- Barclays offers cash incentive to new customers
- It is open to new customers with a Barclays bank account or Premier current account
Barclays is yet another bank that is baiting its customers in an attempt to attract new business.
The company is offering a £175 switching bonus to customers who switch to one of its current accounts.
To qualify, they must sign up to a rewards program that costs £5 per month.
The other option is to have an income of £75,000 in the account, or a total balance of at least £100,000 in savings or investments with Barclays.
Cash: Barclays has introduced a £175 switching bonus for new customers
How to Change the Barclays Exchange Rate
The offer is available to new customers who open a Barclays bank account or Barclays Premier current account in the Barclays app before 30 August 2024.
Customers must then complete a full switch via the Payment Account Switching Service.
There are a few catches, though. Customers who open a regular Barclays bank account to get the £175 switching deal will also need to join the Barclays Blue Rewards program, which costs £5 a month.
Blue Rewards is a scheme that Barclays current account customers can opt into. It offers linked savings accounts and cashback benefits in return for a £5 monthly fee.
Barclays recently abolished the £5 per month cash bonus for Blue Rewards members who deposit a minimum of £800 into their linked current account each month and set up two direct debits.
This was replaced by free Apple TV+ and a streaming service for the American Major League Soccer.
The £5 loyalty payment offset the cost of the monthly fee. Now that it has been abolished, Blue Rewards members effectively pay £60 per year for Blue Rewards benefits.
This means that customers will ultimately have to pay £60 per year in Blue Rewards fees to receive the £175 cash bonus.
The other option to receive the £175 switching bonus is to open a Barclays Premier Current account.
The Barclays Premier Current Account is only available to customers who have a Barclays Current Account and either deposit a gross annual income of at least £75,000, or have a total balance of at least £100,000 in savings or investments, or a combination of both.
Once new customers have opened a bank account with Barclays or a Premier current account, they will need to use CASS to make a full switch to a current account and set up at least two active Direct Debits.
Customers must deposit a minimum of £800 into their Barclays account by 30 August 2024.
The amount of £175 will be deposited into the new account within 28 days of you completing all the steps.
Barclays has joined Lloyds, Nationwide and First Direct in offering cash back to switchers in a bid to attract new customers.
First Direct and Lloyds are also offering £175 to switching customers, while Nationwide is paying £200 to existing Nationwide members who have a mortgage or savings account but not a current account.
Banks often offer switching discounts if they want to attract more customers.
For example, Nationwide added 196,260 customers in the last three months of 2023 thanks to a £200 switching discount running for four months from 21 September 2023.
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