However, only certain people will be eligible for the deal
People looking to pocket some additional money ahead of Christmas could take advantage of a fresh switching offer worth hundreds of pounds. A leading UK bank is providing £400 for transferring your account before November ends.
Banks regularly introduce switching incentives as a method of expanding their clientele. Yet usually the complimentary money on offer tends to range from £100 to £200.
The team at Money Saving Expert (MSE), the website established by Martin Lewis, said: “Free cash for Christmas.” They continued: “Switching’s easy and hassle-free.
“Use the bank’s seven (working) day switch service. This closes your old account and moves all your money, Direct Debits and standing orders for you (though not recurring subscriptions such as Netflix or Prime). Payments to the old account are auto-forwarded.
“What are min pay-ins? It’s how banks try to ensure you use it as a main account. Yet it doesn’t need doing in one go and all that counts is what’s paid in, so as soon as it’s there, you can spend or withdraw it.”
The most rewarding switching opportunity flagged by the MSE experts is presently the Barclays Premier Bank Account, providing £400 for transferring. Nevertheless, this remains exclusively accessible to those on higher salaries, earning £75,000 or above annually.
It also becomes available should you deposit or invest £100,000 or more with Barclays. MSE noted: “Free £400 upfront, plus Blue Rewards as standard but only for high earners.
“Switching to the Barclays Premier Current Account nets you £400 free cash, plus all the perks of Barclays’ Blue Rewards programme for free (usually £5 as month).”
As part of the Blue Rewards programme you will also get:
- 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 per cent saver you can put up to £5,000 in
However, MSE cautioned: “This account is only available if you earn £75,000 a year or can save/invest £100,000 plus with Barclays. Not you? A similar switch offer is available with no minimum salary or savings requirements through the Barclays Bank Account.”
How to secure the cash
To be eligible for the complimentary £400 you must:
- Open a sole account via Barclays’ app (no joint accounts)
- Pay in at least £4,000 within 30 days of opening the account
- Start a switch in of an account from a different bank via the app, including two or more Direct Debits by November 27 – you must complete the switch within 30 days of starting it
The £400 is paid within 28 working days of meeting all the criteria.
Nevertheless, it is crucial to note that you won’t be eligible 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.
Switch deal if you don’t earn £75,000
Barclays is providing a different switch arrangement that doesn’t have any earning requirements. Switching to a Barclays Bank Account could secure you a complimentary £200.
For this offer, your earnings are irrelevant, but you must deposit at least £2,000 within 30 days of opening the account. Additionally, you’ll need to contribute £800 monthly.