Barclays launches £175 switching deal
Barclays will give you £175 when you switch to a Barclays current account and join Barclays Blue Rewards.
Barclays has entered the switching deal arena with a £175 switching deal. Despite being a well-known high street bank, in recent years Barclays has been notably absent when it comes to offering switching incentives. But all that has changed with the launch of its £175 switching offer.
How do you get the £175 bonus?
In order to qualify for the £175 switch incentive, you’ll need to complete a full switch in the Barclays app using the Current Account Switch service. You’ll also need to move over 2 active direct debits and join Barclays Blue Rewards, which has a £5 monthly fee.
You’ll need to start your switch before 30 November 2023 and complete it within 30 days. Unfortunatley, if you already hold a Barclays bank account then you won’t be eligible for the offer.
What is Barclays Blue Rewards?
If you decide to take Barclays up on this offer, then you’ll need to join Barclays Blue Rewards. This is a paid-for add-on that you select to include on your new Barclays current account.
It has a £5 monthly fee, but in return, you’ll receive a monthly award and access to member savings accounts. These include the Barclays Rainy Day Saver at 5% gross interest.
See the full details in our best bank account switching deals guide to help you compare bank offers and incentive schemes.
How does the offer compare?
The fact that it’s Barclays offering this deal is the main thing that will grab peoples’ attention. Looking at the offer, it’s not as high as some other switching incentives on the market. Plus, it comes with the requirement to join Barclays Blue Rewards, which has a monthly fee. This will eat into what you earn with the account over 12 months.
If you’re looking for the best switching deal on the market, take a look at Nationwide’s £200 switch bonus. Alternatively, first direct’s long-running £175 switching bonus is another good option. Full analysis in our best bank account switching deals guide.