Barclays has confirmed a market-leading switching offer worth up to £600 for customers moving to its Premier Account, and up to £300 for those switching to a standard Barclays Bank Account. The bank, which operates branches in Birmingham, announced the payments range from £150 to £600 depending on the account type and customer activity.
Switch offers and eligibility
The offers are available from 1 October until withdrawn, according to Barclays, which has published the full terms on its website. To qualify, customers must be aged 18 or above, be opening a new personal sole Barclays Bank Account or Premier Current Account, and must open and complete an application in the Barclays app within 21 days.
Barclays reassured customers that they do not need to make 10 eligible debit card transactions in consecutive months to qualify for the initial payment. However, the bank stated that the maximum additional £150 will only be paid if customers complete at least 10 eligible transactions in each of the five months following the switch.
Payment tiers explained
The bank detailed four reward levels. Customers who open a new Barclays Bank Account, complete a full switch using the Current Account Switching Service with three direct debits, and pay in a minimum £2,000 salary within 30 days will receive £150.
For a total of £300, those same customers must then make at least 10 eligible debit card transactions per month to receive an additional £30 per month for five months, bringing the total reward to £300.
For the higher tier, customers who open a new Barclays Premier Account, complete a full switch using the Current Account Switching Service with three direct debits, and pay in a minimum £5,000 salary within 30 days will receive £450. To reach the maximum £600, they must make at least 10 eligible debit card transactions per month, earning an extra £30 per month for five months.
Competitive landscape and impact
The offer places Barclays among rivals including NatWest, HSBC UK, Santander, Lloyds, and Nationwide, all of which compete for switching customers. The payments are designed to attract new personal current account holders in a competitive market.
Eligible customers should act promptly, as the offer is available from 1 October until withdrawn, with applications required via the Barclays app within 21 days of opening the account. The exact end date has not been announced, so interested customers are advised to check Barclays' website for the latest terms.
