There is strict eligibility criteria as Barclays offers new customers up to £300 until 2027
A deal offering Barclays customers up to £300 to switch banks has been flagged by money experts. One finance specialist describes the offer as the “biggest overall switch cash offer from a simple account”.
The Barclays switching deal is among several products highlighted in the latest Moneyfactscompare.co.uk ‘Pick of the Week’ roundup from October 2. Personal finance analyst Caitlyn Eastell noted that switchers “could now receive up to £300” provided they met certain criteria, and outlined precisely what those eligible would need to do.
She said: “Consumers could now receive up to £300 for switching using the Current Account Switch Service (CASS) and meeting certain conditions, such as depositing at least £2,000. Alongside the attractive cashback offer, customers can also sign up for Blue Rewards, which gives them access to exclusive members-only savings accounts and the opportunity to earn cashback with Barclays Cashback partners.”
Caitlyn added: “Before opening an account, it’s important that consumers can meet any restrictions and that they can make full use of any additional perks to avoid overpaying. Overall, the account earns an Excellent Moneyfacts product rating.”
The deal was also brought to light by specialists within Martin Lewis‘ MoneySavingExpert (MSE) team. In a regularly updated MSE report, money analyst Gavin Shepherd and money editor Chris Collier describe this Barclays offer as the “biggest overall switch cash offer from a simple account”, reports the Mirror.
What is expected of new customers to earn £300?
The Barclays Bank Account offers £150 upfront upon switching, provided customers transfer at least three Direct Debits and deposit at least £2,000 of their monthly earnings within the first month. This can be achieved via BACs from an employer, state or private pension, transfers from a UK business account, or benefits payments – simply transferring funds from another personal current account does not qualify.
To receive the five additional £30 payments, customers must continue to pay in at least £2,000 per month via the approved methods and make a minimum of 10 debit card payments in each of the subsequent five months.
Starting this month, October 2026, customers will earn £150 outright, plus two £30 payments for their qualifying actions in October and November. Depending on how soon the process starts, they could earn an extra £60 before Christmas – meaning some customers could be over £200 better off before December 25.
Am I eligible for the offer?
The Barclays website sets out clearly who is and is not entitled to receive this cash offer. To qualify for the main £150 cash bonus, customers need to:
- Be a new Personal Sole Barclays Current Account customer
- Be a UK resident aged 18 or over
- Download the Barclays app to open a sole Barclays Bank Account from October 1, 2026, until the offer is withdrawn
- Start your application through the Barclays app before the offer is withdrawn, and complete it within 21 days of starting your application
- Complete a full switch using the Current Account Switch Service (CASS) from another UK bank or building society. Your switch must include at least three active Direct Debits
- Complete the switch request within 30 days of opening your account
- Pay a salary of at least £2,000 into the Barclays Bank Account you’re switching to within 30 days of opening the account
- Have an open sole Barclays Bank Account when we pay your switch reward
Those who meet the criteria for the initial bonus will also be eligible for the remaining £150, spread across five months. The full list of requirements to qualify for the second half of the bonus scheme (which must be met every month) is:
- Make at least 10 eligible debit card purchases using your Barclays debit card
- Receive salary payments totalling at least £2,000 into the Barclays Bank Account
- Have an active Barclays Account on the date we pay you your £30 Engagement Reward
The main reason most people will be unable to claim any cash from Barclays is if they already held an open Barclays Current Account on or before the offer launched on October 1. Barclays added: “This includes but is not limited to a Barclays Bank Account, student or graduate account, or a Premier Current Account.”
