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  • FIRST POST
    • MSE Megan F
    • By MSE Megan F 1st May 18, 4:02 PM
    • 368Posts
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    MSE Megan F
    MSE News: Barclays offers switchers double rewards for a year
    • #1
    • 1st May 18, 4:02 PM
    MSE News: Barclays offers switchers double rewards for a year 1st May 18 at 4:02 PM
    Barclays is doubling its Blue Rewards scheme incentives for new and existing customers who switch an account to it - meaning they can earn at least £132 in the first 12 months...
    Read the full story:
    'Barclays offers switchers double rewards for a year'

    Click reply below to discuss. If you haven!!!8217;t already, join the forum to reply.
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Page 1
    • Zandimos
    • By Zandimos 1st May 18, 4:12 PM
    • 31 Posts
    • 26 Thanks
    Zandimos
    • #2
    • 1st May 18, 4:12 PM
    • #2
    • 1st May 18, 4:12 PM
    Hmmm,


    To switch Natwest or to wait for an upfront cash incentive!


    Already exhausted all the others
    • Herbalus
    • By Herbalus 1st May 18, 4:24 PM
    • 2,108 Posts
    • 1,749 Thanks
    Herbalus
    • #3
    • 1st May 18, 4:24 PM
    • #3
    • 1st May 18, 4:24 PM
    Terms here: https://www.barclays.co.uk/current-accounts/switch-bank-account/

    It is not immediately clear if you are eligible if you are an existing Barclays customer with blue rewards already on.

    The MSE article says you can get the double reward for a year if an existing customer and you switch and turn on blue rewards. Does that exclude existing customers who already have this active?

    The actual terms seem clearer but there is still one part that implies otherwise. Any thoughts?
    • aj23
    • By aj23 1st May 18, 4:31 PM
    • 781 Posts
    • 255 Thanks
    aj23
    • #4
    • 1st May 18, 4:31 PM
    • #4
    • 1st May 18, 4:31 PM
    Was with Santander for 10 years until March 2016. Upgraded to 123 that month and stayed until October 2016 when they halved the interest as it wasn't worth me staying.

    October 2016 to October 2017, 12 months with Nationwide Flexdirect and got about £125 in interest, but then it dropped from 5% to 1%

    Since October, I've been with Halifax. Got £125 for switching and had £3 a month since. Although, I don't really like Halifax.

    Don't want M+S vouchers, or products from First Direct. TSB looks like it's hassle now and I don't earn enough for Club Lloyds. Can't go back with Nationwide as they bar from you from switching back to FlexDirect for 12 months after you switch away.Already have Tesco CA and use it as a savings account (I got in before they introduced requirements).

    This Barclays offer is very tempting. But, it's Barclays.... and they can be awful.
    Last edited by aj23; 01-05-2018 at 4:32 PM. Reason: typo
    • Flobberchops
    • By Flobberchops 1st May 18, 4:36 PM
    • 821 Posts
    • 642 Thanks
    Flobberchops
    • #5
    • 1st May 18, 4:36 PM
    • #5
    • 1st May 18, 4:36 PM
    It is not immediately clear if you are eligible if you are an existing Barclays customer with blue rewards already on.
    Originally posted by Herbalus
    Existing customers are eligible. If you already have Blue Rewards just make sure to use the Switch service to switch balance, payments etc across to the account nominated to receive Blue Rewards cashback.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • Ashen
    • By Ashen 1st May 18, 4:46 PM
    • 489 Posts
    • 366 Thanks
    Ashen
    • #6
    • 1st May 18, 4:46 PM
    • #6
    • 1st May 18, 4:46 PM
    That's what I would have thought from 1) c), although I'm guessing the part that Herbalus says implies otherwise may be this:

    "7. Rewards will only be doubled for 12 months if: (a) you switch and sign up for Barclays Blue Rewards during the Offer Period;"

    With 1 (b) being prominent though, I would say it is meant to be also available for existing customers with Blue Rewards already though - would be worth £84 for current account holders.

    EDIT: "After you apply, you'll have 5 working days to visit one of our branches and confirm your identity so the switch can start" - never had that before.
    Last edited by Ashen; 01-05-2018 at 8:00 PM. Reason: cited 1 (c) and meant 1 (b)
    • binaryuniverse
    • By binaryuniverse 1st May 18, 4:56 PM
    • 768 Posts
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    binaryuniverse
    • #7
    • 1st May 18, 4:56 PM
    • #7
    • 1st May 18, 4:56 PM
    Tempted to switch out My Co-op account, as keeping on top of 4 direct debits per month now is harder work.
    • Herbalus
    • By Herbalus 1st May 18, 5:35 PM
    • 2,108 Posts
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    Herbalus
    • #8
    • 1st May 18, 5:35 PM
    • #8
    • 1st May 18, 5:35 PM
    I think it's MSE that isn't clear, near the bottom of the article.

    To get double rewards for a year you must either:
    1) new customer....
    2) Or if you're an existing customers and don't currently use Blue Rewards you can switch a non-Barclays account to your existing account using the switching service, and register for Blue Rewards by 29 June.
    by MSE
    That led me to think existing customers already opted in to blue rewards wouldn't qualify.

    Barclays terms are much clearer, so it's a good thing I shall be relying on those and not the MSE news article

    (1b) For existing Barclays current account customers with Barclays Blue Rewards, request a full switch and turn your current account into your primary account.
    by Barclays
    • Shedman
    • By Shedman 1st May 18, 5:52 PM
    • 216 Posts
    • 134 Thanks
    Shedman
    • #9
    • 1st May 18, 5:52 PM
    • #9
    • 1st May 18, 5:52 PM
    I am right that Barclays Blue Rewards is regarded as Other Income for tax purposes and hence not covered by Personal Saving Allowance?

    Could make a difference to whether this is worthwhile.
    • Ashen
    • By Ashen 1st May 18, 5:54 PM
    • 489 Posts
    • 366 Thanks
    Ashen
    If you do have an existing account, any idea how you start a switch?
    • Herbalus
    • By Herbalus 1st May 18, 5:55 PM
    • 2,108 Posts
    • 1,749 Thanks
    Herbalus
    The link to switch on the Barclays website seems to be for applying for a new account and switching to that. There's no option I can see to start a switch process for an existing account only.

    Webchat have just said the only way to switch without opening a new account is to go to branch.
    • ColdIron
    • By ColdIron 1st May 18, 6:40 PM
    • 4,729 Posts
    • 6,194 Thanks
    ColdIron
    I am right that Barclays Blue Rewards is regarded as Other Income for tax purposes and hence not covered by Personal Saving Allowance?

    Could make a difference to whether this is worthwhile.
    Originally posted by Shedman
    That used to be the case but not since Nov 2016, they are now not subject to tax

    As you were taxed on the whole £7 and not the £4 benefit after the £3 fee it was a pretty rotten deal if you were a higher rate tax payer

    https://www.barclays.co.uk/help/accounts/added-features/tax-blue-rewards/
    • YorkshireBoy
    • By YorkshireBoy 1st May 18, 7:20 PM
    • 30,270 Posts
    • 18,176 Thanks
    YorkshireBoy
    Tempted to switch out My Co-op account, as keeping on top of 4 direct debits per month now is harder work.
    Originally posted by binaryuniverse
    "Harder work"? Can be satisfied by a PO savings account pulling a weekly DD.
    • EachPenny
    • By EachPenny 1st May 18, 7:43 PM
    • 7,389 Posts
    • 20,035 Thanks
    EachPenny
    I've been trying to find out if there is any requirement for the account being switched in to have any existing payments (DD or SO's) coming out of it. I've not seen anything in the T&C's explicitly stating this, but there is this rather interesting choice of phrase:-
    (c) For existing Barclays current account customers who sign up to Barclays Blue Rewards, and turn your current account into your primary account
    So how are they going to confirm compliance with that condition?

    As far as I can see you can switch in a bare account and then set two DD's up - does anyone have a different view?
    "In the future, everyone will be rich for 15 minutes"
    • beefturnmail
    • By beefturnmail 1st May 18, 8:39 PM
    • 724 Posts
    • 231 Thanks
    beefturnmail

    As far as I can see you can switch in a bare account and then set two DD's up - does anyone have a different view?
    Originally posted by EachPenny
    That is my interpretation too - also that there is no need to have 2 different dd mandates to get the full £7 (or £14) - just two dd payments, which could be under the same mandate?
    • binaryuniverse
    • By binaryuniverse 1st May 18, 9:12 PM
    • 768 Posts
    • 482 Thanks
    binaryuniverse
    "Harder work"? Can be satisfied by a PO savings account pulling a weekly DD.
    Originally posted by YorkshireBoy
    Did not realise PO allowed a weekly DD.
    • Frogletina
    • By Frogletina 1st May 18, 11:01 PM
    • 3,079 Posts
    • 11,172 Thanks
    Frogletina
    Can't go back with Nationwide as they bar from you from switching back to FlexDirect for 12 months after you switch away.
    Originally posted by aj23
    Not true anymore - you can only have the FlexDirect earning 5% once. You can no longer have it again after 12 months have passed.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13
    • jckh14
    • By jckh14 1st May 18, 11:23 PM
    • 68 Posts
    • 10 Thanks
    jckh14
    The link to switch on the Barclays website seems to be for applying for a new account and switching to that. There's no option I can see to start a switch process for an existing account only.

    Webchat have just said the only way to switch without opening a new account is to go to branch.
    Originally posted by Herbalus
    Iíve tried to switch online as an existing customer too, itís such a pain that existing customers have to go into branch
    Debt Free and Stoozing
    • Paul_DNAP
    • By Paul_DNAP 2nd May 18, 2:20 PM
    • 289 Posts
    • 349 Thanks
    Paul_DNAP
    Barclays was my first current account in my first year as a student, I was with them less than 10 months, and after the way they treated me back then they would have to offer me staggeringly large numbers to entice me to load their vaults with even a single penny of my money.
    (Although I could be wrong, I often am.)
    • beefturnmail
    • By beefturnmail 2nd May 18, 2:22 PM
    • 724 Posts
    • 231 Thanks
    beefturnmail
    Yes - customer service in my concern. Can any existing Barclays Blue customers comment on the ease of getting the rewards? Don't really want to have to phone up Delhi every month.
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