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MSE News: Barclays offers switchers double rewards for a year

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
314 replies 44.4K views
MSE_Megan_FMSE_Megan_F Former MSE
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edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Barclays is doubling its Blue Rewards scheme incentives for new and existing customers who switch an account to it - meaning they can earn at least £132 in the first 12 months...
Read the full story:
'Barclays offers switchers double rewards for a year'
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  • ZandimosZandimos Forumite
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    Hmmm,


    To switch Natwest or to wait for an upfront cash incentive!


    Already exhausted all the others :(
  • HerbalusHerbalus Forumite
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    Terms here: https://www.barclays.co.uk/current-accounts/switch-bank-account/

    It is not immediately clear if you are eligible if you are an existing Barclays customer with blue rewards already on.

    The MSE article says you can get the double reward for a year if an existing customer and you switch and turn on blue rewards. Does that exclude existing customers who already have this active?

    The actual terms seem clearer but there is still one part that implies otherwise. Any thoughts?
  • edited 1 May 2018 at 4:32PM
    aj23_2aj23_2 Forumite
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    edited 1 May 2018 at 4:32PM
    Was with Santander for 10 years until March 2016. Upgraded to 123 that month and stayed until October 2016 when they halved the interest as it wasn't worth me staying.

    October 2016 to October 2017, 12 months with Nationwide Flexdirect and got about £125 in interest, but then it dropped from 5% to 1%

    Since October, I've been with Halifax. Got £125 for switching and had £3 a month since. Although, I don't really like Halifax.

    Don't want M+S vouchers, or products from First Direct. TSB looks like it's hassle now and I don't earn enough for Club Lloyds. Can't go back with Nationwide as they bar from you from switching back to FlexDirect for 12 months after you switch away.Already have Tesco CA and use it as a savings account (I got in before they introduced requirements).

    This Barclays offer is very tempting. But, it's Barclays.... and they can be awful.
  • FlobberchopsFlobberchops Forumite
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    Herbalus wrote: »
    It is not immediately clear if you are eligible if you are an existing Barclays customer with blue rewards already on.

    Existing customers are eligible. If you already have Blue Rewards just make sure to use the Switch service to switch balance, payments etc across to the account nominated to receive Blue Rewards cashback.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
  • edited 1 May 2018 at 8:00PM
    AshenAshen Forumite
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    edited 1 May 2018 at 8:00PM
    That's what I would have thought from 1) c), although I'm guessing the part that Herbalus says implies otherwise may be this:

    "7. Rewards will only be doubled for 12 months if: (a) you switch and sign up for Barclays Blue Rewards during the Offer Period;"

    With 1 (b) being prominent though, I would say it is meant to be also available for existing customers with Blue Rewards already though - would be worth £84 for current account holders.

    EDIT: "After you apply, you'll have 5 working days to visit one of our branches and confirm your identity so the switch can start" - never had that before.
  • binaryuniversebinaryuniverse Forumite
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    Tempted to switch out My Co-op account, as keeping on top of 4 direct debits per month now is harder work.
  • HerbalusHerbalus Forumite
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    I think it's MSE that isn't clear, near the bottom of the article.
    mse wrote:
    To get double rewards for a year you must either:
    1) new customer....
    2) Or if you're an existing customers and don't currently use Blue Rewards you can switch a non-Barclays account to your existing account using the switching service, and register for Blue Rewards by 29 June.

    That led me to think existing customers already opted in to blue rewards wouldn't qualify.

    Barclays terms are much clearer, so it's a good thing I shall be relying on those and not the MSE news article :D
    BARCLAYS wrote:
    (1b) For existing Barclays current account customers with Barclays Blue Rewards, request a full switch and turn your current account into your primary account.
  • ShedmanShedman Forumite
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    I am right that Barclays Blue Rewards is regarded as Other Income for tax purposes and hence not covered by Personal Saving Allowance?

    Could make a difference to whether this is worthwhile.
  • AshenAshen Forumite
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    If you do have an existing account, any idea how you start a switch?
  • HerbalusHerbalus Forumite
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    The link to switch on the Barclays website seems to be for applying for a new account and switching to that. There's no option I can see to start a switch process for an existing account only.

    Webchat have just said the only way to switch without opening a new account is to go to branch.
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