Major bank launches free £175 cash offer – check exact date you need to claim by
A MAJOR bank is now offering £175 in free cash to those who wish to switch to its service.
Banks have been battling to bring in more business by tabling incentives to poach customers from rivals, giving Brits a chance to cash in.
Barclays has now joined the race.
If you use the Barclays app to switch the bank by August 30, you could be in line for £175.
The sign-up bonus is promised to be paid within 28 days if customers follow a four-step process.
The first of those is to open an eligible current account – that’s either the Barclays Bank Account or Premier Current Account – others are not included.
If you opt for the Barclays Bank Account, you then need to sign up to Blue Rewards in the Barclays app.
There is a £5 monthly fee for Blue Rewards – but in return Apple TV is provided along with an MLS season pass subscription for those keen on American footie.
It also includes 15 per cent cashback with participating retailers – including Greene King pubs, Domino’s and Deliveroo – as well as up to 5 per cent interest on savings with a Rainy Day Saver account.
The third step is to use the current account switch service in the Barclays App to complete the transfer – and add two direct debits.
The final step is to pay £800 into the account by August 30.
Those who already have a Barclays current account open are ineligible for the offer.
Although the offer is enticing, it always pays to read through the full terms and conditions and ensure the available accounts match your banking needs.
The Barclays offer comes as a new development in the bank-switch war.
Nationwide was offering £200 for those eligible to switch, but that has since ended.
A Co-operative Bank deal – also now expired – offered £75 upfront plus five lots of £15 in the months that followed, equating to a £150 deal.
Santander, meanwhile, had a £175 payment on offer for both new and existing customers.
Lloyds is still offering switchers £175 to move to any of these three accounts: Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum.
Remember that which ever bank you choose, you’ll need to make sure the account suits your need in other ways.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.