Effective April 2022:
Update: Barclays are making yet another change to Blue Rewards. Cashback for Direct Debits are being capped at 5 pounds max. You still get 3.50 per direct debit. You’ll still get extra from Life Insurance, Mortgage. Apparently more benefits will be announced before April’s change.
I have the Blue Rewards with Barclay’s. Gets an extra four pound a month for me. All adds up hey. I will have a look at that link to read about how to avoid closure of it.
Unless you never login online then you are probably safe, in summary.
I have logged online many times and also use the app regularly.
Then you’ve nothing to worry about.
How do you get that?
I earn £7 in Rewards for a £4 monthly fee, so £3pm net.
Do you have another Barclays product which ups that for you?
Update: Barclays are making yet another change to Blue Rewards
Cashback for Direct Debits are being capped at 5 pounds max. You still get 3.50 per direct debit.
You’ll still get extra from Life Insurance, Mortgage.
For me though personally, this kills the account. I pay you 5 pounds, you refund me it? Why would I want that.
Apparently more benefits will be announced before April’s change.
I guess only really if you also have other Barclays products, like a mortgage or life insurance, as then you will get more than £5 back.
It also, potentially, could be worth it if the other offerings are decent. It would be like getting them “for free” (although I accept it’s clearly not as good as them paying you just for having the account).
It’s still potentially not to be sniffed at; Club Lloyds operates a similar way and provides quite tangible benefits. We will have to see what they come out with.
I’m not eligible for any more switches so there’s no rush for a decision with mine tbh.
It’s part of a trio of accounts that recycles money to meet minimum monthly deposits, so I’ll just leave it running for time being. At worst, it becomes a “pot” for £5 pm “savings”. That’s how I’d view it anyway.
Whether other offers of benefit come to light, only time will tell.
Yes, I’m in a similar position.
Having played the switching game and opened (and kept) accounts with many banks, I have personally exhausted any incentives for the time being, so I may as well keep my Barclays account even if I decide to opt-out of Blue Rewards, which I would do if I needed to move my Direct Debits elsewhere. I will have to review my arrangements slightly as I have been using Post Office Savings Direct Debits for some of my accounts, and they are coming to an end soon.
In the meantime, I will leave my account ticking over and wait to see if the new account benefits are worth anything to me.
It’s also personally worth me keeping a current account with Barclays to keep my Help to Buy ISA (which is with them) easy to operate.
And the actual post/thread, within MSE forum.