Barclays is introducing its Blue Rewards add-on for current accounts from Monday 20 April 2015.
For a monthly fee of £3.00, customers can receive the following rewards into their Digital Wallets:
*All customers receive a £7.00/month reward into their wallet (therefore net cash gain of £4.00)
*Mortgage customers (existing and new) receive £5.00/month into their wallet.
*Home insurance customers (new, or existing who renew their policy) receive £3.00/month into their wallet.
*Additional 1% cashback through Smartspend (eg Expedia, Gap, Boots, etc)
*Rewards for having savings, personal loans, and other products will be introduced in the future
Customers must have £800 paid into their current account each month, and have two direct debits, and be registered for Online Banking or the Barclays Mobile Banking app.
The Rewards Wallet is linked to the Barclays current account of your choice and the rewards can then be redeemed into a Barclays account at any time.
Top comments
jackvdbuk
15 Apr 1510#2
its about time barclays offer something , their account offerings are all pretty boring compared to santander, nationwide etc.
so they are basically offering a free £4 per month for having a current account, doesnt beat halifax £5 but still reasonable i guess :smiley:
benjus to singy21
15 Apr 154#25
If a customer stops meeting the requirements of £800 deposit and 2 direct debits but doesn't remove the add-on, the £3 would still be taken but the £7 would not be paid out.
squiby
15 Apr 153#21
Even better for savers to just withdraw all their cash and let the banking sector collapse. Savers are being given a raw deal for propping this country up.
Slash
15 Apr 153#15
worth noting you probably get the free Kaspersky Internet Security license as well with this account.
As for why they charge you £3 to give your £7 reward each month, you have to remember to pay in £800, have two direct debits, and be registered for Online Banking or the Barclays Mobile Banking app. So they're banking (haha) on people to miss a few of those steps so they don't get their £7 reward each month. The reward doesn't even get added to your bank account automatically...who knows what hoops you have to jump through to redeem it.
All comments (40)
kneale81
15 Apr 153#1
andykapa to kneale81
15 Apr 15#24
Do you need to join Blue Rewards current account add-on or Barclays automatically add you in if you are current account holder ? Thanks
jackvdbuk
15 Apr 1510#2
its about time barclays offer something , their account offerings are all pretty boring compared to santander, nationwide etc.
so they are basically offering a free £4 per month for having a current account, doesnt beat halifax £5 but still reasonable i guess :smiley:
Slash to jackvdbuk
15 Apr 15#8
exactly. just go with halifax. This barclays deal would be good only for those that have mortgage and/or home insurance with them.
tapi to jackvdbuk
15 Apr 15#40
what do nationwide offer? been with them for 20years, and not getting much beyond free travel insurance. Am I missing some freebies?
Grohller
15 Apr 152#3
Not bad at all... shame I can't do anymore jiggery pokery with my direct debits otherwise this would be yet another layer to my ever growing list of standing orders on pay day :smiley: - Heat Added
hutchir9
15 Apr 15#4
Good luck with Barclays
_taurus_ to hutchir9
15 Apr 152#34
What's wrong with them? Never had issues with from 12 years...
Chanchi32
15 Apr 15#5
nice deal heat added
mocmocamoc
15 Apr 15#6
Seems good, whizz 800 around each month between this and a saving and a couple of direct debits moved, makes about 5% interest
honeymonster86
15 Apr 152#7
You could just set up a couple of small direct debits with charities ... win-win that way!
karlie88
15 Apr 15#9
Ta OP.
liltman
15 Apr 15#10
I don't get it why would they charge me £3 then give me £7 lol. Do you have to request the money. i.e does it sit in some virtual wallet until you move it to your bank account?
Silhouette to liltman
15 Apr 15#13
Yes, in the infogram above, it clearly states that it sits in until "Redeemed".
darthvader666uk
15 Apr 15#11
ooo i have barclays! can i just add it on to my account?
lighti
15 Apr 151#12
HALIFAX are terrible when something goes wrong.. they do NOT accept errors they simply tell you go to Ombudsman!! No wonder they've to pay £5 to keep customers lol!!
honeymonster86 to lighti
15 Apr 15#14
To be fair though, I very much doubt Barclays are any better...
Slash
15 Apr 153#15
worth noting you probably get the free Kaspersky Internet Security license as well with this account.
As for why they charge you £3 to give your £7 reward each month, you have to remember to pay in £800, have two direct debits, and be registered for Online Banking or the Barclays Mobile Banking app. So they're banking (haha) on people to miss a few of those steps so they don't get their £7 reward each month. The reward doesn't even get added to your bank account automatically...who knows what hoops you have to jump through to redeem it.
monkeyhanger75 to Slash
15 Apr 15#28
I do all of that and have a Woolwich mortgage (lifetime BoE base rate + 0.19%), should be good for £7 + £5 out for £3 in (net £9pm better off). I assume that a Woolwich mortgage rather than a Barclays mortgage (if there is such a thing) is eligible?
Cyrus
15 Apr 153#16
ive been a barclays customer for about 16 years. Not got anything from them ever. Maybe I havent pursued it enough but I've never seen them offer anything either. Thinking of moving elsewhere who appreciates holding my cash
benjus
15 Apr 15#17
This isn't an account, it's an add-on you can use with any adult current account.
So yes, you can get the free Kaspersky Internet Security. If you qualify for a Premier account you can also get the free Premier benefits (e.g. membership of English Heritage, Picturehouse Cinemas, and Gourmet Society) combined with the Blue Rewards.
AstalaVista
15 Apr 15#18
Thanks OP. I think I will make use of this instead of having an idle Barclays bank account. Their savings rate (for current and savings account) are quite low or non-existent.
FrugalFergal
15 Apr 15#19
Free money? Hot!
tek-monkey
15 Apr 15#20
May as well, I already meet all the requirements.
squiby
15 Apr 153#21
Even better for savers to just withdraw all their cash and let the banking sector collapse. Savers are being given a raw deal for propping this country up.
singy21
15 Apr 15#22
Why charge £3. Why not just make the minimum reward £4 and top out at £11?
Either way good deal.
benjus to singy21
15 Apr 154#25
If a customer stops meeting the requirements of £800 deposit and 2 direct debits but doesn't remove the add-on, the £3 would still be taken but the £7 would not be paid out.
TiptreeJam
15 Apr 15#23
Interestingly (for me anyway) Barclays used to be my main bank but I switched to the Halifax for a better deal after 30 years with them. I have found the service at the Halifax better than Barclays and they are a more reputable company. I keep a small amount in Barclays just to get the free Kaspersky anti-virus. Not enough to get this deal but then I would be a hypocrite if I went for it.
Besford to TiptreeJam
15 Apr 151#27
Halifax = RBS = "reputable"?
MINCER to TiptreeJam
15 Apr 151#31
Me to 30 years with them until they upped all their charges last year. They might as well have sent me a letter saying 'if you aren't stupid, look for another bank'.
scruffty
15 Apr 15#26
is a direct debit a bill payment where as a transfer out is classed as a bacs?
TommyUK
15 Apr 15#29
So i could take 800 from my lloyds and transfer it to barclays, take it from barclays back into lloyds each month? and get paid £7.
Grohller to TommyUK
15 Apr 151#32
Deposit £803 and withdraw £800, they will take £3 out of your current account but not credit the £7 straight back in, it's credited to some digital wallet instead... quite a silly hoop to jump through but it's probably there to try and catch out those just using the account for the benefit and not day to day banking.
liltman
15 Apr 15#30
I thought so, just wanted to make sure. Don't really get how they profit from this lol. Ah nevermind because of the amount of money u are putting in all the time i.e at least £800. Still amazing for the customer still. Free money per month lol
billbennett1
15 Apr 151#33
Expecting this to go super hot... And a lot of Barclays basic accounts being opened! Now if they were to offer an account switch incentive too... :wink:
Barnes1990
15 Apr 15#35
Is there a minimum amount of time you can stay on this blue rewards, i.e. can I set-this up then after a couple of months choose to cancel it?
monkeyhanger75 to Barnes1990
15 Apr 15#39
Set it up, start getting £7 in for £3 out every month, and then cancel it - you will stop getting £7 back from a £3 monthly spend.
rob200375
15 Apr 15#36
seems good for a Barclays deal, I will stick with my 123 reward Santander offer - £2 fee - £15.97 paid directly into my account roughly every month, total since I activated £455.69, not sure when I started with it
whussain5
15 Apr 15#37
It is about time Barclays offered their customers something. Shame on you for taking so long to do it!!!!
Pokkai
15 Apr 151#38
Except Halifax is Bank of Scotland/Lloyds, not Royal Bank of Scotland.
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Opening post
For a monthly fee of £3.00, customers can receive the following rewards into their Digital Wallets:
*All customers receive a £7.00/month reward into their wallet (therefore net cash gain of £4.00)
*Mortgage customers (existing and new) receive £5.00/month into their wallet.
*Home insurance customers (new, or existing who renew their policy) receive £3.00/month into their wallet.
*Additional 1% cashback through Smartspend (eg Expedia, Gap, Boots, etc)
*Rewards for having savings, personal loans, and other products will be introduced in the future
Customers must have £800 paid into their current account each month, and have two direct debits, and be registered for Online Banking or the Barclays Mobile Banking app.
The Rewards Wallet is linked to the Barclays current account of your choice and the rewards can then be redeemed into a Barclays account at any time.
Top comments
so they are basically offering a free £4 per month for having a current account, doesnt beat halifax £5 but still reasonable i guess :smiley:
As for why they charge you £3 to give your £7 reward each month, you have to remember to pay in £800, have two direct debits, and be registered for Online Banking or the Barclays Mobile Banking app. So they're banking (haha) on people to miss a few of those steps so they don't get their £7 reward each month. The reward doesn't even get added to your bank account automatically...who knows what hoops you have to jump through to redeem it.
All comments (40)
so they are basically offering a free £4 per month for having a current account, doesnt beat halifax £5 but still reasonable i guess :smiley:
As for why they charge you £3 to give your £7 reward each month, you have to remember to pay in £800, have two direct debits, and be registered for Online Banking or the Barclays Mobile Banking app. So they're banking (haha) on people to miss a few of those steps so they don't get their £7 reward each month. The reward doesn't even get added to your bank account automatically...who knows what hoops you have to jump through to redeem it.
So yes, you can get the free Kaspersky Internet Security. If you qualify for a Premier account you can also get the free Premier benefits (e.g. membership of English Heritage, Picturehouse Cinemas, and Gourmet Society) combined with the Blue Rewards.
Either way good deal.