If you bank with Barclays, you can add Barclays Blue Rewards to your current account for a fee, and earn various cash rewards. We explain how to use the scheme to pay for itself – and more – plus whether there are better deals available.
Upcoming changes to Barclays Blue Rewards
Barclays is replacing the main cash rewards with perks under this scheme.
From 4 September 2024, Barclays Blue Rewards will no longer offer monthly cash rewards. This means neither new nor existing customers will get any of the following: the £5 monthly reward, £3 for taking out a residential mortgage, £1 for having a Barclayloan, £1.50 for taking our life insurance (for the first 12 months) or £5 for life insurance and critical illness cover.
Current Barclays Blue Rewards customers will receive their final cash reward on 3 September 2024.
The current rewards will then be replaced by new ones, including subscriptions to Apple TV+ and the MLS Season Pass. And customers will have to join the scheme. From this time forward, you’ll also have to join using the app. You’ll still be able to get cashback by shopping at certain stores.
What are Barclays Blue Rewards?
Barclays Blue Rewards is a paid-for add-on you can opt to include on your Barclays current account. The scheme costs £5 a month and for this you get a monthly reward, plus money back if you have or open other products with the bank. Plus, you’ll have access to the Blue Rewards Saver and Rainy Day Saver accounts which pay higher rates of interest compared to other Barclays savings accounts.
Compare current accounts that are eligible with Barclays Blue Rewards
To earn the rewards, you’ll need to have a Barclays current account and agree to pay the membership fee of £5 a month. You’ll also need to pay at least £800 into your current account each month and register for the Barclays app or online banking.
You’ll receive a £5 monthly cash reward when you successfully pay 2 or more direct debits from your nominated account. You’ll then earn different monthly cash rewards for different products, as we explain below:
£3 a month if you have or take out a personal residential mortgage with Barclays
3% cashback when you take out or renew home insurance with Barclays
£1 a month if you have or take out a personal loan with Barclays
£1.50 a month if you take out life insurance with Barclays or £5 a month for life insurance with critical illness cover (for first 12 months of cover only)
When you earn the cash rewards, the money will be paid into your Rewards Wallet, not your Barclays bank account. You’ll then need to transfer the cash out of the wallet via online banking or the Barclays app.
What are the benefits?
The main benefits of Barclays Blue Rewards are the cash offers, both for holding the account and for opening other products with the bank. Keen savers will also be able to access more competitive savings accounts.
Who is it for?
Barclays Blue Rewards is suitable for anyone who holds a Barclays current account and is looking to earn something extra. To qualify for a Barclays current account you will need to be a UK resident and at least 18 years old. To qualify for Barclays Blue Rewards you will need to be happy to pay £5 a month, be able to pay at least £800 into your current account each month and register for the Barclays app or online banking.
Pros and cons of Barclays Blue Rewards
Pros
Range of cash awards
The more products you have with Barclays, the more you earn
Access to better savings accounts
Cons
Membership fee of £5 a month
You’ll need to meet the eligibility criteria
Cash rewards aren’t paid directly into your bank account
Our verdict: Is Barclays Blue Rewards any good?
If you’re a loyal Barclays customer, then adding Barclays Blue Rewards to your current account will earn you a little extra cash each month – the more products you have with the bank, the more you’ll earn. Getting access to some very competitive savings accounts is a particularly attractive bonus, if you want to keep all your accounts with one bank.
Overall, however, there are more competitive schemes out there. For a start, the £5 monthly cash reward is instantly erased by the £5 monthly fee. What’s more, the fact that you have to withdraw your cash rewards from your Rewards Wallet makes the whole process unnecessarily complicated. So it’s well worth comparing what else is on offer from other banks before taking the plunge. You can compare a range of current accounts in our full guide.
Frequently asked questions
If you already have a Barclays bank account and are registered for online banking or use the Barclays app, you can simply switch on Blue Rewards by logging in. If you're not already a current account holder with Barclays, you'll need to open an account first.
No, if you are already signed up to Barclays Avios Rewards, which enables you to collect Avios to spend on flights, you won't be able to sign up to Barclays Blue Rewards unless you cancel Avios Rewards first.
You can cancel Barclays Blue Rewards at any time through online banking or through the app.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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