Barclays has become the latest high street bank to launch a switching bonus, offering up to £600 to customers who move to its Premier account. According to MoneyWeek, this makes it the highest-paying switching deal currently on the market.
The £600 offer consists of £350 for switching plus £150 in monthly rewards, neither of which is subject to UK income tax. However, the Premier account is only available to those who earn £75,000 a year or have at least £100,000 in eligible savings or investments with Barclays.
To qualify for the initial £450, customers must complete a full switch using the Current Account Switch Service, move at least three direct debits and pay in at least £5,000 within 30 days of opening the account. The additional £150 Monthly Engagement Reward is paid as £30 a month for five months and requires at least 10 eligible debit card transactions per month, excluding pending transactions.
For those who do not meet the Premier eligibility criteria, Barclays is offering up to £300 for switching to a Barclays Bank Account. This comprises £150 in free cash and £150 in Monthly Engagement Rewards. To qualify, customers must open the account through the Barclays app, complete a full switch, move at least two direct debits and deposit a minimum of £2,000 within 30 days. The additional £150 is paid as £30 a month for five months, subject to at least 10 eligible debit card transactions each month.
Jessica Sheldon, MoneyWeek's deputy digital editor, said: "If you aren't happy with your bank, it can make sense to take advantage of a current account switching offer. Make sure you'll meet the requirements and consider if the cash bonus outweighs any benefits your current provider gives you before applying."
Barclays has closed 1,236 branches since 2015, according to Which?, making it the individual bank to have reduced its network the most in the UK. The bank has recently announced plans to open three new branches this year.