Looking for a bank that offers you a little extra? Take a look at my Barclays Blue Rewards review to see how much it costs and what you can earn back.
You get nothing in this life for free. Well, that’s not strictly true. Look hard enough and you can find a few freebies.
One of these “freebies” is the Barclays Blue Rewards Scheme. Now, the eagle-eyed among you will notice that I’ve used speech marks around freebies. Technically, you have to pay a fee every month to get your freebie. Which kind of makes it sound like it isn’t free when really it is. Confused? Read on.
Why would they give me something for nothing?
You may not know, but switching bank accounts has become incredibly easy over the last couple of years. In 2018, a total of 929,070 bank switches were made by consumers as we searched for better service and deals. This is great news for customers as banks are forced into improving what they have to offer.
Because of this, many banks are offering you money to switch to them. After all, in the long run, they’ll make a lot of money back from you.
Some banks will offer you £100-£200 to switch, whilst others will offer you a monthly incentive to stay. The Barclays Blue Rewards Scheme is one of those designed to keep you as a loyal customer.
How does it work?
If you’re a Barclays current account holder, you just need to sign up for the Blue Rewards through your online account.
You’ll then be charged a monthly fee of £4. But as long as you pay in £800 each month, you’ll receive £3.50 back for the first 2 direct debits you have set to come out of your account. That’s a £3 monthly profit without any effort.
But the earnings don’t end there. You can also earn extra if you have a mortgage (£5), loan (£1) or home insurance (£3) with Barclays.
In total, you could make £12 per month profit from this account, which works out at £144 per year.
Your rewards are paid into a “Blue Rewards Wallet” every month, which you can then transfer to your current account.
How do I sign up for Barclays Blue Rewards?
Simply log into your Barclays account and join. It will take you a couple of minutes at most.
If you aren’t currently a Barclays’ customer and your bank isn’t offering you any rewards, why not consider switching?
With the Current Account Switch Guarantee you can change your bank quickly and easily. All your direct debits and standing orders are switched over by you bank effortlessly.
Barclays also offers a cashback scheme when you shop. Similar to the likes of TopCashback and Quidco, visit the Barclays site or app before you make your purchase and you’ll receive money back from your shop.
During November and December, the likes of Currys and Argos were giving you a very generous 10%. Plus, as a Blue Rewards member, an extra 1% was given on top.
In just over 3 months, I have managed to earn just over £90 from my Barclays account.
And keep an eye out to see if there are any special offers. Barclays occasionally offer new customers who switch their current account to them, double rewards for the 1st year.
If you’re an existing customer, Barclays often offer double rewards in the first month you join Blue Rewards, so keep an eye out.
My Barclays Blue Rewards review conclusion
This is a must for Barclays customers. As long as you remember to transfer in £800 and have 2 Direct Debits, you can earn a minimum of £3 easily. Plus, the cashback offers can be generous compared to many other similar schemes.
But don’t expect the scheme to be about forever. Barclays already increased the fee from £3 up to £4 and other reward schemes have already cut their benefits. Still, get it while it’s hot!
If you want to join or just find out more, take a look at the Blue Rewards scheme.
If my Barclays Blue Rewards review hasn’t convinced you, take a look at some other current accounts that reward you.