Barclays £175 switch offer - new customers only, Nov 1 - 30 2023

PRAISETHESUN

kuepper said:

do the DDs have to have already paid out on the account you're switching from or can they just be set up in the account you're switching from before you start the switch ie they would start taking money in December?

Best bet would be to let them pay out first if there's time, but as long as they appear in the online banking of your donor account then you should be okay.

kuepper said:

So you can close or transfer the a/c after you've got the £175 and there's no comeback, just a quick smash and grab?

Yes - once you get paid the incentive (likely in Dec sometime if you've switched recently) you are free to move your account elsewhere.

zedonk

I tried to open my account today, was able to verify my identity with my passport but they said they couldn't confirm I live at my current address. Which is weird because I've been here for almost 20 years, am on the electoral roll etc. etc. So now I have to wait 8 working days for them to send me a code in the post. Fingers crossed it arrives in time to get the switching cash! 

daveaspy

opened my account successfully last night but the switch wouldn't go through - it has however just gone through this morning so keep trying if you get problems!

One of my 2 DD on the account being switched is tv licence which is quarterly and wont go out until january - I think this is ok for the transfering 2 DD requirement, but maybe not enough to get the £5 blue reward? Might have to see if there is another DD I can transfer

PRAISETHESUN

daveaspy said:

opened my account successfully last night but the switch wouldn't go through - it has however just gone through this morning so keep trying if you get problems!

One of my 2 DD on the account being switched is tv licence which is quarterly and wont go out until january - I think this is ok for the transfering 2 DD requirement, but maybe not enough to get the £5 blue reward? Might have to see if there is another DD I can transfer

You are correct - it will satisfy the switch incentive, but not the on-going Blue Rewards which require 2x DD payments to actually be taken each month.

billy2shots

Having maxed out all other Bank Switcher offers in the past 2 or so years, i was excited to see this offer. 

Trouble is, it's not that great an offer, is it?

1. To swap in I lose my donor account  that is costing me nothing. 

2. I have to sign up to free rewards that costs £5 a month.

3. My tax free savings are maxed elsewhere so I can't/ choose not to offset this £5 with their savings account.

4. I don't hold a mortgage or investments with them.

5. So that £5 fee will cost me exactly that, £5 a month. Seems very poor as usually the 2DDs and £800 a month pay in would normally see that £5 fee withdrawn. 


Option

Set it up. Lose £5, lose current free donor account. 
Wait for the £175.
Swap out the remaining £170 and create a new donor somewhere that is free. 

Overall- Gain of £170 for a reasonable amount of leg work when all things are considered (now and after bonus is paid)

Not quite up to the £275 fire and forget past offers

Maple08

Both Andy's article on this and Barclays via Twitter have confirmed me that I'm eligible for the switch offer. It seems that the account had to be closed before October 31st, which now finally puts me to ease. The only concern I've got is that I've had about 5 or 6 hard searches since June 2023 for all of the other switches and new account openings.

I've waited an entire year to get this switch offer because I wanted to get the Rainy Day Saver when the 5.12% interest rate was miles ahead of everyone else. 

Zopa_Trooper

Got my appointment today, see how it goes. I wasn't going to bother but then asked myself would I drive 5 miles if offered £175 to do so and thought, well, yes I would. I'm trying to work out how not to "lose" the initial £5 (just for fun). Maybe open the account today, set up the switch for the 1st of December and then joining Blue Rewards but maybe that's not allowed or too late for the bonus? My Direct debits are 7th & 9th.

PRAISETHESUN

Zopa_Trooper said:

Got my appointment today, see how it goes. I wasn't going to bother but then asked myself would I drive 5 miles if offered £175 to do so and thought, well, yes I would. I'm trying to work out how not to "lose" the initial £5 (just for fun). Maybe open the account today, set up the switch for the 1st of December and then joining Blue Rewards but maybe that's not allowed or too late for the bonus? My Direct debits are 7th & 9th.

Switch needs to be initiated before the offer closes on 30 Nov to qualify.

For me the limit factor is having 2x DDs pay out before the end of Nov to get the £5 reward to offset the fee - I'm using the ones I'm switching over which will pull in time, but you could always set up additional DDs directly on the Barclays account if you're worried about that taking too long.

Zopa_Trooper

I can initiate the switch today forvthex1st December but do I also have to join blue rewards before then? I'll ask today, it seems like you have to forfeit the first £5 unless you are fortunate enough to have to direct debits late in the month.

pecunianonolet

Zopa_Trooper said:

Got my appointment today, see how it goes. I wasn't going to bother but then asked myself would I drive 5 miles if offered £175 to do so and thought, well, yes I would. I'm trying to work out how not to "lose" the initial £5 (just for fun). Maybe open the account today, set up the switch for the 1st of December and then joining Blue Rewards but maybe that's not allowed or too late for the bonus? My Direct debits are 7th & 9th.

Currensea account, get £10 cashback with Topcashback, set up the DD, buy a banana when the card arrives and 1 DD payment satisfied.

Get Plum and/or Moneybox or move if already in use. Collect a payment and you're done. If timing is done right, you can use Plum to satisfy requirements with 2 different accounts. My Plum payments for RBS rewards are already satisfied for November so moved to Barclays to get them to take a payment there.