Barclays offers £600 switching bonus - who qualifies?

Barclays has launched two leading switching deals, although only some customers can claim the larger payment.

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The high-street bank is the latest lender to offer a substantial cash bonus to people who move their current account.

Barclays offered new customers up to 600 to switch accounts, the biggest payment available at the time.

Getting the full amount required meeting several conditions, and some customers were excluded from the offer.

A Barclays Premier account gives you access to several rewards, including:

With an investment portfolio of 150,000, you receive support from a dedicated Wealth Planner and Wealth Manager. Premier customers also receive a free Apple TV subscription, normally priced at 9.99 per month, along with exclusive savings rates, mortgage options, cashback on spending, and fee-free spending abroad with a black Premier debit card. The card's fee-free spending offer runs until 27 September 2027.

Barclays 300 switching bonus

Can't qualify for the 600 offer? You could still receive up to 300 when you switch to a Barclays Bank Account.

Customers receive 150 in free cash and another 150 through Monthly Engagement Rewards. Neither payment is subject to UK income tax.

You must complete these steps within 30 days to qualify for the bonus:

Open a Barclays account in the app, then complete a full switch with at least two direct debits and deposit a minimum of 2,000. To receive the extra 150, paid as 30 a month for five months, make at least 10 eligible debit-card transactions each month; pending transactions do not count.

Is Barclays offering the best switching deal on the market?

Right now, Barclays offers the highest-paying switching deal available, whether you earn more and qualify for a Premier account or prefer a standard current account.

The monthly rewards add up to 150. Combined with the 450 Premier bonus, that brings the total to 600. Standard current account customers can receive the 150 switching bonus, taking their total to 300.

Here's how the offer compares with other deals currently available.

There are eligibility rules for new customers. HSBC customers cannot claim First Direct's 175 switching bonus, and First Direct customers cannot claim HSBC's equivalent offer because First Direct is part of HSBC. Check the terms before switching.

Should you switch to Barclays?

Terry Tanaka, BFIAs deputy digital editor, said: "Switching banks may be worthwhile if your current account no longer suits you, especially when an offer is available. Before applying, check that you meet the conditions and weigh the cash bonus against any benefits you would lose by leaving your current provider."

You might switch banks for all sorts of reasons. Before you do, make sure the new account fits your needs - not just the advertised switching bonus.

If face-to-face banking matters to you, see whether a nearby branch is still open. Which? reports that Barclays has shut 1,236 branches since 2015 - the largest reduction by any individual UK bank. Despite that, Barclays recently said it plans to open three branches this year.

If you want a better savings return, check the rates each provider offers. Barclays currently pays between 1% and 3.96% on easy-access accounts, while its ISAs range from 1% to 4.55%; fixed bonds pay up to 4.55%.

Some top savings accounts now pay over 5% interest, so moving your cash could leave it earning more. Your savings account does not need to be with the same provider as your current account.

Barclays' latest switching deal offers the largest cash bonus overall, but the full payment arrives only after about six months.

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