Receive £4 into your account every month for FREE! With a Barclays Reward Account
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Receive £4 into your account every month for FREE! With a Barclays Reward Account

48
Found 23rd Sep 2017
I've had this Barclays Blue Rewards account for the last year now, I simply allow Barclays to remove £3 from my current account, then straight away they deposit £7 automatically. So every month you earn £4 it's FREE money.

You need the following: Two direct debits active on your account and at least £800 received into the account such as your salary, pension, housing benefit, all social benefits, tax credit etc.

You don't need a great credit rating either to open this account and you easily upgrade your account even if you have a basic account, I know plenty of people who have been recently bankrupt and have this account.

  • We’ll give you up to £7 every month that you’re eligible to say thank you for banking with us
  • We’ll pay your Loyalty Reward into your Rewards Wallet on the same day, as long as you’ve paid in at least £800 and paid your £3 fee each month
  • When you join we’ll ask you to choose a suitable current account for Barclays Blue Rewards. Most of our accounts are suitable, including Premier.
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I think this is to entice customers away from free banking - reel them in with the reward and then some time down the line they will remove the cash incentive/

Halifax £5 has gone down to £3😶
its a carrot for charging you a bigger fee down the line and hoping you don't move away

No thanks
46 Comments
No brainer if you have an account with them, or if like me, a financial product as you get even more of a bonus for the £3 fee. Better accounts to target first though if planning to play the switching game. I just transfer in enough to cover my repayment amount and the 2 direct debits. Don't use the a/c apart from that.
Original Poster
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Who pays for this ? Is it from upping the charges from all customers and then give a bit back as a strategy to nourish customer's goodwill?
Original Poster
splender2 m ago

Who pays for this ? Is it from upping the charges from all customers and …Who pays for this ? Is it from upping the charges from all customers and then give a bit back as a strategy to nourish customer's goodwill?


I don't pay any charges for any accounts, I don't go overdrawn or anything. I simply allow them to take £3 and then they give me £7 it's a win win.
I think this is to entice customers away from free banking - reel them in with the reward and then some time down the line they will remove the cash incentive/

Halifax £5 has gone down to £3😶
gazEE10 m ago

I think this is to entice customers away from free banking - reel them in …I think this is to entice customers away from free banking - reel them in with the reward and then some time down the line they will remove the cash incentive/ Halifax £5 has gone down to £3😶


TSB Is the best at the moment. £5 a month plus another if you have a few direct debit plus 3 percent.
Thanks OP
Edited by: "smartdeals123" 23rd Sep 2017
splender1 h, 19 m ago

Who pays for this ? Is it from upping the charges from all customers and …Who pays for this ? Is it from upping the charges from all customers and then give a bit back as a strategy to nourish customer's goodwill?


It pays for itself. Banks can earn interest and invest money too. An £800 minimum income every month means the £4 they're returning gives you 0.5% at the most.
Edited by: "EndemicAlarm" 23rd Sep 2017
its a carrot for charging you a bigger fee down the line and hoping you don't move away

No thanks
Babbler34 m ago

TSB Is the best at the moment. £5 a month plus another if you have a few …TSB Is the best at the moment. £5 a month plus another if you have a few direct debit plus 3 percent.


This. Switched for the £130 bonus too.
If any of direct debits fail they continue to charge you the £3 fee but not give you the reward money. Happened twice with me.
excellent!! cheers!!
£48 a year, wow! Might as well have it I suppose
EndemicAlarm56 m ago

It pays for itself. Banks can earn interest and invest money too. An £800 …It pays for itself. Banks can earn interest and invest money too. An £800 minimum income every month means the £4 they're returning gives you 0.5% at the most.


It's not income, though. There's nothing stopping you from transferring the same £200 in and out of the account 4 times a month to reach the £800 threshold. In fact you could have similar accounts with multiple banks (that also offer bonuses in exchange for receiving funds) and earn multiple rewards with the same money, just transferring from one to the other. There's no rule that the funds have to stay in the account for any period.
Redbu111 h, 22 m ago

If any of direct debits fail they continue to charge you the £3 fee but …If any of direct debits fail they continue to charge you the £3 fee but not give you the reward money. Happened twice with me.

Waiting for the offer to come back.
EndemicAlarm3 h, 39 m ago

It pays for itself. Banks can earn interest and invest money too. An £800 …It pays for itself. Banks can earn interest and invest money too. An £800 minimum income every month means the £4 they're returning gives you 0.5% at the most.


Unless you pay in and out straight away...
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I don't understand this to be honest.....This shows you paying £7 a month not £3?
Edited by: "carnivalwig" 23rd Sep 2017
Original Poster
carnivalwig5 m ago

[Image] I don't understand this to be honest.....This shows you paying £7 …[Image] I don't understand this to be honest.....This shows you paying £7 a month not £3?

No. All the credits are for £7 the debit part is me withdrawing the cash and transferring it to my main account.
Ok fair
OnetimePadwah47 m ago

Point to note is that this is taxable income and they advise you to let …Point to note is that this is taxable income and they advise you to let the HMRC know that you are receiving it....



Tax treatment of Barclays Blue Rewards

The £7 Loyalty Reward received up to and including November 2016 for being part of Barclays Blue Rewards is subject to UK income tax and may need to be declared to H M Revenue & Customs.

All other current rewards and cashback earned through Blue Rewards, and any Loyalty Reward received from December 2016, are not subject to UK income tax.
EndemicAlarm7 h, 38 m ago

It pays for itself. Banks can earn interest and invest money too. An £800 …It pays for itself. Banks can earn interest and invest money too. An £800 minimum income every month means the £4 they're returning gives you 0.5% at the most.


Exactly!.

People be somehow thinking that the Bank's are unable to balance their book's as it were? (because the Bank's be perhaps poor, or something?).

Think again ... lol. :-D
I'd rather pay £13 a month for the nationwide flex plus. Which includes 3% interest upto £2500 (upto £6 interest a month), car breakdown cover , worldwide family travel insurance, mobile phone insurance (already claimed twice), commission free cash withdrawals abroad.
paul.jacobs8 h, 8 m ago

I'd rather pay £13 a month for the nationwide flex plus. Which includes 3% …I'd rather pay £13 a month for the nationwide flex plus. Which includes 3% interest upto £2500 (upto £6 interest a month), car breakdown cover , worldwide family travel insurance, mobile phone insurance (already claimed twice), commission free cash withdrawals abroad.

Wow, that's expensive! You can get 3% on £3000 and have 2 accounts with tesco and Halifax clarity gives you free overseas withdrawls with great rates. As for the other stuff, each to their own, but I'd rather buy what I need when I need it with levels of cover that suit me.
Been doing this for a few years now, a must if you have an account. If you just forget about it and leave it to grow, it acts a nice drawdown every year (normally around Christmas!)
EndemicAlarm22 h, 14 m ago

It pays for itself. Banks can earn interest and invest money too. An £800 …It pays for itself. Banks can earn interest and invest money too. An £800 minimum income every month means the £4 they're returning gives you 0.5% at the most.


Why quote monthly interest? If you kept in 800 most of the time (i.e if you pay off a credit card every month and the money sits in your account until the direct debit for the credit card), this is still around 5% interest per year. This is a decent sum. obviously the less is on the account on average the higher this becomes. You can get loans for 4-8% so the bank is barely making anything off this, if at all - directly anyway. As people sign up for other products from barclays they will likely make it back.
The most annoying thing with this is that you have to have an online account so my Mum who has banked with Barclays over 50 years can not take advantage of this.
davidridge13 m ago

The most annoying thing with this is that you have to have an online …The most annoying thing with this is that you have to have an online account so my Mum who has banked with Barclays over 50 years can not take advantage of this.


What stops you helping your mum set up online banking? They don't actually have to use it.

My parents have Barclays accounts, have this, and don't use online banking.
People who think the bankers are not making serious money are deluded by the very bankers they are discussing .
I believe you get £12 a month if you have a mortgage with Barclays
I guess if you have 2 DD's out to say a charity @ £1 each then it reduces the gain a fair bit, but I think that they do free internet security (Kaspersy)
Ashe17 m ago

What stops you helping your mum set up online banking? They don't actually …What stops you helping your mum set up online banking? They don't actually have to use it.My parents have Barclays accounts, have this, and don't use online banking.

My Mum is 84, does not have broadband, smart phone, tablet or pc and I don’t live with her. My Mum would still want paper statements etc
Thanks
I’ve been using this for 2 years now , why say no to free money
davidridge13 h, 0 m ago

My Mum is 84, does not have broadband, smart phone, tablet or pc and I …My Mum is 84, does not have broadband, smart phone, tablet or pc and I don’t live with her. My Mum would still want paper statements etc


You can still receive paper statements with an online account
deleted5795924th Sep 2017

Would pay for XBOX live or PSN Subscription?


It could pay for whatever your priorites were to utilise the money.
deleted5795924th Sep 2017

I only suggested that, as you play video games, but seemed to make light …I only suggested that, as you play video games, but seemed to make light of a £48.00 a year payment. but yes it could pay whatever.. from mcdonald's to a cheap hooker.. who knows!


Or a cheap hooker eating a McDonald's, worst of both worlds
If you have a mortgage and an insurance policy with Barclays as well you pay £3 and get £15 back.....
been doing this well over a year now.
I know you can all add but:
£36 in
£180 out
£144 win PA!
Easy direct debits: You can set up Direct Debits from your Tesco savings account. You can do it with any account that requires direct debits.
I signed up to this also. It looks like there is free £4 in it. How long has this been running for? Thanks OP
Original Poster
TiredParent26 m ago

I signed up to this also. It looks like there is free £4 in it. How long …I signed up to this also. It looks like there is free £4 in it. How long has this been running for? Thanks OP


I think around 18 months now :-)
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