments over five months, taking the total bonus to £600, if customers make at least 10 eligible debit card transactions a month.
The Premier account comes with certain benefits, including exclusive savings and mortgage rates, free Apple TV, and higher payment limits. However, customers will need to pay in a considerable gross annual salary of at least £75,000, or have at least £100,000 in savings with the bank, so they should consider this before opening.
Standard account requirements
The standard account does not have these requirements, and customers can still earn £300 in bonuses. Customers must complete a full switch using the CASS, set up three direct debits and pay in a minimum £2,000 salary within 30 days to receive a £150 bonus. An additional £150 will be paid in £30 monthly instalments, if customers make at least 10 eligible debit card transactions a month.
The CASS is a free service that moves payments to a new account within seven working days, closes the old account on the chosen switch date and transfers any remaining balance. To qualify for either offer, customers must open and complete a Barclays Current Account application in the Barclays app within 21 days.
How do other accounts compare?
Several accounts offer switch bonuses. first direct is offering £210 cashback on its '1st Account' when customers use the CASS, including at least two direct debits or standing orders. Within 45 days of opening, £1,000 must be deposited, among other conditions.
Starling Bank is offering a voucher code to redeem against a SURI Pro 2.0 toothbrush (RRP £105) for accounts switched to its Current Account, using the CASS by November 10. Lloyds Bank has a deal on Club Lloyds, offering £200 cashback for accounts switched using the CASS by December 9, with three active direct debits required to transfer.
