I've had this Barclays Blue Rewards account for the last year now, I simply allow Barclays to remove £3 from my current account, then straight away they deposit £7 automatically. So every month you earn £4 it's FREE money.
You need the following: Two direct debits active on your account and at least £800 received into the account such as your salary, pension, housing benefit, all social benefits, tax credit etc.
You don't need a great credit rating either to open this account and you easily upgrade your account even if you have a basic account, I know plenty of people who have been recently bankrupt and have this account.
We’ll give you up to £7 every month that you’re eligible to say thank you for banking with us
We’ll pay your Loyalty Reward into your Rewards Wallet on the same day, as long as you’ve paid in at least £800 and paid your £3 fee each month
When you join we’ll ask you to choose a suitable current account for Barclays Blue Rewards. Most of our accounts are suitable, including Premier.
All comments (43)
TheEnglish909
23 Sep 17#1
I've had this Barclays Blue Rewards account for the last year now, I simply allow Barclays to remove £3 from my current account, then straight away they deposit £7 automatically. So every month you earn £4 it's FREE money.
You need the following: Two direct debits active on your account and at least £800 received into the account such as your salary, pension, housing benefit, all social benefits, tax credit etc.
You don't need a great credit rating either to open this account and you easily upgrade your account even if you have a basic account, I know plenty of people who have been recently bankrupt and have this account.
We’ll give you up to £7 every month that you’re eligible to say thank you for banking with us
We’ll pay your Loyalty Reward into your Rewards Wallet on the same day, as long as you’ve paid in at least £800 and paid your £3 fee each month
When you join we’ll ask you to choose a suitable current account for Barclays Blue Rewards. Most of our accounts are suitable, including Premier.
holeymoley18
23 Sep 17#2
No brainer if you have an account with them, or if like me, a financial product as you get even more of a bonus for the £3 fee. Better accounts to target first though if planning to play the switching game. I just transfer in enough to cover my repayment amount and the 2 direct debits. Don't use the a/c apart from that.
TheEnglish909
23 Sep 17#3
splender
23 Sep 17#4
Who pays for this ? Is it from upping the charges from all customers and then give a bit back as a strategy to nourish customer's goodwill?
TheEnglish909 to splender
23 Sep 17#5
I don't pay any charges for any accounts, I don't go overdrawn or anything. I simply allow them to take £3 and then they give me £7 it's a win win.
EndemicAlarm to splender
23 Sep 17#9
It pays for itself. Banks can earn interest and invest money too. An £800 minimum income every month means the £4 they're returning gives you 0.5% at the most.
Muir to EndemicAlarm
23 Sep 17#15
It's not income, though. There's nothing stopping you from transferring the same £200 in and out of the account 4 times a month to reach the £800 threshold. In fact you could have similar accounts with multiple banks (that also offer bonuses in exchange for receiving funds) and earn multiple rewards with the same money, just transferring from one to the other. There's no rule that the funds have to stay in the account for any period.
vshylock to EndemicAlarm
23 Sep 17#17
Unless you pay in and out straight away... :nerd:
amour3k to EndemicAlarm
23 Sep 17#24
Exactly!.
People be somehow thinking that the Bank's are unable to balance their book's as it were? (because the Bank's be perhaps poor, or something?).
Think again ... lol. :-D
DealAnarchy to EndemicAlarm
24 Sep 17#28
Why quote monthly interest? If you kept in 800 most of the time (i.e if you pay off a credit card every month and the money sits in your account until the direct debit for the credit card), this is still around 5% interest per year. This is a decent sum. obviously the less is on the account on average the higher this becomes. You can get loans for 4-8% so the bank is barely making anything off this, if at all - directly anyway. As people sign up for other products from barclays they will likely make it back.
gazEE
23 Sep 17#6
I think this is to entice customers away from free banking - reel them in with the reward and then some time down the line they will remove the cash incentive/
Halifax £5 has gone down to £3
Babbler to gazEE
23 Sep 17#7
TSB Is the best at the moment. £5 a month plus another if you have a few direct debit plus 3 percent.
ahenners to Babbler
23 Sep 17#11
This. Switched for the £130 bonus too.
smartdeals123
23 Sep 17#8
Thanks OP
cullies
23 Sep 17#10
its a carrot for charging you a bigger fee down the line and hoping you don't move away
No thanks
Redbu11
23 Sep 17#12
If any of direct debits fail they continue to charge you the £3 fee but not give you the reward money. Happened twice with me.
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Opening post
You need the following: Two direct debits active on your account and at least £800 received into the account such as your salary, pension, housing benefit, all social benefits, tax credit etc.
You don't need a great credit rating either to open this account and you easily upgrade your account even if you have a basic account, I know plenty of people who have been recently bankrupt and have this account.
All comments (43)
You need the following: Two direct debits active on your account and at least £800 received into the account such as your salary, pension, housing benefit, all social benefits, tax credit etc.
You don't need a great credit rating either to open this account and you easily upgrade your account even if you have a basic account, I know plenty of people who have been recently bankrupt and have this account.
People be somehow thinking that the Bank's are unable to balance their book's as it were? (because the Bank's be perhaps poor, or something?).
Think again ... lol. :-D
Halifax £5 has gone down to £3
No thanks