Barclays launches £175 free cash offer plus 5.12 per cent interest rate
Barclays has become the latest bank to offer free cash
PA
Barclays has launched a £175 cash boost offer for any new customer switching to the bank before August 30.
Switchers can also benefit from a 5.12 per cent AER interest rate on savings, which existing customers who are Barclays Blue Rewards members can already enjoy.
This deal is available to new customers only. The bank will pay £175 into the new account within 28 days of it meeting the eligibility criteria.
To qualify, customers must pay at least £800 into the new Barclays account and have two active direct debits linked to the account by August 30.
How to get your £175 switch bonus
Step 1: Britons need to open an eligible current account in the Barclays app.
Customers should open a sole Barclays Bank Account or a sole Premier Current Account. All other accounts are excluded from this offer, including their basic bank account.
To qualify, customers must pay at least £800 into the new Barclays account
GETTYStep two: For those who just open a Barclays Bank Account, they will need to join Blue Rewards for £5 a month.
Britons can sign up to Blue Rewards in the Barclays app. With Blue Rewards, customers can get Apple TV+ and MLS Season Pass subscriptions.
They can also can earn up to 15 per cent cashback with participating retailers and get up to 5.12 per cent interest on their savings with a Rainy Day Saver.
To open a Rainy Day Saver account, customers need to be a member of Barclays Blue Rewards or a Premier Banking customer.
The account offers savers 5.12 per cent AER / five per cent gross p.a on the first £5,000 of their balance. After this amount, the rate drops to 1.16 per cent AER/ 1.15 gross p.a.
Step 3: To complete a full switch, customers will need to ensure there are at least two Direct Debits coming from their new account.
Britons can use the Current Account Switch Service in their Barclays app to move their current account with another participating bank or building society to them. The switch must include at least two active Direct Debits, and start by August 30, 2024.
Step 4: Customer who switch will need to pay £800 into their new Barclays account by the closing date - August 30.
The launch of the switch comes after the announcement that Barclays are scrapping their £5 monthly reward from September 4, along with other product cash rewards.
As part of the email, titled “Barclays Blue Rewards is having a makeover”, customers were told that Blue Rewards members can now access other benefits as part of the £5 a month charge.
These include an Apple TV+ subscription and being able to watch Major League Soccer matches with an MLS season pass subscription during the season.
With this latest overhaul, Blue Rewards customers will reportedly receive fixed benefits worth up to £44 per month which is an increase from £35.50 previously.
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On top of this, Barclays has said it will undertake ongoing reviews to ensure Blue Rewards customers are getting fair value for their £5 monthly fee.
Barclays is among a number of banks and building societies offering free cash to new customers.
First Direct and Lloyds Bank are currently offering £175 to switch.
Nationwide is also offering £200 but this one is only available to those with existing accounts.
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