Barclays will end its £200 current account switch deal at the end of the day on August 27, closing off one of the major cash incentives currently available to UK banking customers.
To claim the cash payment, customers must open an account using the Barclays mobile application and initiate the transfer through the Current Account Switch Service before the deadline expires.
Qualifying switchers must complete the full account transfer within 30 days, transfer at least two active direct debits, and pay £2,000 into the new account.
Barclays, one of the UK's major high street banks, operates across personal, business, and corporate banking. The Current Account Switch Service is a free UK banking scheme introduced to allow customers to transfer their current accounts between participating banks and building societies within seven working days, with payments and direct debits redirected automatically.
Competing bank switch bonuses
The closing deadline comes during a competitive period for retail banks using cash bribes to win new current account holders. HSBC is currently offering a higher £220 bonus to switchers, though customers face a £500 debit card spending requirement within 60 days of switching, which represents a higher barrier than alternative offers.
The Co-operative Bank previously boosted its switch offer to £300 for existing customers before that deal closed on August 17. The bank continues to offer a regular £200 payout, structured as an initial £125 payment followed by £25 a month for three months, provided customers deposit £1,500 monthly, use their debit card, and maintain two active direct debits.
NatWest offers a £200 switch bonus with less onerous terms, requiring no active direct debits. Customers must deposit £1,250 and log into the NatWest mobile app within 60 days to receive the cash.
First Direct and Nationwide are both paying a slightly lower £175 switch bonus to new account holders. Starling Bank is running an unusual switch incentive until October 11, offering a free SURI Pro 2.0 toothbrush instead of cash.
Cashback and savings interest rates
George Sweeney, a personal finance expert at the comparison website Finder, said a one-off cash bonus can be "attractive" but advised consumers to evaluate secondary incentives such as cashback and linked savings accounts. Finder is a web platform that compares financial products, savings rates, and banking services.
Highlighting alternative options, Sweeney noted that Nationwide combines its £175 switch deal with 5 per cent Annual Equivalent Rate (AER) interest on balances for 12 months, 1 per cent cashback up to £60 in the first year, and a linked regular saver paying 6.5 per cent AER.
Sweeney said: "All this means a savvy switcher could earn up to £394.50 in a year."
Sweeney also pointed to Chase, where customers can earn up to £240 annually through 2 per cent cashback capped at £20 each month on everyday categories including groceries, transport, and fuel.
Banks are also using non-cash rewards to attract switchers, such as Barclays offering Apple TV through its Barclays Blue Rewards subscription for £5 a month. Pointing to the overall market, Sweeney added: "All this is a good reminder to compare all the features of a bank account."
