Banks and building societies often offer cash incentives to new customers willing to make a full switch from their existing current account – and Barclays has just launched a new one
Barclays has launched a new switching offer and will be giving £175 to new banking customers from today.
New customers can get the cash if they switch to a basic Barclays Bank Account or a Premier Current Account using the Current Account Switching Service (CASS). Brits must also pay at least £800 into the new Barclays account and have two active direct debits linked to the account by August 30.
If you meet the criteria you will have the £175 paid into your Barclays bank account within 28 days. Brits don’t have long to claim the free cash as Barclays says the switching offer will be pulled on August 30 – so if you want to take advantage you will need to do so before then.
Banks and building societies often offer cash incentives to new customers willing to make a full switch from their existing current account. First Direct and Lloyds Bank are currently offering £175 to switch. The highest is Nationwide at £200 this one is only available to those with existing accounts, so new customers cannot claim the incentive.
You normally need to meet terms and conditions to qualify for bank switch bonuses. For example, sometimes you’ll need to pay in a certain amount each month, or have multiple direct debits. In some cases, you’ll need to be a new customer or not have held an account with that bank for a certain number of years. Always read the eligibility criteria carefully before you switch.
However, if you’re going to be putting in a big credit application soon, such as a mortgage, you may want to hold off on doing multiple switches. This is because each application to switch will show on your credit file. Martin Lewis’ MoneySavingExpert.com website recommends not completing any bank switches for at least six months before you plan on taking out the credit.
