I’ve long been a fan of switching bank accounts to collect the freebie’s – so much so I have a spare account setup which I use primarily as a switching account for when a good offer comes around. This way of gaming the system won’t work on the this latest bank switch bribe from Barclays but given how much they are offering it may just be worth a look.
Banks pay a switching bribe (lets call it what it is) to attract your custom, the idea being that once you have a current account with them it will be easier for them to sell you one or more of their other more expensive products so my usual recommendation is to collect the bribe but don’t let them buy you.
What You’ll Get
Barclays will pay you £150 when you switch a current account to them (including 3 direct debits) and have your salary paid in within 30 days (you don’t need to be traditionally employed so the self employed aren’t excluded) but does need to be £2,000 or more.
They’ll also pay a further £30 a month for the following five months (total of £150) for every month you make 10 eligible debit card transactions each month, pay in a £2,000 salary and continue to have an active Barclays bank account.
How To Get It
1) Download the Barclays app and open an account.
2) Complete a full switch to this account using the Current Account Switching Service. This service will switch over your balance and any regular payments made by standing order or direct debit and close your existing account (so make sure it is an account you actually want to close). To qualify this account needs to have 3 or more active direct debits.
3) Pay in at least £2,000 within 30 days of opening the account to receive the initial £150.
4) In order to receive the £30 engagement rewards continue to pay in £2,000 a month and make 10 debit card transactions each month.
Good To Know
You must be a new Barclays bank customer to qualify and to get the £30 engagement bonus you must also have qualified for the initial £150 switching bonus.
It’s the most generous bank bribe in a while but it can’t be gamified in the usual way (by transferring money between accounts as transfers don’t count towards the £2,000) so you’ll likely need to use an account you actually want to switch but a £300 bonus is a £300 bonus.