Barclays launches new 'excellent' £175 bank switch deal

Barclays' latest current account switching deal has earned an 'excellent' product rating, thanks to a competitive £175 incentive for new customers. The offer is available to those opening a sole Barclays Bank Account or Premier Current Account through the Barclays app and completing a full switch from another provider using the Current Account Switch Service (CASS).

To qualify, customers need to join the Blue Rewards scheme (which carries a £5 monthly fee), transfer at least two active Direct Debits, and pay in at least £1,500 within the first 30 days. The promotion is available until August 28, 2025. Caitlyn Eastell, spokesperson at Moneyfactscompare, said: "The latest update from Barclays Bank sees it add a new switching incentive to its Bank Account and Premier Bank Account."

Ms Eastell pointed out that the scheme includes a range of subscriptions, such as free Apple TV, which may attract those looking to cut back on paid services.

She added that customers can also access exclusive savings products, and the account offers a £15 interest-free buffer on arranged overdrafts, "adding to its appeal."

Ms Eastell said: "Overall, the account earns an Excellent Moneyfacts product rating."

Other banks are also competing to attract new customers with generous switch offers.

For example, Lloyds is currently offering new customers £185 to switch to one of its Club Lloyds accounts, provided they move at least three Direct Debits and meet a minimum monthly deposit requirement. Club Lloyds also includes lifestyle rewards, and the £5 fee to maintain the account can be waived if customers pay in £2,000 each month.

Santander's switching incentive offers £180 to new customers who open a qualifying account, switch using CASS, set up two Direct Debits, and fund the account with at least £1,500. The offer is available on selected accounts, including Everyday, Edge, and Edge Up, but it is generally restricted to those who haven't held a Santander account recently.

First Direct is offering £175 to customers who move to its 1st Account via CASS, while NatWest offers new customers £125 upfront and £50 to open a new 5.5% interest-linked regular saver.

Olly McConnell, consumer finance expert at Uswitch, said: "If you've been with the same bank for years, switching offers are enticing as you can get a cash boost and possible extras like cashback or higher interest rates. Explore all the options in the market before taking the plunge."