Barclays has unveiled a new bank switching offer worth up to £600 – but only a select group of customers will be able to get their hands on it.
The banking giant has launched what it describes as a “first-of-its-kind” reward for people moving to its Premier Current Account, replacing the usual cash incentive with luxury experiences including hotel stays, fine dining and premium event tickets.
The offer runs from 9 June until 27 August and is aimed at customers who qualify for Barclays Premier banking.
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Rather than receiving a cash bonus, successful switchers will be able to choose from a range of rewards valued at up to £600, as reported by Whats The Jam.
Options include Michelin-star dining experiences at restaurants such as Lucky Cat by Gordon Ramsay, Savoy Grill, Pétrus and Restaurant 1890, complete with curated menus, wine pairings and even a £50 Uber credit.
Customers can also opt for luxury UK hotel breaks with brands including Dakota Hotels, De Vere and Harbour Hotels, with perks such as champagne on arrival, three-course meals, spa access and breakfast included.
For sports and music fans, Barclays is offering premium tickets to major live events and sporting fixtures, while families can choose annual passes to attractions run by Merlin Entertainments alongside cinema memberships and movie tickets.
The move comes as banks continue battling for customers through increasingly generous switching incentives.
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However, there is a significant hurdle to qualify.
To open a Premier Current Account, customers must either earn at least £75,000 a year or hold £100,000 in savings or investments with Barclays, or a combination of the two.
New customers must then complete a full Current Account Switch Service (CASS) transfer through the Barclays app, move across at least two active direct debits and pay in £4,000 within 30 days.
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For those who don’t meet the Premier criteria, Barclays is also launching a more traditional switching offer.
Customers opening a standard Barclays current account can receive £200 cash if they complete a full switch, transfer at least two active direct debits and pay in £2,000 within 30 days.
The bank said both offers will run until 27 August.
Alongside the switching incentives, Barclays is expanding its customer rewards programme over the summer.
Premier customers can access weekly Barclays Experiences, including complimentary drinks from GAIL’s bakery, Apple Music subscriptions, prize draws for concert tickets and sporting memorabilia, and outdoor cinema experiences.
Meanwhile, all Barclays customers can earn 5% cashback on fuel purchases at Tesco petrol stations until 31 July, capped at £10 per month.
The latest promotion comes as competition intensifies among major banks, with switching bonuses becoming one of the most popular ways for customers to earn rewards simply by moving their current account.
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