Banking customers who switch to Barclays and sign up to its Blue Rewards Scheme can earn as much at £384 worth of rewards in 12 months.
What’s the deal exactly?
You can sign up to Barclays’ Blue Rewards scheme for £3 a month, with members of the scheme earning cashback rewards for various activities such as having direct debits set up.
If you’re not a customer currently and switch your account before 29 June, you’ll get your rewards doubled. So, for example, instead of the normal £7 cashback reward for having a direct debit, you’ll earn £14 a month.
If you have other financial products with Barclays such as a mortgage, home insurance or a loan, you will earn extra cashback on top – up to a total of £32 a month or £384 a year.
You will also earn 1% cashback at a selection of more than 150 retailers.
Why should I care?
The selection of current accounts that offer cash for switching has lowered recently, with First Direct changing its offer to a selection of gifts instead.
Assuming you make direct debit payments from the account, you will earn a minimum of £168 in 12 months with this deal, which is currently the best cash incentive for switching on the market.
What’s the catch?
While £384 is a lot of cash, you will only access this amount if you have a current account with direct debits, a home insurance policy, a mortgage, and a personal loan with Barclays. This means won’t necessarily be getting the best deals on financial products by having them all with one provider.
Customers who already have a Barclays current account can get double rewards just for the month of May if they sign up for the scheme by 31 May.
In order to redeem the rewards, you’ll need to pay at least £800 a month into the account and pay the £3 monthly fee.
What are the other options?
There are several deals out there for current account switching. Halifax offers £75 to switch, while First Direct offers a myriad of gifts worth up to £700.
Where can I find out more?
Check the Barclays website for further info on the deal.