Customers with Barclays can currently get a range of payments
Barclays customers have been warned to act quickly if they want to take advantage of a bonus offer. The high street bank is currently offering payments up to £900 for those who switch to them.
Account holders can secure a one-off switching payment of £200 when moving to a Barclays Bank Account or £400 when switching to a Premier Current Account. Savers can also receive up to £500 on top of the switch offer, if they transfer their ISA savings to Barclays.
To claim the £200 or £400 bonus cash for switching your current account, you must apply for a complete switch by November 27. Meanwhile, for the ISA transfer bonus up to £500, you need to get in your request by November 28.
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There may be some time left until the deadline, but those interested in the offer are being urged to act promptly as the closing dates could change. Aaron Peake, personal finance expert at credit score service CredAbility, said: “It’s a good time to get moving rather than leaving it until the last minute.
“Many people make the mistake of waiting until the final week, but that can backfire.” He warned that Barclays may well withdraw the offer early if it attracts overwhelming interest. Mr Peake said: “We’ve seen this happen before with other switch deals when too many people apply at once.
“Acting early gives you the best chance to lock in the bonus without any last-minute stress or disappointment.” The terms and conditions for the current account switching offer include a caution about this possibility.
The rule state that Barclays “may withdraw, amend or replace this offer” if circumstances arise beyond the bank’s control. Mr Peake also urged customers to consider carefully how they’ll use the extra money.
He said: “It can be tempting to treat it as free money, but using it smartly can make a real difference. For example, you could put it straight into an emergency savings pot to build a small safety net.
“A lot of people in the UK don’t have even £100 set aside for unexpected costs, so a switch bonus can give you a great head start.” He suggested another sensible move is to use the funds to clear any outstanding credit card debt or overdraft.
The finance expert said: “Reducing your debt can save you money in interest and can help improve your credit score too, especially if it brings down your overall credit utilisation.
“If you’re already on top of your bills, you could consider using it to cover the extra heating costs that come with winter or even put it towards Christmas shopping to take the edge off seasonal spending.”