Barclays has unleashed one of the most lucrative switching incentives in British banking history, offering customers the chance to pocket up to £900 in cash rewards when they transfer both their current account and Individual Savings Account to the high street giant.
The promotion, which launched today and runs until 27th November, combines two separate financial incentives into a substantial windfall for savvy switchers willing to move their money. Banking experts have described the dual offer as amongst the most generous currently available in the fiercely competitive UK market.
New customers can secure between £200 and £400 simply for transferring their current account, depending on which type of banking relationship they choose. Those who also migrate their ISA holdings to Barclays could receive an additional £500, based on the value of their transfer.
How to claim the current account bonus
The standard current account switching reward stands at £200, but customers must enrol in the Blue Rewards programme, which carries a monthly membership fee of £5. This package provides perks including cashback on everyday spending, enhanced savings rates and complimentary access to Apple TV Plus, typically valued at £9.99 monthly.
Blue Rewards members gain access to the Rainy Day Saver account, which offers 4.36% AER on balances up to £5,000, dropping to 1% AER on amounts exceeding that threshold. The programme also provides cashback rewards of up to 15% at participating retailers.
Premier account switchers can claim the full £400 bonus, though they face stricter requirements. Applicants must demonstrate either a gross annual income of at least £75,000 paid into the account, or maintain combined savings and qualifying investments worth £100,000 with the bank.
Both switching options require customers to open their accounts exclusively through the Barclays mobile application and transfer at least two active direct debits using the Current Account Switch Service. Standard account holders must deposit £2,000 within 30 days of opening, whilst premier customers need to pay in £4,000 during the same period.
The rewards arrive directly into customers’ new accounts within 28 days of meeting all eligibility criteria.
ISA transfer rewards boost total windfall
ISA savers can significantly amplify their switching rewards through Barclays’ tiered bonus structure, which offers payments ranging from £100 to £500 depending on transfer values.
The bank mandates that customers hold or establish a current account with Barclays before transferring ISA funds to qualify for these additional payments. Those moving between £25,000 and £49,999.99 will receive £100, whilst transfers of £50,000 to £99,999.99 attract a £200 bonus. The maximum £500 reward applies to ISA transfers of £100,000 or more.
Customers can initiate ISA transfers via the mobile application, online banking platform or by visiting any branch, selecting the “transfer-in an existing ISA” option. The deadline for ISA transfers stands at 28th November, one day beyond the current account switching cut-off.
The ISA bonus will be credited to the customer’s Barclays current account within 60 business days of their final eligible transfer, or 60 business days after 28th November, whichever arrives first.
Who cannot claim the offers
Several groups are explicitly excluded from accessing these switching incentives. Existing Barclays current account holders as of 7th October cannot participate, nor can anyone who has previously claimed any switching bonus from the bank at any point in their banking history.
Joint account applications do not qualify for the promotion. The offers are also unavailable to customers under 18 years of age or those residing outside the United Kingdom.
Expert analysis of the deals
Alastair Douglas, chief executive of personal finance platform TotallyMoney, explained the mechanics of the offer: “Barclays has just launched a new switch offer which means you could earn £200 for switching to its Blue Rewards account, or £400 if you move to its Premier Account.”
He highlighted the Blue Account’s benefits, noting it “includes Apple TV Plus, retailer cashback, and a 4.36% savings rate on balances up to £5,000,” but cautioned that “the account costs £5 per month, and you’ll need to pay in at least £800 per month” to maintain eligibility for Blue Rewards.
For higher earners, Mr Douglas said: “The Premier Account also comes with the same perks, however, the account is aimed at high earners, and you’ll need an income of at least £75,000, or £100,000 in savings.”
On the combined offer’s maximum value, he added: “If you have an ISA with at least £25,000 in it, Barclays will pay you an extra £500 when you transfer it. So, you could potentially earn £900 in total.”
Wider market context
Mr Douglas advised consumers to compare switching offers across the market before committing. “Co-Op, First Direct, Lloyds, Nationwide, NatWest, and TSB are also offering up to £210 for you to move your money,” he noted.
The Barclays promotion arrives as Britain’s major banks intensify their battle for deposits and current account customers amid a highly competitive savings market. With easy-access savings rates remaining elevated compared to historical norms, banks are deploying substantial cash incentives to attract new customers and assets.
The Current Account Switch Service guarantees that the switching process completes within seven working days, with all direct debits, standing orders and payments automatically redirected from the old account to the new one. The service also provides protection for three years, ensuring any misdirected payments reach the correct destination.
Industry observers suggest switchers should download several years of statements before initiating their transfer and carefully review the terms and conditions to ensure they meet all eligibility requirements within the specified timeframes.
With the promotion closing on 27th November for current accounts and 28th November for ISA transfers, potential switchers have limited time to capitalise on what represents one of the most generous combined banking offers seen in recent years.
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Image Credit:
Social distancing signs at Barclays, Market Place, Wetherby — photo by Steve Eason, licensed under CC BY 2.0
