MSE News: Barclays offers switchers double rewards for a year

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Comments

  • ColdIron
    ColdIron Posts: 9,000 Forumite
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    Shedman wrote: »
    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.
    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
    YorkshireBoy Posts: 31,541 Forumite
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    binaryuniverse wrote: »
    Tempted to switch out My Co-op account, as keeping on top of 4 direct debits per month now is harder work.
    "Harder work"? Can be satisfied by a PO savings account pulling a weekly DD.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    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? :huh:

    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
    beefturnmail Posts: 905 Forumite
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    EachPenny wrote: »

    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?

    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
    binaryuniverse Posts: 906 Forumite
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    YorkshireBoy wrote: »
    "Harder work"? Can be satisfied by a PO savings account pulling a weekly DD.

    Did not realise PO allowed a weekly DD.:beer:
  • Frogletina
    Frogletina Posts: 3,885 Forumite
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    aj23 wrote: »
    Can't go back with Nationwide as they bar from you from switching back to FlexDirect for 12 months after you switch away.

    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
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    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • jckh14
    jckh14 Posts: 70 Forumite
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    Herbalus wrote: »
    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.

    I’ve tried to switch online as an existing customer too, it’s such a pain that existing customers have to go into branch :mad:
    Debt Free and Stoozing :)
  • Paul_DNAP
    Paul_DNAP Posts: 751 Forumite
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    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
    beefturnmail Posts: 905 Forumite
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    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.
  • ColdIron
    ColdIron Posts: 9,000 Forumite
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    Sign up, stick to the conditions and they turn up every month on the 2nd or so as you would expect
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