Switching to Joint Account - Barclays Blue Rewards Opinions Please

lovehols

Hi

We have just moved house, have a 5 yr fixed mortgage with Barclays and want to set up a joint bank account.

I'm with First Direct and wife is with Halifax. I've looked at the best buys but obviously as I already bank with First Direct we wouldn't get the sign up bonus.

For us the Barclays Blue Rewards looks the best bet. Does anyone have experience of this?

If I've understood correctly it has a £3 fee and then "you’ll receive £3.50 cashback monthly for each of your first 2 Direct Debit payments". As we also have a mortgage with them "you’ll get £5 if you have or take out a mortgage with us for a property that will be your main home". So as we already have the mortgage does this mean we will get the £7 for direct debits and another £5 for the mortgage = £12 a month, less £3 fee = £9 a month, so £108 a year?

I can't see anywhere there is a limit on how long they pay this for. Does anyone have any experience of this.

Thanks

lovehols

Anyone offer an insight who has this account?

benjus

I've had it for a while now - I get the £7 paid in regularly (don't have a mortgage with Barclays). As far as I know it's not time limited.

lovehols

Thanks Benjus

Do you get any other perks or are there any other advantages or disadvantages?

benjus

I have the Premier account (no fees) which means I get English Heritage membership (used it a lot), free hot drinks at Patisserie Valerie (no branches near where I live/work, but I use it occasionally), freebies from time to time (e.g. wine from Majestic, chocolate from Thorntons), and a couple of other perks which I don't use.

I don't think I get anything else from Blue Rewards though.

lovehols

benjus wrote: »

I have the Premier account (no fees) which means I get English Heritage membership (used it a lot), free hot drinks at Patisserie Valerie (no branches near where I live/work, but I use it occasionally), freebies from time to time (e.g. wine from Majestic, chocolate from Thorntons), and a couple of other perks which I don't use.

I don't think I get anything else from Blue Rewards though.

Ah I've just realised as it will be a joint account we meet the criteria for a Premier Account too! If we then pay the £3 fee each month for the Blue Rewards on top we get the other bits too. Thanks I had no idea about the Premier Account!

Flobberchops

Yes, your calculations are correct. You can also get more cashback if you also use Barclays for buildings and/or contents insurance. As far as I know Blue Rewards is being supported for the foreseeable future.

Blue Rewards also offers enhanced retailer cashback if you follow the referral links through Barclays online or mobile banking, e.g. Boots are currently offering 10% cashback via Barclays, with Blue Rewards you would get 11%.

Just bear in mind that only one party in a joint account can qualify for and earn Blue Rewards. If both you and your wife have plenty of income and multiple direct debits consider one of you also opening a sole account to get an additional £7 (less £3) a month.

If one of the joint participants qualifies as Premier, and the joint account is a Premier Current Account, the other party automatically qualifies too even if they wouldn't meet the criteria alone. So, you both get a daily coffee.

That's more or less all

lovehols

Thanks Flobberchops, far more help than Barclays online chat! We will stick to the joint account for simplicity. With our 5 year fix from Barclays we won't be moving accounts for a while so the £9 a month (after the fee) will work out far better for us than any of the other offers from.other banks currently.

sane

I have a Barclays current account as well - plus mortgage and contents insurance with them.

I'm paying a fee of £3 and I'm getting back £13 in rewards (£7 for 2x direct debits + £5 mortgage + £1 contents insurance). If you get combined building & contents insurance with them, the total insurance reward is £3.

I've had the Barclays acct for many years and I was glad that they introduced the Blue Rewards scheme. I was getting annoyed with all those switch offers from other banks


PS. Their online banking and mobile app are also very good.

lovehols

Thank you everyone it has helped make my decision.

Flobberchops

sane wrote: »

I was getting annoyed with all those switch offers from other banks

Funny you should mention that, because from now until the end of June Barclays are offering double loyalty rewards (for 12 months) on a qualifying account which has received a full current account switch. The way double rewards promotions have always worked in the past is that the £7 is doubled to £14, but the £3 fee only taken once, so at £11 net opposed to £4 you're considerably better than twice as well off.

This offer is open to new and existing customers, and new and existing Blue Rewards holders... so if you happened to have a dormant current account with another provider...