Barclays will pay new customers £200 to open a current account

Barclays has launched a new current account switch offer, paying £200 if you make the move by 27 August.

The deal shoots the bank up the table of the top switch bribes to join First Direct and NatWest, which are also paying £200.

There aren’t many hoops to jump through to bag the cash. You need to be new to the bank, and can’t have taken a switch incentive from it in the past.

Then you must use the current account switch service (Cass) after opening an account to complete the move and pay in £2,000 within 30 days.

If you can switch to Barclays Premier instead – which requires a gross annual income of £75,000 or more or at least £100,000 in savings or investments – then the bank is offering a ‘unique’ experience incentive worth up to £600. 

This includes annual family passes for Merlin venues such as Legoland as well as concert tickets, hotel stays and meals out. 

Barclays is calling this reward a first of its kind. But is it any good – and would you prefer hard cash?

Merlin magic: Legoland is available under the annual entertainment pass

How does the switch bribe compare? 

The £200 switch deal is on the stronger side but ultimately isn’t different to the swathe of incentives banks have offered in recent months.

First Direct has boosted its long-standing £175 bribe to £200 until 15 July, while NatWest is also paying £200.

Lloyds ran a £200 switch deal earlier this year but isn’t currently offering a reward.

Kate Steere, a money expert at comparison website Finder, said Barclays’ standard account is ‘fairly basic’ but you can unlock more value by joining Barclays Blue Rewards.

‘Although it’s not a requirement for the switch, Blue Rewards hooks you up with free Apple TV+ which usually costs £9.99 a month, and grants access to the Rainy Day Saver, which offers a solid 3.96 per cent AER on balances up to £5,000,’ she added.

Blue Rewards costs £5 a month, so it’s only worthwhile if you can maximise the perks.

How does the Premier offer stack up?

The Premier incentive is certainly different, but its value depends on whether you’ll use the experience you choose – and whether it’s available in the first place.

Firstly you must switch to a Premier current account – including at least two direct debits – and pay in at least £4,000 within 30 days of opening your account.

Then Barclays will email you with available switch reward packages from one of four categories:

• Dining – premium experiences at top venues, such as Gordon Ramsay restaurants 
• Stays – luxury UK hotel breaks
• Live events – premium tickets to UK shows such as concerts and sporting events
• Family days out – such as annual entertainment passes and movie experiences

Earlier this year Barclays was paying £400 hard cash to switch to its Premier account.

It’s possible most would prefer this to the promise of a future experience.

‘The catch is that you can only choose one, and everything is subject to strict availability,’ said Kate Steere from Finder.

‘It’s a great bonus if you want the Premier account anyway, but not worth the effort just to chase a reward you might not even get to book.’

Lloyds is also running a quirky incentive

Lloyds is running its own unique incentive in the absence of a switching deal.

If you have a current account with the bank and pay in a monthly salary of at least £1,000 then you’ll be entered into its payday prize draw.

This runs monthly from June until ‘further notice’ and the prize is £2,026.