Barclays Blue Rewards
in Savings & investments
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There are no restrictions on payments from external accounts.
Barclays staff were advising last month that the funding had to be a regular payment, and an ad hoc faster payment would not count.
There are reports that they are not currently enforcing that rule, but its easy enough to play safe and set up a standing order to fund the account.
Barclays IT does distinguish between ad hoc payments and regular payments, so this would be very easy for them to enforce.
The T&Cs are ambiguous.
The terms are clear to me:
Anything else that's not explicitly listed is therefore not excluded, and will count.
The chances of first-point-of-contact bank staff providing complete and accurate information when asked verbally in a real-time conversation (without an opportunity to verify references), is far less than 100%.
The terms state, "pay in at least £800 to your nominated current account each month. ...one-off internal transfers between Barclays accounts in your name, including any joint accounts or savings accounts [will not count]
Regular payments set up as standing orders or Direct Debits from your personal Barclays accounts, a Barclays Business Account or your non-Barclays accounts will count towards your qualifying amount"
They're badly written but actually straightforward in that there is no exclusion for a one-off deposit from an external account.
A regular monthly deposit into a current account probably doesn't seem silly to the bank. The bank wants / expects you to use a current account for managing your day to day finances. Paying in your pension, salary, or other income and paying your bills by direct debit. And £800 a month is a not an excessive requirement for an account that offers rewards. They are badly written, and they are ambiguous.
The terms state
"Please see below for more information on what will count towards your £800 payment"
"When working out how much you have paid into your nominated bank account, we won’t count:
So in a section on what they won't count, they give an example of something that they will count. They say a regular payment set up as a standing order will count.
- one-off internal transfers between Barclays accounts in your name, including any joint accounts or savings accounts. Regular payments set up as standing orders or Direct Debits from your personal Barclays accounts, a Barclays Business Account or your non-Barclays accounts will count towards your qualifying amount"
They do not say whether an ad hoc credit (faster payment) will count or not.
The fact that they say "regular payment" suggests they regard it as important. The fact that they categorise incoming payments as either "regular payments" or "credits" suggests they they see them as two different things.
The fact that they sent emails to a lot of new customers in mid October to say we hadn't funded our accounts, when in fact we had, suggests that they are looking for regular payments and not ad hoc ones.
The fact that Barclays official representatives - their call centre staff - give this advice makes it pretty clear what they want.
Now Barclays really need to clear up this badly written wording in the T&Cs and remove the ambiguity. But anyone who insists on continuing to fund their account by ad hoc faster payments instead of a standing order risks not getting the £5 credit to offset the Blue Rewards Fee, and risks getting into a dispute / complaint with Barclays. This can easily be prevented by following the advice of their customer services staff and setting up a standing order. You need to fund the account with £800 each month, so whether you do this by SO or Faster Payment is immaterial, but could save you some trouble further down the line.
@forumuser7 If you want a definitive answer to this, you should really contact Barclays.
They are in fact being extremely generous. Had they simply listed "internal transfers between Barclays accounts in your name" as an exclusion (without the additional note), internal standing orders would also be excluded; however, the note is provided as clarification within the scope of the bulleted/itemised exclusion.
So based on the evidence available:
My own experience:
- A few reports of bank staff advising that manual transfers from external accounts do not qualify.
- Other reports of bank staff advising that manual transfers from external accounts do qualify.
- Several reports of automated emails being received advising to fund the account, despite the account having already been funded via manual transfer from an external account.
- No one has ever reported missing a reward payment due to funding via manual transfer from an external account.
- I've always funded via manual external transfers, including during the months of October 2022 and November 2022.
- I've never received any emails advising I still had to fund my account.
- I've always received my rewards.
Clearly, if Barclays ever change the T&Cs pertaining to these deposits, I will review my approach. But until they do, I don't need to.