High street bank Barclays is launching a generous cash incentive programme, offering customers the chance to claim up to £900. This limited-time promotion rewards those who switch their banking and savings products to Barclays, but potential applicants need to move quickly to secure the payment.
Current Account Switch Bonuses
Barclays is providing two tiers of cash incentives for new current account customers. Individuals who switch to a standard Barclays Bank Account and enrol in the Blue Rewards scheme can receive £200. For those eligible for and switching to a Premier Account, the bonus increases to a substantial £400.
To qualify for this offer, you must initiate the full current account switch through the Barclays app. A crucial requirement is that the switch must include two active direct debits. The deadline to start this process and be eligible for the bonus is Thursday, November 27.
ISA Transfer Incentives
Beyond the current account offer, Barclays is providing additional cash rewards for customers who transfer their Individual Savings Accounts (ISAs). It is vital to use the official ISA transfer-in service; simply withdrawing and depositing cash will not make you eligible.
The bonus is tiered based on the amount transferred. Moving a total between £25,000 and £49,999.99 will earn you £100. Transfers totalling £50,000 to £99,999.99 qualify for a £200 bonus. To receive the maximum £500 ISA bonus, you need to transfer a total of at least £100,000. The request for this transfer must be submitted by Friday, November 28.
Important Deadlines and Payment Schedule
After starting your current account switch, there are further steps to complete. You must pay a minimum amount into your new account within 30 days of opening it: £2,000 for a Barclays Bank Account or £4,000 for a Premier Account. This can be done in a single deposit or multiple transactions.
Furthermore, the switch itself must be fully completed within 30 days of your request. If you start your switch on the final deadline of November 27, you will have until approximately December 28 to finalise all requirements, including the minimum pay-in.
Once all conditions are met, Barclays will deposit the bonus cash into your new account. The bank states this will happen within 28 working days of you fulfilling the criteria. You should receive a text message confirming you have met the eligibility requirements, and the payment will appear on your statement labelled as 'Switch Reward'.
