Major UK bank offering £200 for switching now plus 4.36% interest | Personal Finance | Finance
Brits looking to boost their savings could benefits from making a simple change this autumn. Switching to a major UK bank could earn you a free £200.
The team at Money Saving Expert (MSE), which was founded by Martin Lewis, explained that bank switching deals are one way to top up your funds. It said: “Banks sometimes offer switch incentives – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them. “Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.”
The website highlighted a specific deal currently offered by Barclays. By switching to its Blue Rewards scheme you can get a free £200 cash as well as access to a 4.36% interest rate.
It also comes with a couple of free TV subscriptions. MSE said: “To get Barclays £200 free cash, you’ll need to join its Blue Rewards scheme – this costs £5 a month, plus requires you to pay in £800 plus a month and register for digital banking.”
Other perks included with Blue Rewards are:
- Free Apple TV+ subscription (normally £9.99 a month
- Free Major League Soccer Season Pass subscription (normally £14.99 a month)
- Access to a 4.36% saver you can put up to £5,000 in
However, you can still earn the bonus cash without the monthly fee if you’re not interested in these other incentives. “These perks could be worth an ongoing £5 a month for anyone already paying for one (or both) of these entertainment subscriptions, but if you’ll not use them, you can opt out of Blue Rewards (or close the account) once you receive the free switcher’s cash,” MSE said.
It’s important to note that you won’t qualify if you already have an open Barclays current account on or before October 7. You can’t have ever received switch cash from Barclays before.
How to get the £200 bonus:
- Open a sole account via Barclays’ app (no joint accounts)
- Join its ‘Blue Rewards’ scheme (there’s a £5 monthly fee, and you’ll need to pay in £800+ each month and register for digital banking)
- Pay in at least £2,000 within 30 days of opening the account
- Start a switch in of an account from a different bank, including two or more Direct Debits by 27 November – you must complete the switch within 30 days of starting it
The £200 is paid within 28 working days of meeting all the criteria. If you’re a high earner you could get even more for switching.
MSE added: “You could get £400 to switch to a Barclays Premier Current Account (available to those earning £75,000 plus a year or with £100,000 to save with Barclays). “The criteria for the switch bonus remain largely the same – you don’t need to join Blue Rewards (you get the perks as standard with Barclays Premier) though you’ll need to deposit £4,000 within 30 days of switching the account, rather than just £2,000.”
