Barclays offers new customers a free £175 cash boost for limited time only

Barclays is offering new current account customers a £175 cash boost to switch to the bank.

But customers have to be quick if this deal is appropriate for them, as the incentive will only be offered until November 30, 2023.

To be eligible, customers need to complete a full bank switch using the Current Account Switching Service (CASS) in the Barclays app, set up at least two active direct debits, and sign up for its ‘Blue Rewards’ scheme.

Blue Rewards costs £5 a month, however, this will be reimbursed providing people have at least £800 being paid in per month. Blue Rewards customers can also benefit from a Rainy Day Saver account paying a 5.12 percent AER interest rate on the first £5,000 balance.

The switch must be completed within 30 days, after which the £175 incentive will be paid in 28 working days, providing a welcomed cash boost to head into the new year.

To open a Barclays Bank or Premier Banking Account, customers need to be aged 18 or older and a UK resident.

But Barclays isn’t the only bank offering a current account switch incentive. Nationwide is currently offering a top-rate deal of £200.

To qualify, customers must complete a full switch using the Current Account Switch Service (CASS) and a minimum of two active direct debits must be transferred to the new account. The account can be opened through Nationwide’s website or mobile banking app and the switch can be requested as part of the application.

Existing customers can also switch a current account they hold with another provider to an existing account they hold with the Society via the Internet Bank.

Customers have slightly more time to complete this switch, as Nationwide notes the full transfer must be carried out within 60 days in order to qualify.

It will take Nationwide seven working days to complete the switch, after which the incentive will be paid within 10 days.

Customers can switch to one of the society’s three main current accounts, the FlexPlus, the Flex Direct, or the Flex Account.

The FlexAccount is an everyday bank account where customers can bank online and in-branch for no fee.

The Flex Plus is a packaged account with benefits including worldwide family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £13 per month.

The FlexDirect is an online account paying five percent AER credit interest and offering an interest-free overdraft for the first 12 months on balances up to £1,500.

Online bank first direct is also still offering its £175 current account switch deal. New customers need to open a 1st Account, switch their everyday banking using the CASS and deposit at least £1,000 within three months will earn the cash boost.

Those who do will also gain access to the bank’s regular savings account paying a near market-leading rate of seven percent, as well as no first direct fees when spending cash abroad.

This offer is limited to one payment per customer or joint account, and people will get the money within 28 days of all the criteria being met.

The account is only available to new customers. People who have opened an HSBC current account on or after January 1, 2020, will not qualify.