Barclays has unveiled a switching incentive that could see customers pocket as much as £900 in total rewards when they move both their everyday banking and Individual Savings Account to the high street lender.
The promotion, which kicked off today and continues until November 27, combines two separate incentives into one substantial package.
New customers can secure between £200 and £400 for transferring their current account, depending on which type of account they select.
Additionally, those who also move their ISA holdings to Barclays could receive up to £500 extra, based on the amount they transfer.
The dual-pronged approach represents one of the most generous switching incentives currently available in the UK banking sector.
The standard current account switching reward stands at £200, but customers must enrol in the Blue Rewards programme, which carries a monthly fee of £5.
This membership provides benefits including spending cashback, improved savings rates and access to Apple TV+.
Premier account switchers can claim £400, though they must demonstrate an annual income of £75,000 or maintain savings and investments worth £100,000 with the bank.
Both options require customers to open their accounts through the Barclays mobile application and transfer at least two active direct debits.
Barclays is among the lenders to slash mortgage rates | GETTYStandard account holders must deposit £2,000 within 30 days of opening, whilst premier customers need to pay in £4,000.
The transfer must be processed through the Current Account Switch Service, with rewards arriving within 28 days of meeting all criteria.
ISA savers can boost their switching rewards significantly through Barclays' tiered bonus structure, which offers payments ranging from £100 to £500.
The bank requires customers to hold or establish a current account before transferring ISA funds to qualify for these additional payments.
Britons are looking to boost their savings | GETTYThose moving between £25,000 and £49,999.99 will receive £100, whilst transfers of £50,000 to £99,999.99 attract a £200 bonus. The maximum £500 reward applies to ISA transfers of £100,000 or more.
Customers can initiate transfers via the mobile app, online banking or by visiting a branch, selecting the "transfer-in an existing Isa" option.
The ISA bonus will be credited to the customer's Barclays current account within 60 business days of their final eligible transfer, or 60 business days after 28 November, whichever comes first.
Several groups are excluded from accessing these switching incentives, including existing Barclays current account holders as of 7 October and anyone who has previously claimed a switching bonus from the bank.
The promotion operates under strict deadlines, with current account switches needing completion by November 27
| GETTYJoint account applications don't qualify, nor do customers under 18 or those residing outside the UK.
Alastair Douglas, CEO of TotallyMoney, explained: “Barclays has just launched a new switch offer which means you could earn £200 for switching to its Blue Rewards account, or £400 if you move to its Premier Account.”
The Blue Account includes Apple TV+, retailer cashback, and a 4.36% savings rate on balances up to £5,000, but “the account costs £5 per month, and you’ll need to pay in at least £800 per month.”
For bigger earners, Mr Douglas said: “The Premier Account also comes with the same perks… however, the account is aimed at high earners, and you’ll need an income of at least £75,000, or £100,000 in savings.”
On top of this, “If you have an ISA with at least £25,000 in it, Barclays will pay you an extra £500 when you transfer it. So, you could potentially earn £900 in total.”
He advised comparing deals: “Co-Op, First Direct, Lloyds, Nationwide, NatWest, and TSB are also offering up to £210 for you to move your money.”