Question on Barclays Blue Rewards Rainy Day Saver eligibility

Fozzie_Bear

We have been Barclays Premier joint account customers for years as we had a Barclays Mortgage which has now finished. We do not pay the premier fee any longer but have retained the Premier account status as long standing customers. Although told about it we have never taken up Blue Rewards until I recently came across their Rainy Day Saver so now considering joining just for that. I think we fulfil the requirements to join Blue Rewards with both salaries/pensions going in to the account and we have numerous direct debits. I have read lots of reviews about Blue Rewards and the Rainy Day Saver account and they say each person can only have one rainy day saver but it doesn't state if each person of a joint account can open one each. Can anyone confirm if both myself and my wife can open a Rainy Day Saver on a joint account with only one shared Blue Rewards scheme? Many thanks

refluxer

I suspect you'll only be able to open one Rainy Day Saver if you only have one joint current account and one Blue Rewards account...

Who can hold a Rainy Day Saver?

• To hold a Rainy Day Saver, you must be at least 18 years old and resident in the UK.

• You can hold it yourself or in joint names. You, or if it’s a joint account, one of you, must be a member of Barclays Blue Rewards.

flaneurs_lobster

What @refluxer said. Only one holder of a joint account can join Blue Rewards.

There is, of course, no reason why the second account holder couldn't open another current account and use that to join Blue Rewards (if they are willing to fulfil the separate funding/DD requirements) and therefore qualify for the Rainy Day Saver. 

Fozzie_Bear

Ahh OK  Thank you @refluxer and @flaneurs_lobster That's disappointing but probably what I suspected.

refluxer

It's worth noting that when the Rainy Day Saver was first launched, the best easy access account was paying 2.35% and the majority (eg. Zopa, Atom etc) were paying <2% so 5.12% really was a game-changer for up to £5k, however now that the best easy access rates have reached 4.35% without the £5k restriction (or Blue Rewards hoops for non-Barclays customers), it's still a good place to stick £5k (and relatively easy for a Barclays current account holder to set up) but it's not quite the game-changer it once was and any future predicted base rate rises will lessen that difference even further.