Barclays is offering new customers up to £600 in free cash for switching to its Premier Account, or £300 for moving to its standard Barclays Bank Account. The bank has not set an end date for the offer, which is available from Thursday, October 1, although Barclays can withdraw it at any time.
How the switching offers work
To qualify, customers must use the Current Account Switcher Service (CASS), which allows bank accounts to be swapped in seven working days. Those who open a new Barclays Bank Account, complete a full switch using CASS with three direct debits, and pay in a minimum £2,000 salary within 30 days will receive £150. They must then make at least 10 eligible debit card transactions each month to qualify for an extra £30 a month for five months, bringing the total free cash to £300.
Higher earners can instead open a new Barclays Premier Account, complete a full switch with three direct debits, and pay in at least £5,000 in salary within 30 days to receive £450. Customers must then make at least 10 eligible debit card transactions each month to qualify for a further £30 a month for five months, bringing the total reward to £600.
Application requirements and market position
Customers must open and complete a Barclays Current Account application through the bank's app within 21 days to qualify for the offers. Barclays is currently leading the market with its switch offer, followed by Santander, which, until October 7, offers new customers £240 for switching to its Everyday Current Account.
Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, said: "Barclays Bank's latest switching incentive shows that the battle for current account customers is still very much alive, and consumers have plenty of offers to choose from." She added: "However, Barclays' headline £300 for standard accounts and £600 for Premier accounts is likely to stand out against the rest."
