Barclays doubles Blue Rewards for switchers for a year – earn £132+ in 12 months
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Barclays doubles Blue Rewards for switchers for a year – earn £132+ in 12 months

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Found 2nd May
Barclays has upped the stakes in the current account switching wars by offering new current account switchers double the normal amount of cash that can be earned on its Blue Rewards scheme for a year.

What is Blue Rewards?

Blue Rewards is a cashback scheme Barclays customers can sign up to online or via its app.

You can earn £7 a month by:

  • Paying a £3 month fee (OK, so you really earn £4 a month)
  • Paying in at least £800 a month into your account
  • Having two direct debits set up on your account

So, normally you can earn £48 a year this way.

Double the cash in the first year

New customers who move their current account to Barclays using the Current Account Switch Service before 29 June 2018, pocket double Barclays Blue Rewards for a year.

This means you can earn £132 in the first year.

(It’s not double £48, which is £96, because you’ll get £14 a month each time you do the three things above. This reduces to £11 once you’ve paid the £3 a month fee: £11 x 12 months is £132).

How to earn extra cash

The above three steps are pretty easy that anyone can do. But people with certain Barclays products can earn extra cashback:

  • A bonus £5 a month if you have a Barclays mortgage (£10 a month for the first year for switchers)
  • A bonus £3 a month if you have Barclays home insurance (£6 a month for the first year for switchers)
  • A bonus £1 a month if you have a Barclays personal loan (£2 a month for the first year for switchers).

So if you have all three of these products you can earn an extra £216 in the first year, and £108 in subsequent years.

This brings the total you can pocket to £348 in year one, then £156 a year after that.

In my opinion this extra cashback is handy but I wouldn’t take out one of the above products just to get the cashback. Shop around and get the best mortgage/home insurance/personal loan you can – you’ll save more money that way.

Cashback at retailers

Blue Rewards also gives you 1% cashback at various retailers such as Argos, Boots and Debenhams. Switchers get 2% for the first year.
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