Barclays has launched a new offer which means some people could receive total cash bonuses of up to £900 if they switch both their current account and their ISA savings.
On Tuesday, the bank launched a new current account offer, with a £200 cash reward for new customers switching to its bank account with blue rewards, and £400 cash for new customers switching to a premier account. The offer applies to switches made between October 7 and November 27. To qualify, customers must open a Barclays current account or premier current account using the Barclays app.
Customers opening a current account would need to sign up to the blue rewards scheme for £5 a month. The scheme gives customers perks such as cashback on spending, enhanced savings rates and an Apple TV+ subscription.
They must also complete a « full switch » in the app, including at least two active direct debits.
They must pay at least £2,000 into their new Barclays current account or £4,000 into a new premier current account within 30 days of opening to get the cash bonus.
The switch must be completed through the Current Account Switch Service (Cass).
Customers will receive their £200 or £400 switching bonus within 28 days of meeting the eligibility criteria, paid into their account.
To qualify for premier banking, customers need to pay in a gross annual income of at least £75,000 or have a total balance of at least £100,000 in savings with Barclays in eligible investments, or a mix of both.
Those who will not be eligible for the current account switch cash offer include customers who have an open current account with Barclays on or before the offer starts on October 7; customers who have taken up a switching offer from Barclays in the past; customers opening a joint account; under-18s; and customers living outside the UK.
On top of the current account offer, customers who make the switch from October 7 may qualify for additional cash bonuses by switching their ISA savings.
The ISA cash reward is up to £500 per customer. This means someone taking full advantage of the Barclays offers could receive £900 in rewards.
To get an ISA transfer reward under Barclays’ offer, someone would need to already hold or open a Barclays current account and then use the Isa transfer-in service to move a minimum of £25,000 to one of Barclays’ cash ISA products.
The reward customers receive will be based on how much is transferred.
Customers transferring £25,000 to £49,999.99, will receive £100; those moving £50,000 to £99,999.99 can get £200 and those transferring £100,000-plus will receive £500.
The steps must be completed by November 28 to receive the ISA reward.
To use Barclays’ ISA transfer service, customers can select the « transfer-in an existing Isa » option in the app or online banking, or they can visit a branch.
The reward payment will be paid to the customer’s Barclays current account within 60 business days after the completion of their last eligible transfer or 60 business days after November 28, whichever is sooner, the bank said.
