A HIGH street bank is offering up to £900 free cash for customers who switch – and you can get paid in time for Christmas.
Barclays has launched a new offer which means some people could receive total cash bonuses of up to £900 if they switch both their current account and their Isa savings.
From today, the bank is offering a £200 cash reward for new customers switching to its current account with blue rewards, and £400 cash for new customers switching to a premier account.
The offer applies to switches made between October 7 and November 27.
To qualify, customers must open a Barclays current account or premier current account using the Barclays app.
Customers opening a current account would need to sign up to the blue rewards scheme for £5 a month. The scheme gives customers perks such as cashback on spending, enhanced savings rates and an Apple TV+ subscription.
They must also complete a “full switch” in the app, including at least two active direct debits.
They must pay at least £2,000 into their new Barclays current account or £4,000 into a new premier current account within 30 days of opening to get the cash bonus.
The switch must be completed through the Current Account Switch Service (Cass).
Customers will receive their £200 or £400 switching bonus within 28 days of meeting the eligibility criteria, paid into their account.
To qualify for premier banking, customers need to pay in a gross annual income of at least £75,000 or have a total balance of at least £100,000 in savings with Barclays in eligible investments, or a mix of both.
Those who will not be eligible for the current account switch cash offer include customers who have an open current account with Barclays on or before the offer starts on October 7; customers who have taken up a switching offer from Barclays in the past; customers opening a joint account; under-18s; and customers living outside the UK.
On top of the current account offer, customers who make the switch from October 7 may qualify for additional cash bonuses by switching their Isa savings.
The Isa cash reward is up to £500 per customer. This means someone taking full advantage of the Barclays offers could receive £900 in rewards.
To get an Isa transfer reward under Barclays’ offer, someone would need to already hold or open a Barclays current account and then use the Isa transfer-in service to move a minimum of £25,000 to one of Barclays’ cash Isa products.
The reward customers receive will be based on how much is transferred.
Customers transferring £25,000 to £49,999.99, will receive £100; those moving £50,000 to £99,999.99 can get £200 and those transferring £100,000-plus will receive £500.
The steps must be completed by November 28 to receive the Isa reward.
To use Barclays’ Isa transfer service, customers can select the “transfer-in an existing Isa” option in the app or online banking, or they can visit a branch.
The reward payment will be paid to the customer’s Barclays current account within 60 business days after the completion of their last eligible transfer or 60 business days after November 28, whichever is sooner, the bank said.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
