MARTIN Lewis’ Money Saving Expert newsletter has revealed how you can bag a “rare” £175 free cash offer.
Bank switching offers are used to try to poach customers from rivals.
The latest offer, by Barclays, gives new customers a £175 welcome bonus as well as other extras such as Apple TV and cashback with several retailers.
To get the reward, you need to use the Barclays app to switch to the bank by August 30.
The offer is for new customers who haven’t had an account since July 8 and who have never received a Barclays switch bonus.
In its newsletter, the Money Saving Expert (MSE) said the free cash bonus is “great news” for people who regularly switch bank accounts because Barclays rarely launches offers like this.
The newsletter reads: “Barclays bank switch bribes aren’t common, which is great news for regular switchers as it means many won’t fall foul of the ‘must be a new customer’ rule.”
To switch to Barclays and get the bonus, you need to download the app and open a Barclays Bank Account or Premier Current Account between July 8 and August 30.
If you open a Barclays Bank Account, you will also need to sign up for Blue Rewards in the Barclays app, which comes with a £5 monthly fee.
These rewards include Apple TV+ and MLS Season Pass subscriptions.
Customers can earn up to 15% cashback with participating retailers and up to 5% interest on their savings with a Rainy Day Saver.
You will then need to use the Current Account Switch Service to move your account from another bank to Barclays.
One of the conditions of the offer is that the switch must include at least two active direct debits and start by August 30.
You also need to pay at least £800 into your new Barclays account by August 30 to be eligible for the free cash.
Those who already have a Barclays current account open are not eligible for the offer.
Although the offer is enticing, it always pays to read through the full terms and conditions and ensure the available accounts match your banking needs.
The Barclays offer comes as a new development in the bank-switch war.
Lloyds is still offering switchers £175 to move to any of these three accounts: Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum.
Nationwide was offering £200 for those eligible to switch, but that has since ended.
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
A Co-operative Bank deal – also now expired – offered £75 upfront plus five lots of £15 in the months that followed, equating to a £150 deal.
Santander, meanwhile, had a £175 payment on offer for both new and existing customers.
Remember that whichever bank you choose, you’ll need to make sure the account suits your needs in other ways.
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