Barclays Bank offers a £175 cash bonus to current account switchers

The high street bank becomes the latest provider to offer a current account switch incentive this summer.

Those who are thinking of moving their current account to a different provider now have a new offer to choose from after Barclays Bank launched a switch incentive this week.

Eligible customers who use the Current Account Switch Service (CASS) to move their existing current account to a Barclays Bank Account or Premier Current Account before 28 August 2025 could receive a cash bonus of £175, provided they meet the necessary terms.

To qualify for this bonus, customers need to open one of the above accounts in the Barclays mobile app. Those opening a Barclays Bank Account will also need to join the Blue Rewards scheme, which costs £5 per month.

When switching, customers need to move across at least two Direct Debits. Once the switch is complete, they then need to pay in a minimum of £1,500 into their account within 30 days to receive the £175 bonus. The money will be paid within 28 working days of meeting all the criteria.

“A £175 free cash offer from Barclays Bank is attractive, but it can be beaten elsewhere. However, there could be cost savings for customers who join Blue Rewards, such as if they are already paying for Apple TV,” commented Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

Note that this offer is only available to new customers opening a sole account who haven’t previously received a switching offer reward from Barclays Bank.

Extra rewards

While the Barclays Bank Account doesn’t charge a monthly fee, customers will need to pay £5 per month for Blue Rewards in order to receive the £175 switch bonus.

Blue Rewards is a scheme that can offer a range of additional perks, including access to exclusive savings rates, cashback on debit card spending and an Apple TV+ subscription worth £8.99 a month.

Customers who sign up to Blue Rewards can open a Rainy Day Saver which pays 4.61% AER on balances up to £5,000. Meanwhile, the Blue Rewards Saver pays 2.91% AER, but this rate drops to 0.60% AER in any month you make a withdrawal.

The Rainy Day Saver pays a competitive rate when compared to the top easy access savings accounts on the market, but it’s worth bearing in mind that the interest rate is due to drop to 4.36% AER from 4 August 2025.

Meanwhile, Barclays Cashback Rewards allow Blue Rewards customers to earn cashback on their everyday spending at certain retailers. The cashback earned can then be redeemed for cash or e-gift cards or donated to charity.

Before switching, it’s important to weigh up the potential benefits you could receive with Blue Rewards against the cost of the monthly fee to work out if it’s right for you.

“There are alternative accounts available with benefits and perks that do not charge a fee, so it’s down to the individual to assess different bundles to find one that suits their everyday needs,” Springall pointed out.

Choosing a switching offer

With so many providers offering different bonuses for switching current accounts, it can be difficult to choose which one is right for you. While it may be tempting to opt for the account with the largest bonus, this may not necessarily offer the best value and it may not be the most suitable for your individual situation.

“An upfront free cash injection is a great sweetener, but consumers should only ever switch accounts if the new deal offers them better value. This is why it’s important to stress that free cash offers don’t last forever but consumers should never feel pressured to switch,” Springall explained.

Lloyds Bank currently offers a higher £185 cash bonus, although its eligible accounts all come with a minimum £5 monthly fee. Alternatively, customers could receive £180 by switching to an eligible Santander account, including its fee-free Everyday Current Account.

Elsewhere, first direct offers a £175 bonus to customers who switch to its 1st Account while NatWest offers a £125 bonus for switching to an eligible account (plus an additional £50 for opening a Digital Regular Saver).