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

Former_MSE_Paloma

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

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

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

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

No brainer here, our mortgage is with them.

carmina_piranha

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

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

Presumably the rewards are taxable? If not might be better than Halifax for higher rate taxpayers.

benjus

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).

[Deleted User]

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

billbennett wrote: »

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.