Brits can get as much as £600 in free cash by switching their current account to a different bank, but there are only 10 days left to start the process. Barclays is currently offering cash payments to new current account customers who move their banking and meet certain conditions. The amount available depends on which account people are eligible for, with a £200 payment available with the standard account and some customers able to qualify for £600. But anyone hoping to take advantage needs to act soon, as the switching offer is due to end on August 27.
£200 bonus for standard account
Customers switching to the fee-free Barclays Bank Account can receive a £200 bonus. To qualify, they must start a full current account switch by the deadline and move at least two active direct debits across. They must also pay at least £2,000 into their new account within 30 days. For someone who receives their salary each month, the required amount could come from their wages.
Barclays will send customers a text if they have successfully met the conditions, with the £200 payment then due within 28 days.
£600 bonus for Premier Account
A much larger £600 payment is available to people who qualify for the Barclays Premier Account. However, the eligibility requirements are considerably higher. Customers need to have a gross annual income of at least £75,000 or have a total balance of at least £100,000 in savings, eligible investments, or a mix of both with Barclays.
Those who qualify for the Premier Account must complete a full switch, including moving at least two active direct debits, and pay £4,000 into the account within 30 days of opening it to receive the £600 bonus. The Premier Account does not charge a monthly fee and comes with access to additional benefits, including certain cashback offers, an Apple TV subscription and exclusive rates on some bonds and ISAs. Other benefits can include entertainment passes, live events and overnight hotel stays.
Eligibility rules and how to switch
There are also rules over who can claim either switching payment. Applicants must be aged 18 or over, live in the UK and be a new Barclays current account customer. Anyone who has previously received a switching bonus from Barclays will not qualify. However, having another Barclays product, such as a mortgage, savings account or Barclaycard, does not automatically stop someone being treated as a new current account customer.
The move must be completed through the Current Account Switch Service, which transfers payments from an old current account to the new one. The free service moves regular incoming and outgoing payments, including salaries, benefits, direct debits and standing orders, with the switch completed within seven working days. Anyone considering the offer should check the full eligibility requirements and switching terms before applying, particularly as the August 27 deadline is approaching.
