Here’s how new Barclays customers can get it.
For the first time in years there’s a proper switch deal for Barclays Bank – though you’ll need to add Blue Rewards. Here’s what you need to know to get the cash.
How much can you get for switching to Barclays?
This new offer is set at £175 for the switch – the most the bank has ever offered in this way.
In fact, it’s the first time the bank has offered a set cash incentive for moving your money over. The last offer (which ran in 2019) doubled the monthly bonus from Blue Rewards. An alternative offer with Avios is also running but is ultimately worth less cash.
If you decide to keep the account you’ll also get access to a 5.12% paying savings account (on balances of up to £5,000). And until the end of 2023 there’s 5% cashback on spending (capped at £10 a month).
What are the requirements for the Barclays switching offer?
First up, you must open up a brand new personal (not joint) account via the Barclays app. The account can be either the Bank Account or Premier Current Account. If you currently have one of these, or you don’t apply for the account in the app, you sadly won’t be eligible.
If you opt for the standard Current Account you’ll also need to join the Blue Rewards scheme. This has it’s own set of conditions we’ll outline below – but you can read more detail about the scheme here.
There’s also a requirement to switch over two active direct debits. I’ve written here about some easy and fast ones you can set up if you’re short of these.
The switch must be from a different bank via the Current Account Switch Service. This means your old account will be completely closed, though all your money and payments in and out will be transferred over for you. Here’s more on how to switch bank.
It appears you can’t select a date for the switch to complete, with 7 working days auto selected. So if you need time to set up direct debits make sure it happens within 30 days of starting the process.
Barclays switch offer summary
£175 Barclays switching offer
|Bonus paid||Within 28 working days of completing the switch|
|Open to existing customers||No|
|Requirements||Open a new Bank Account or Premier Current Account via the Barclays app|
|Add Blue Rewards if you choose the Bank Account (you might need to wait a few days after applying to do this)|
|Switch using the Current Account Switch Service and close your old account within 30 days|
|Switch two active direct debits|
|The old account must be from a different bank|
|Exclusions||Offer limited to once per person|
|Not open to joint accounts|
|Cannot have had an existing Barclays current account open on or since 31 October 2023|
|Offer ends||30 November 2023 (last date to start the switch)|
When will you get the money?
The payment will be made within 28 working days of the switch completion. The fastest this can happen is seven working days, so you’re looking at 35 working days which is roughly seven weeks.
When does the offer end?
The last date to start the switch is Thursday 30 November 2023, and you’ve then got another 30 days to complete all the required actions.
Can existing Barclays customers get the bonus?
Sadly this offer rules out any Barclays customer who held one of the following on the date of application or before 31 October 2023, whether personal or joint:
- Barclays Basic Bank Account
- Barclays Bank Account
- Barclays Bank Account with a Personal Overdraft
- Barclays Bank Account with Blue Rewards
- Platinum Bank Account
- Mortgage Current Account
- Premier Current Account
Though the student bank account isn’t listed here, Barclays have told me that this, and indeed all, current accounts rule you out of the offer.
Can previous Barclays customers get the switch bonus?
Update 8/11/23: The confusing wording and response from Barclays has been clarified again. You will be able to open a new Barclays account and apply for the switch (as per the conditions above) as long as you did not have an existing open Barclays current account on or since 31 October 2023.
So as long as you closed any previous Barclays current accounts before 31 October 2023, you will be ok with this offer.
The wording here was confusing. Barclays also told me that anyone who has ever had a Barclays current account prior to and including 31 October 2023 is excluded. So you must be a brand new customer for the first time.
Issues when applying
Update 8/11/23: A number of you have reported problems when applying via the app. From disappearing options to apply for the account to error codes when trying to add Blue Rewards, it’s been frustrating for many.
Over in the Facebook group some of you have shared how you’ve resolved some of the issues:
- Concerning Barclays Blue Rewards UD001 error: “When the error pops up in the app, instead of pressing OK, just press back button on the phone and scroll down and sign up as normal. (Anon)
- Concerning withdrawing money “Just a word of warning to anyone wanting to just bounce money through the account to cover the £800, on a newly set up Barclays app you cannot add a new payee for 4 days” (Paul)
- Concerning issues opening an account: “Roughly what time did you try and apply for an account on the app? Because I believe the option isn’t available between 11pm to 7am” (Ishraq)
- Concerning ID issues “ One possible reason the branch indicated is that if you have a Barclaycard and the name doesn’t match precisely(e.g no middle name on one or the other), the system can’t resolve the error and they will need to manually merge the records (which may also fall foul of the bonus rules). They also said having a new account opened (in the banking app) will mean losing access to the Barclays credit card in the old (or the new) app. It’s hopeless” (Stuart)
Which Barclays account should I choose?
For most people it makes sense to go for the Current Account and add on Blue Rewards. Though there’s a faff to ensure you cancel out the £5 monthly fee (more on this below), it’s easier to get than the Premier Current Account (this requires an annual salary of £75,000 or at least £100,00 saved in Barclays).
You’ll get access to a 5.12% paying savings account, though this can currently be beaten by other providers that don’t limit how much you can earn this rate on. Here are our latest savings recommendations.
Something worth noting is it might take a day or two after opening the account before the Barclays app lets you add Blue Rewards – so keep trying if that happens.
Barclays Blue Rewards
|Benefits||£5 a month reward|
|Extra if you have a mortgage or home insurance with Barclays|
|5.12% AER interest savings account|
|5% cashback (up to £10 a month) on spending until end of 2023|
|Fee||£5 a month|
|Requirements||Pay in £800 a month|
|Pay out two Direct Debits a month|
|Access to online or app banking to claim your reward|
|Exclusions||Cannot be added to Barclays Basic, Young Person’s, foreign currency or non-personal accounts|
|Notes||You can only add Blue Rewards to one account|
|You need to transfer your Blue Reward payments to your current account to use them|
How to avoid the £5 Blue Rewards monthly fee
Barclays Blue Rewards comes with a £5 fee every month, though you can earn the same amount back each month to effectively cancel it out.
First you need to have two direct debits on the account. Since you’ll be switching these over as part of the promotion that step should be sorted – just remember to keep them active and have enough cash in the account each month to cover them.
You also need to deposit £800 into the account each month. This money doesn’t need to stay there or even be added in one go.
Do all this and each month £5 will be added to a separate Blue Rewards wallet in the app. You’ll need to manually transfer it back to your main current account to access it.
And of course, once you have the money you can close down Blue Rewards if you don’t want to keep those direct debits active.
Is it worth switching to Barclays?
If you don’t already have a Barclays current account then I’d absolutely go for this offer. It’s relatively simple to meet the eligibility, and you can always ditch the account by closing Blue Rewards once you have received the switching bonus.
However I’d suggest you switch a dummy account rather than your main one as there are better options for ongoing banking.
Is it the best switching offer?
Deals come and go throughout the year, so it’s always worth checking to see if a better paying option is out there. You can read more about the latest switching offers here.