Barclays is offering people £175 as a switching bonus if people move their current account to the bank.
Customers who switch their bank account to the high-street provider will get cash as long as they have not received switching cash from Barclays before and have not had an account since Monday 8 July.
On top of the money, new customers will get access to Apple TV and an MLS soccer season pass subscription.
However, there are several catches to access the account.
How to get the cash
To switch to Barclays bank account, it’s standard current account, you firstly need to open a sole account via the Barclays app – this cannot be a joint account.
You then need to switch an account from an existing bank using the current account switch service (CASS), including two or more active direct debits.
Then, you have to join its “Blue Rewards” scheme, for which there is a £5 a month fee.
With Blue Rewards, you’ll get Apple TV+ and MLS Season Pass subscriptions and also get up to 15 per cent cashback with participating retailers.
You have to pay in £800 or more per month, and register for digital banking.
As long as you pay in £800 by 30 August, you will be paid your £175 within 28 days.
Once you have the cash you are then free to switch away to another bank account, and stop paying the £5 per month.
Some experts say this could be the best choice for a lot of people.
Consumer website MoneySavingExpert.com has said: “Until recently, it was possible to get an ongoing £5 per month cashback – which essentially waived the monthly fee – but this will no longer be offered from September, as Barclays is shaking up its reward scheme.
“So, whether or not it’s worth continuing to pay the monthly fee after you get the switch cash will depend on whether you value the perks that come with it.”
However, others think there are better deals on the market.
Andrew Hagger of Moneycomms said: “It’s not as appealing as some of the other recent deals. There are some restrictions to be aware of – you need to open the account via the app (not in branch or online) and you also have to sign up for Barclays rewards to get the deal but that costs you £5 per month.
“I don’t see it driving huge switching numbers – mainly down to the mandatory £5 monthly rewards fee – that’s £60 of the £175 freebie handed back to Barclays in year one alone.”
Alternatively, if people want to switch to Barclays Premier current account, they will also get the £175 switching bonus.
However, it is only available to customers who have a Barclays current account. Importantly, they will either have to pay in a gross annual income of at least £75,000 or have a total balance of at least £100,000 in savings or investments, or a mix of both.
Other banks currently pay switching cash too
Barclays is not the only bank with a cash for switching offer at the moment. Both first direct and Lloyds are also offering deals.
Below is a table of the other two offers on the market and how they compare.