Barclays Switch - BE AWARE

lauhols

I’ve just opened a Barclays premier account through the app to get their current switch bonus. A requirement is that you transfer in minimum £4000 either within the switch process or as a separate deposit. So I transferred £9000 on payday to meet the criteria. I then went to move some of this money into a joint account to cover bills, and it says I am unable to do this for 4 days after opening the account. I am also unable to register for online banking for 4 days, and customer services are unable to move it for me over the phone either. At no point is this mentioned in terms and conditions or during the application process that any money you transfer in within the first 4 days of the account opening will be held and you will be unable to access it.

so please be aware of this if you are thinking of opening a Barclays account!!

friolento

Seems they do give their Premier customers special treatment 😂😂😂

Have you tried talking to the Premier Custoner Services team? Surely they must be able to overwrite this bizarre “security” feature?

wmb194

https://forums.moneysavingexpert.com/discussion/6657382/barclays-switch-be-aware

This has been brought up from time to time. In the thread linked below the poster said Barclays told them it can take up to 10 working days for required security codes to be sent but withdrawing cash at a branch is an option. Yorkshire Building Society does something similar where it doesn't allow withdrawals for the first, IIRC, 15 days following account opening.

https://forums.moneysavingexpert.com/discussion/6635812/new-barclays-customer-cannot-access-my-money-in-app-be-warned

friolento

YBS do tell you upfront though that / if you cannit make withdrawals for an initial period. Also, their accounts are savings accounts whilst the Barclays Premier is a current account.

It seems entirely unreasonable to be allowed to deposit into a current account but then be denied, without prior warning, to use the funds straight away. To top it, calling an account with such a limitation a Premier account really takes the Mickey.

Xenopu$$y

Afternoon

One of the criteria for this switch is apparently earning £75K plus and/or £100k investments.

Can anyone tell me what chacks they do to ensure you are earning the £75k? I'm not interested in the £100k investment options as i'm not moving those however could feesibly do the £4000k/mnth fund transfer in and out.

Thanks

Tony5896

https://forums.moneysavingexpert.com/discussion/comment/81905064#Comment_81905064

I would suspect they will check you salary when paid in ..

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/81905451#Comment_81905451

But your salary going into your bank account doesn't reflect what you earn gross for the year. Barclays would have no idea about my pension, student loan, salary sacrifice, tax code etc. You could have huge variation in net salary, so how would they know?

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/81905502#Comment_81905502

If they decided you might be cheesing it, they could ask for proof of salary and close it if you didn't provide it

PRAISETHESUN

I'm fairly sure you would be asked to declare your salary during the account application process, and lying at that point would be fraud… or you'll get stumped if they ever ask for proof that you can't provide.

friolento

AFAIK, they take your word in the application and they monitor that you have large-ish regular (monthly) deposits made into your account (or have £100k+ in savings / investments).