Launching today (Monday, May 20), customers can sign up to the programme by paying a monthly fee of £3 (£36 per annum) and can then earn up to £15 a month (£180 per annum) in fixed cash rewards, irrespective of their account balance. That nets down to £144 a year.
On top of the fee, customers must deposit a minimum of £800 per month into their current account and use it to pay at least two direct debits.
Here’s how it works:
Monthly Fee Customers pay a £3 monthly fee from their chosen Barclays current account
Monthly Loyalty Reward All customers who sign up to the programme receive a £7 monthly cash reward paid into their digital Rewards Wallet (all customers therefore receive a net cash gain of £4 per month)
Mortgage Loyalty Reward All existing and new mortgage customers will receive £5 per month for the term of the mortgage
Home Insurance Loyalty Reward All new insurance customers or existing customers who renew their existing policy/re-insure with Barclays will receive £3 per month.
So that’s £15 a month gross as the maximum, netted down to £12 once you’ve paid the fee.
|“On top of the fee, customers must deposit a minimum of £800 per month into their current account and use it to pay at least two direct debits…”|
Accrued earnings will be deposited into the rewards wallet. They can be transferred into your bank account at any time.
Catherine McGrath, Barclays’ managing director of personal banking, said: “Building lasting relationships with all our customers means rewarding everyone, no matter what they earn.
“The more you bank with us, the more cash you get to use as you choose. With rewards on savings and other Barclays products launching soon, customers can be confident we’ll continue to give their monthly earnings a welcome boost.”
The rewards programme can be accessed through the mobile banking app or Barclays’ online banking from next week.
Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.