High street lender Barclays has become the latest bank to introduce a bumper switching bonus for customers.
Customers could get up to £600 when switching to a Barclays account, making it the highest-paying deal on the market.
However, there are a few hoops to jump through if you want the full £600, and not everyone is eligible for the free cash.
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Barclays £600 switching bonus
The £600 offer is only available to those who switch to a Barclays Premier account. It pays customers £350 for switching, plus £150 in monthly rewards. Neither is subject to UK income tax.
However, to be eligible for the account, you need to earn £75,000 a year or have at least £100,000 in eligible savings or investments with Barclays.
To qualify for the initial £450, you must complete the following steps within 30 days of opening your Premier account:
Complete a full switch using the Current Account Switch Service
Move at least three direct debits
Pay in at least £5,000
To receive the additional £150 Monthly Engagement Reward (which is paid as £30 a month for five months), you have to make at least 10 eligible debit card transactions per month. This excludes any pending transactions.
A Barclays Premier account gives you access to several rewards, including:
Access to a dedicated Wealth Planner and a Wealth Manager, provided you have an investment portfolio of £150,000.
A free Apple TV subscription, usually worth £9.99 per month
Premier customers also get access to exclusive savings rates and mortgage options, cashback on spending and fee-free spending abroad with a black Premier debit card. The fee-free spend on the card is only valid until 27 September 2027.
Barclays £300 switching bonus
If you’re not eligible for the £600 switching bonus, Barclays is offering another market-leading deal that pays customers up to £300 for switching to a Barclays Bank Account.
It is paying customers £150 in free cash and £150 in Monthly Engagement Rewards. Neither is subject to UK income tax.
To qualify for this bonus, you must complete the following steps within 30 days:
Open a Barclays Bank Account through the Barclays app.
Complete a full switch
Move at least two direct debits
Deposit a minimum of £2,000
To get the additional £150, paid as £30 a month for five months, you must make at least 10 eligible debit card transactions each month, excluding any pending transactions.
Is Barclays offering the best switching deal on the market?
Currently, Barclays has the highest-paying switching deal on the market, whether you’re a higher earner or want to switch to a standard current account.
Barclays takes the top spot thanks to the £150 in monthly rewards, which brings its £450 Premier bonus to £600, and £150 current account switching bonus to £300.
Here’s how it compares with other deals currently available.
Swipe to scroll horizontally
Premier account switching deals
Bank account
Switching bonus
Barclays Premier
£600
HSBC Premier
£500
NatWest Premier
£500
Keep in mind that you can only apply for a Premier account if you meet the relevant income or savings/investment requirements, so check the eligibility criteria before applying.
Swipe to scroll horizontally
Current account switching deals
Banking provider
Switching bonus
Barclays
£300
Santander
£240 (Ends 7 October)
Club Lloyds
£200
NatWest
£200
First Direct
£175
Nationwide
£175
There are rules around who qualifies as a new customer. For instance, if you bank with HSBC, you cannot take advantage of First Direct’s £175 switching bonus, and vice versa, as First Direct is a division of HSBC. Make sure you check your eligibility before switching.
Should you switch to Barclays?
Jessica Sheldon, MoneyWeek’s deputy digital editor, said: “If you aren’t happy with your bank, it can make sense to take advantage of a current account switching offer. Make sure you’ll meet the requirements and consider if the cash bonus outweighs any benefits your current provider gives you before applying.”
There are many reasons you may want to switch from one banking provider to another. Before doing so, it’s worth considering whether the account you’re moving to suits your needs beyond the headline switching bonus.
If you prefer in-person banking, check whether there is a branch near you. Barclays has closed 1,236 branches since 2015, according to Which?, making it the individual bank to have reduced its network the most in the UK. Barclays has recently announced plans to open three new branches this year.
If you’re after better savings rates, compare what’s available from the provider. Barclays pays customers between 1% and 3.96% for an easy-access account, 1% and 4.55% for an ISA, and up to 4.55% for a fixed bond.
In contrast, the best savings accounts on the market are paying more than 5% on your cash, so your money might be better off in a different account. You don’t have to hold your savings in an account with the same provider as your current account.
While Barclays’ latest switching offer pays the most overall cash bonus, you will only receive the full amount after around six months.
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