Barclays is offering £200 to new customers who switch their existing current accounts away from their current bank, becoming the latest high street bank to issue cash incentives.
To qualify, customers have to open a Barclays current account using the app, then there is the the option to sign up for the bank’s Blue Rewards scheme for £5 a month. They then need to complete a full switch in the app using the free Current Account Switch Service, including at least two active direct debits, and pay at least £2,000 into the new account within 30 days of opening.
For those who opt in to the Blue Rewards scheme, there is a variety of perks including a free Apple TV+ subscription, a free MLS season pass subscription, and the option of a 4.21 per cent saver.
There are a variety of current account switch deals on the market, and new customers can benefits from a range of different rewards for swapping banks. Most switching offers include a cash incentive of between £100-£200, including Santander Edge (£200), Club Lloyds (£200), First Direct (£175), Natwest (£150) and Co-op (£100), each with a different selection of reward options.
At the top end of the market is the Lloyds Premier deal, which offers new customers a whopping £500 cash, a digital Bupa subscription and a choice of reward, as well as other perks. But there’s a catch – in order to qualify, customers need to pay in £5,000 a month
Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk said: “Switching incentives are quick to grab consumers’ attention and they can be a key point of competition for providers to attract new customers. Several providers are offering bonuses between £150 to £200. Many households may now be looking for ways to stretch their cash further and these timely offers can be a useful nudge for consumers to review their current account and consider whether they are getting the best deal.
“The latest deal on the market comes from Barclays Bank with a generous £200 switching offer for customers that open a Barclays Current Account with Blue Rewards. This sits at the top end of the market alongside Santander and Lloyds Bank which also offer £200 on switched accounts.”
Eastell added: “However, consumers shouldn’t focus on just the headline cash offers. These deals often come with specific eligibility criteria or monthly charges. Looking at the long-term value of the account is crucial to ensuring that customers do not find themselves overpaying because they fail to make use of exclusive offers.”
