HOUSEHOLDS could bag £175 of free cash just in time for Christmas with one easy move.
Barclays has a switching incentive for new customers looking to open an account – but you need to be quick.
If you could do with a cash boost before Christmas all you have to do is switch your current account across to Barclays.
You will need to meet certain criteria, but once you do the money will be transferred to you.
It takes just minutes to get the process started, and we have all the details you need.
To qualify for the bonus you must open a Barclays Bank Account and join the Blue Rewards scheme or open a Premier Current Account, using the Barclays app.
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The account you open must be an individual account, not a joint one.
You must complete the full switch via the Barclays app using the free Current Account Switch Service (CASS).
In order to get the cash bonus you must also bring across at least two active direct debits to your new Barclays current account.
Today is the last day you can make the switch to qualify for the bonus, and it must be completed within 30 days.
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Once this is all done and your direct debts have been transferred to your Barclays account £175 will be transferred to within 28 working days.
To get the cash bonus, you can't have held any Barclays current account since November 1, 2023.
You also can't currently hold any of the following accounts:
- Barclays Basic Bank Account
- Barclays Bank Account
- Barclays Bank Account with a personal overdraft
- Barclays Bank Account with Blue Rewards
- Platinum Bank Account
- Mortgage Current Account
- Premier Current Account
You must also be at least 18 years old and live in the UK.
What other banks are offering switching bonuses?
Most banks and building societies will offer bank switching bonuses and some are even more than the Barclays offer.
Both First Direct and Nationwide are currently offering switching bonuses worth up to £200.
Nationwide is offering £200 to new customers who switch to either its FlexPlus, FlexDirect or FlexAccount accounts.
As with the Barclays offer, you just need to open one of the accounts online or in-app switch from your current bank, two direct debits.
The £200 bonus will then be paid within 10 days.
However, do bear in mind that you will need to pay a monthly fee of £13 to maintain a FlexPlus account.
There are also other rules attached to the switching process with Nationwide.
You cannot switch to any of the three accounts if you've received a switch bonus from Nationwide since August 18, 2021.
Any customers signing up for the Nationwide bonus will also gain access to the building society's regular savings account, which pays 8% interest on up to £200 a month.
First Direct is also offering a switching bonus worth £175 and it opens up a 7% regular savings account.
The bank comes with a 90% customer service rating on the MoneySavingExpert website too.
In order to qualify for the First Direct bonus, you just have to open the account in-app and pay in £1,000 or more within three months.
Once this criteria is met the money will then be paid within 28 days.
As with most of these switching bonuses, you will not qualify if you've ever had an account with First Direct or have opened a current account with HSBC since January 2020.
How do I switch?
It is really simple to switch banks using the Current Account Switch Service (CASS).
Most major banks and building societies are signed up and over nine million people have used the service so far.
You can find a full list of the banks and building societies that are signed up to the switching service on the CASS website.
Through the service, you have to contact your new desired bank to apply for one of its accounts.
If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.
Your old bank and new bank should take care of the switching, including your current balance, any direct debits and salary.
After this, you will receive your new cards, log-in details and any PINS.
One financial whizz made £1,000 in just six months by switching his bank accounts.
Meanwhile, here is the full list of energy schemes offering free cash worth up to £1,500 this winter.
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