Customers who opt for the Barclays Bank Account option rather than the Premier account option must join Blue Rewards for £5 per month to be eligible for the switch. As the Premier Current Account is only open to customers who pay in a gross annual income of at least £75,000 or have at least £100,000 in savings or investments with Barclays, many switchers will be required to join Blue Rewards, meaning they will pay the £5 per month fee.
Also, if you have completed a full current account switch with another provider in the last 30 days, you won't be eligible for this offer. We dig into how to qualify for the offer and what the different accounts are all about below.
Who is eligible for the £175 switch offer?
Barclays has extensive eligibility criteria to ensure you receive your bonus so it's worth making sure you meet all the requirements to avoid disappointment.
To be eligible for the £175 switch offer you must:
- Be 18 or above and a UK resident
- Be eligible for one of the accounts you can switch to (Barclays Bank Account or Barclays Premier Current Account)
- Open your new sole account (joint accounts aren't eligible) and start your switch via the Barclays app
- Complete the full current account switch within 30 days of requesting it
- Ensure you're not switching an existing Barclays account (it must be a different bank)
- Not have an existing Barclays current account which you opened before the offer started (i.e. before 8th July 2024)
- Not have completed a full switch through another provider within 30 days
- Not have received a Barclays switching offer reward before
Most of the eligibility criteria are fairly standard. But while many providers have eligibility rules around receiving a switching bonus if you have previously received one from the same bank, Barclays takes this one step further. It won't pay out at all if you have completed a full switch elsewhere within 30 days.
How to qualify for the £175 Barclays offer
Assuming you're eligible to receive the bonus, qualifying for the offer is fairly straightforward. The first step is to download the Barclays app and ensure you complete the account opening process via the app. This includes:
- Opening a sole Barclays Bank Account or a sole Premier Current Account
- Joining Blue Rewards (at £5 per month) if you're not eligible for the Premier Current Account
- Initiating a full switch via the Current Account Switch Service (CASS) by 30th August 2024
- Completing the full CASS switch including transferring at least 2 active direct debits within 30 days (this means your old account will be closed)
- Paying in at least £800 into the eligible account
- Keeping your account open at least until Barclays makes the bonus payment
If you complete all of these steps and meet the eligibility criteria, you should receive your bonus payment within 28 working days.
Barclays Bank Account vs Barclays Premier Current Account
There are two accounts which are eligible for the switching offer. Most people will qualify for Barclays Bank Account and can even benefit from the switching offer as long as they join Blue Rewards at £5 per month. But some people might be eligible for the Barclays Premier Current Account as well. In the table below, we compare the two options to help you decide which one to choose.
| Feature | Barclays Bank Account | Barclays Premier Current Account |
| Eligibility criteria |
|
|
| Spending insights (such as spending summaries) |  |
|
| Security controls (such as temporary card freezes) | |
|
| Exclusive savings rates |  |
|
| Exclusive mortgage options | |
|
| Interest-free arranged overdraft up to £500 | |
|
| Financial guides | |
|
| Apple TV+ | Only with Blue Rewards | |
What is Blue Rewards?
Blue Rewards is a rewards add-on that comes with perks like a 5.12% Rainy Day Saver on balances up to £5,000 as well as 15% cashback at selected retailers and access to Apple TV. Blue Rewards used to offer up to £14 a month in cash bonuses to eligible customers, but Barclays announced it's halting the cash benefits from September. The Blue Rewards add-on costs £5 a month.
What other bank account switch offers are available in July 2024?
The Barclays switching offer is one way to bag £175 for switching current accounts. But, in truth, unless you qualify for the Premier account, you will forfeit some of your bonus as you will need to join Blue Rewards to get the offer and this costs £5 per month
If you're not eligible or simply don't like the Barclays current account switch offer, there are other options on the market right now. Check out our article on the best current account switch offers and incentives to find out if there are other offers you might be eligible for instead.
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