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MSE News: Barclays launches reward scheme for current account users, but other banks

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Barclays current account customers who bank online or via app will be able to sign up to Barclays Blue Rewards scheme ...
Read the full story:

Barclays launches reward scheme for current account users, but other banks beat it

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  • pinkdalek
    pinkdalek Posts: 1,355 Forumite
    Tenth Anniversary 1,000 Posts
    Sounds too complicated and a lot of hoops to jump through for very little.

    They want to reward you, but you have to pay £3 per month to be in their club.
    You get marginally more if your mortgage is with them and house insurance, however their deals/products might not be the most suitable. Why have a mortgage with them if you can get a better deal elsewhere for the sake of a few quid more?

    Halifax's Reward current account seems much more straightforward if you ask me, (plus £125 if your switching) Santander's 123 looks appealing if you have a large balance to put in as the 3% can pay you more in interest.

    There are much better current accounts out there I think!
  • Zanderman
    Zanderman Posts: 4,863 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    pinkdalek wrote: »
    There are much better current accounts out there I think!

    Indeed, there are much better ones!

    But for those who play the current account game, and who are accustomed to jumping through a few hoops for a cash reward - and happy to set up 2 DDs and pay in £800 (which is, in general, no different really to the Halifax Reward Account system) the scheme seems to be worth a basic £48 a year. Which is better than nothing (which is what Barclays have offered customers so far).

    The detail (the cash going to your 'rewards wallet') might be frustrating though - we'll see in due course...
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    Eighth Anniversary 1,000 Posts Photogenic
    Why is it when I read such articles that there seems to be an assumption that people have just one current account and they somehow have to make a decision as to which one is best for them. I know the people who generally frequent this particular board , probably wouldn't be described as normal in their relationship to banks . As many have multiple accounts. But that's not to say the powers that be who control these boards ,should imply that one account is the norm.
  • anoncol
    anoncol Posts: 982 Forumite
    No brainer here, our mortgage is with them.
  • carmina_piranha
    carmina_piranha Posts: 521 Forumite
    Ninth Anniversary Combo Breaker Rampant Recycler
    edited 20 April 2015 at 9:30PM
    Ours is now, but it used to be a Woolwich mortgage, does that still count?

    I suspect this is a stupid question, as it's still a mortgage with Barclays, but it says Barclays mortgage, is that the same thing?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    The provider says "Barclays Blue Rewards offers the best monthly rewards for more average UK-salary workers than any other provider"

    This sounds just like La Sturgeon who promises to represent the interests of voters across the UK - - a lot of waffle words and "if-then-but" - type deflection statements. Reality is very different and a lot simpler.

    What is an "average UK-salary worker", anyway?

    But it will be of use for some, and also for those who want to believe the hype.
  • pjread
    pjread Posts: 1,106 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Presumably the rewards are taxable? If not might be better than Halifax for higher rate taxpayers.
  • benjus
    benjus Posts: 5,433 Forumite
    Part of the Furniture 1,000 Posts
    edited 21 April 2015 at 12:52PM
    The Barclays Premier account isn't bad - you get a few nice free benefits - for example:

    Picturehouse cinema membership - worth about £55
    English heritage membership (plus 1 guest) - worth about £75 (?)
    Gourmet society membership - worth about £35
    Kaspersky internet security - worth about £15-£25

    So that's about £180 of benefits for free - good if you are likely to use them. I'm happy to add another £48/year in cash on top of that.

    (there are various other rewards as well, such as discounted admission to some golf courses, but I have not yet used them)

    They also have good online and mobile banking, which is more than I can say for some banks (yes First Direct, I'm looking at you).
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • benjus wrote: »
    The Barclays Premier account isn't bad - you get a few nice free benefits
    They're not free... you pay for them in your monthly fee ;-)
  • benjus
    benjus Posts: 5,433 Forumite
    Part of the Furniture 1,000 Posts
    They're not free... you pay for them in your monthly fee ;-)

    There's no monthly fee. I have not selected any paid-for add-ons.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
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