Barclays offers up to £900 for switching: who will receive the bonus.

Barclays offer for new customers

According to The Sun: The well-known bank Barclays has launched a promotion, under which new customers can receive up to £900 in cash for switching their accounts. The money can be paid out by Christmas.

Starting today, the bank is offering £200 for switching to a current account in the Blue Rewards program, as well as £400 for new customers opening a premium account. The offer is valid from October 7 to November 27.

Conditions of participation in the promotion

To take part in the promotion, customers must open a current account or premium current account through the Barclays app. Those who open a current account must subscribe to the Blue Rewards program for £5 a month, which provides additional benefits like cashback, higher savings rates, and an Apple TV+ subscription.

It will be necessary to complete a 'full switch' in the app, including at least two active direct debits. It is also necessary to deposit a minimum of £2,000 into the new current account or £4,000 into the new premium current account within 30 days after opening to receive the cash bonus.

The switch must be completed via the Current Account Switch Service (CASS).

Customers will receive their bonus of £200 or £400 within 28 days after meeting the conditions, and the payment will be credited to their account.

To meet the conditions for premium banking, customers must have an annual income of at least £75,000 or a total balance of at least £100,000 in savings with Barclays in eligible investments.

Customers who do not meet the requirements to receive the cash bonus for switching accounts are those who already have active current accounts with Barclays at the start of the promotion on October 7, as well as those who have previously taken part in a Barclays promotion, people under 18 years old, and customers outside the UK.

Additional offers for Isa transfers

In addition to the current account promotion, customers who have switched since October 7 can also receive additional cash bonuses by transferring their Isa savings. The cash reward for Isa transfers can be up to £500 per customer. Thus, by taking advantage of all Barclays offers, a customer can receive up to £900 in rewards.

To receive the Isa transfer reward, a customer must already have or open a Barclays current account and use the Isa transfer service to transfer at least £25,000 to one of the Barclays cash Isa products.

Customers transferring from £25,000 to £49,999.99 will receive £100; from £50,000 to £99,999.99 – £200, and over £100,000 – £500. All actions must be completed by November 28 to receive the Isa transfer reward.

The reward is credited to the customer’s current account at Barclays within 60 working days after completing the last qualifying transfer or 60 working days after November 28 – whichever comes first, the bank reports.

Other account switching promotions

Barclays is not the only bank offering free money and other benefits for customers who switch accounts. Lloyds Bank offers £200 in free money to customers who open a Club Lloyds account. Customers can also receive up to 15% cashback from selected retailers. The Club Lloyds account is free if at least £2,000 is deposited monthly; otherwise, a fee of £5 per month is charged.

New customers can receive £175 for switching to a Nationwide FlexDirect account if the initial deposit is at least £1,000. NatWest and the Royal Bank of Scotland also offer £175 for switching to their Select accounts with an initial deposit of at least £1,250. TSB offers £150 for those switching to the Spend and Save account, with an initial deposit of £1,000 or more.

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This promotion from Barclays is a great opportunity for new customers to receive substantial financial support before the holidays. It is worth taking advantage of the conditions of this promotion, as it can bring pleasant bonuses for simple actions like switching accounts.

Moreover, offers from other banks also demonstrate active competition in the financial market, which can be beneficial for consumers looking for the best terms for their accounts.