Martin Lewis Recommended Bank Account query

bery_451

Hi,

https://www.moneysavingexpert.com/news/2022/09/barclays-savings-blue-rewards/

It says in the above link: and pay a £5 monthly fee – though this is waived if you have at least two direct debits set up. You also need to be registered for online or mobile banking.

If there's 2 direct debits and lets say your contract for your mobile sim is ending and you switched provider however the direct debit is still on your bank account but your old provider stopped taking money from your bank but the direct debit is still registered to your bank account because you haven't manually deleted it yet.

From above are you still entitled for the monthly £5 fee to be waived off?

Cheers,

EarthBoy

No, two direct debits have to pay out every month.

eskbanker

bery_451 said:

Hi,

https://www.moneysavingexpert.com/news/2022/09/barclays-savings-blue-rewards/

It says in the above link: and pay a £5 monthly fee – though this is waived if you have at least two direct debits set up. You also need to be registered for online or mobile banking.

If there's 2 direct debits and lets say your contract for your mobile sim is ending and you switched provider however the direct debit is still on your bank account but your old provider stopped taking money from your bank but the direct debit is still registered to your bank account because you haven't manually deleted it yet.

From above are you still entitled for the monthly £5 fee to be waived off?

Cheers,

As ever, don't rely on what's summarised in their own words by MSE - the definitive source is the provider's own site, where it's clear:

Receive a £5 reward each month for having two or more Direct Debit payments. You’re eligible for this reward if the Direct Debits are successfully paid from your nominated current account.

https://www.barclays.co.uk/current-accounts/blue-rewards-terms-conditions/

amanda1024

I was going to say similar - I have this account, and the fee isn't waived, but the reward is £5 for having two direct debits paid so in effect they cancel out, but that's not the same thing - the fee is taken, then the rewards are added to a separate account, and have to be manually moved back to the current account

bery_451

Okay do they have to be monthly active direct debits that is debited every month or irregular direct debit, like paying ebay fees direct debit not monthly?

eskbanker

bery_451 said:

Okay do they have to be monthly active direct debits that is debited every month or irregular direct debit, like paying ebay fees direct debit not monthly?

As above, the £5 rebate is paid for each month in which two direct debits are paid out:

Receive a £5 reward each month for having two or more Direct Debit payments. You’re eligible for this reward if the Direct Debits are successfully paid from your nominated current account.

bery_451

eskbanker said:

bery_451 said:

Okay do they have to be monthly active direct debits that is debited every month or irregular direct debit, like paying ebay fees direct debit not monthly?

As above, the £5 rebate is paid for each month in which two direct debits are paid out:

Receive a £5 reward each month for having two or more Direct Debit payments. You’re eligible for this reward if the Direct Debits are successfully paid from your nominated current account.

those direct debit payments have to be monthly?

eskbanker

bery_451 said:

eskbanker said:

bery_451 said:

Okay do they have to be monthly active direct debits that is debited every month or irregular direct debit, like paying ebay fees direct debit not monthly?

As above, the £5 rebate is paid for each month in which two direct debits are paid out:

Receive a £5 reward each month for having two or more Direct Debit payments. You’re eligible for this reward if the Direct Debits are successfully paid from your nominated current account.

those direct debit payments have to be monthly?

No, but I can't think of any other ways of paraphrasing the rule that the £5 reward is paid for each month in which at least two direct debits are paid out....

jameseonline

I'm pretty sure everything in this thread has been described correctly.

Blue Rewards isn't worth having anymore to be honest, their rainy day saver rate hasn't gone up, better off getting Santander Edge & the Edge Saver.

Or if that doesn't suit get an Easy Access savings account or a regular savings account elsewhere.

Did bag the max £30 cashback (£10 a month) last year for spending on my account which was basically a welcome (back as they did cashback a few years ago when I got my Barclays Bank account) to our cashback scheme bribe.

Bank cashback schemes aren't great either but can run alongside TopCashback, Quidco, Airtime Rewards etc.

Don't think they've ran any competitions for a while either.

No real point in faffing about depositing £800, taking it out, paying a £5 fee, getting £5, moving that from 1 account back to your main every month.

But if you feel it's worth it go for it.

To sum up basically Barclays Blue Rewards can be beaten in every part of what it offers.

Zanderman

As jamesonline suggests above, Barclays Blue Rewards isn't as good as it could be, compared to other options.so not necessarily as good as you think it is.

And, as eskbanker said earlier, don't (ever) simply go by the wording on MSE.  Your thread title suggests you think MSE have 'recommended' the account but I'm not sure that's quite the right word to use, MSE has highlighted its existence and merits, but not very accurately (hence your confusion on the DDs). 

As MSE say themselves "always do your own research on top". Perhaps this thread is your research - but the answers are all, as eskbanker points out, on the Barclays website, which should be your definitive source.

Re your repeated question about the DDs, yes they both have to pay out monthly to get the £5 credit. It's as simple as that.

MSE's page on this is incorrect when it says "£5 monthly fee.... is waived if you have at least two direct debits set up.". Firstly it is not 'waived', you will still pay it each month. Secondly you need more than two DDs 'set-up'. You need two DDs that actually pay out each month - and then you'll get a £5 credit each month. Which compensates for the £5 fee you still pay.  

eskbanker

Zanderman said:

Re your repeated question about the DDs, yes they both have to pay out monthly to get the £5 credit. It's as simple as that.

My point was that it isn't quite as simple as that, in that the requirement can be met with ad hoc irregular DDs (such as those OP mentioned), but only if there are enough of them to ensure that at least two pay out in any month, if wanting to claim the reward.  Or the requirement could theoretically be met with six appropriately-phased quarterly ones, for example, hence trying to steer OP towards the actual documented requirement rather than a simplified precis of it!