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Barclays is giving new customers up to £900 to switch both their current account and savings to the bank, although eligibility for the full amount will be out of reach for most.
The full £900 is on the table for those taking advantage of two offers – a current account switch deal and an Isa transfer incentive. But there are some big catches.
Catch 1: Current account switchers will be able to get an easy £200 for shifting to Barclays Blue Rewards.
But this is where the first big catch rears its head – while customers will get rewards including an Apple+ TV subscription, the account costs £5 a month – or £60 per year.
Eligibility for anything above £200 then drops very quickly.
Catch 2: You can get £400 for switching to a Barclays Premier Account instead, but you must be earning £75,000 a year or have £100,000 in savings and investments with the bank to be a premier customer.
Catch 3: The final catch relates to the Isa transfer. Barclays is offering cashback in different tiers, depending on how much you can transfer – but £500 is reserved for those who can move £100,000 or more.
Barclays’ regular Isa also offers a paltry interest rate, so it’s worth comparing your options. Find out more details about the deals below.
Cash bungs: Barclays will be hoping to win customers with its current incentives
Deal 1: Up to £400 when switching your current account to Barclays
Barclays’ switching incentive is running until 27 November. It’s not a bad way to pocket at least £200, but you should beware the £5 a month fee for Blue Rewards.
To get the cash, you need to open a Barclays Current Account using its app, sign up to Blue Rewards, complete a switch in the app along with two active direct debits, and pay in at least £2,000 within 30 days of opening.
Blue Rewards comes with an Apple TV+ subscription, cashback at selected retailers, plus access to the Rainy Day Saver that has an interest rate of 4.36 per cent on balances between £1,000 and £5,000 (although this rate is dropping from 30 October).
You should consider whether these are worth enough to you to offset the £5 fee.
To get £400 you need to open a Premier Current Account instead then switch and pay in at least £4,000 within 30 days.
Remember you can only be a Premier customer if you earn at least £75,000 or have £100,000 in savings and investments with Barclays.
Lloyds is also offering £200 to switch to its Club Lloyds account. It comes with rewards such as a Disney+ subscription and there’s also a £5 monthly fee – but unlike Barclays, Lloyds refunds this if you pay in £2,000 or more each month.
Read more about switching and cashback offers in our round-up of the best bank accounts.
Deal 2: Up to £500 when transferring to a Barclays cash Isa
If you were considering transferring to one of Barclays’ cash Isas, such as its instant cash Isa or its reward Isa, the bank is now offering between £100 and £500 cashback as an incentive.
But to get the minimum amount you need to transfer at least £25,000:
| VALUE OF TRANSFER | CASHBACK |
|---|---|
| £25,000 – £49,999.99 | £100 |
| £50,000 – £99,999.99 | £200 |
| £100,000+ | £500 |
We’ve covered this deal previously – read our verdict.
While a cashback incentive can give your savings a boost, you should consider whether the account meets your needs first.
For example, what’s the interest rate and can you get a better deal elsewhere? Barclays’ instant Isa has a measly interest rate of 1.1 per cent variable, for example.
Trading 212* currently has a best-buy cash Isa interest rate of 4.51 per cent variable, which includes a 12-month 0.66 per cent boost.
Trading 212 now applies the boosted rate on Isa contributions made this year when transferring, too.
Here’s our list of the best cash Isa rates, including easy access and fixed rate accounts.
Here is what’s on offer at Barclays:
– Instant Cash Isa – 1.11 per cent AER variable Reward Isa – 2.75 per cent AER variable (drops to 0.85 per cent in months you make a withdrawal)
– 1-year Flexible Cash Isa – 3.7 per cent AER fixed for a year (you can make three withdrawals over the term, each up to 10 per cent of the balance)
– 18-month Flexible Cash Isa – 3.55 per cent AER fixed for 18 months (the same withdrawal limit as above applies)
If you have a large amount of cash savings, you could consider whether it would be better off invested instead. Here’s our best stocks and shares Isas to help you choose a provider.
SAVE MONEY, MAKE MONEY
Sipp cashback
Sipp cashback
£200 when you deposit or transfer £15,000
4.51% cash Isa
4.51% cash Isa
Trading 212: 0.66% fixed 12-month bonus
£20 off motoring
£20 off motoring
This is Money Motoring Club voucher
Up to £100 free share
Up to £100 free share
Get a free share worth £10 to £100
No fees on 30 funds
No fees on 30 funds
Potentially zero-fee investing in an Isa or Sipp
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