Is it value including the fee-paying further to your Barclays present account?

Barclays prospects typically get a poor deal for bonuses and freebies, and the Blue Rewards scheme has been fairly poor in comparison with different banks.

You get a 4.87% AER price on financial savings and free Apple TV+. I’ve taken a have a look at whether or not it’s value signing up.

What are Barclays Blue Rewards?

Barclays Blue Rewards is an add-on you possibly can select to place in your Barclays present account. You’ll must pay a month-to-month charge, which is at the moment £5 a month. This makes it one of the costly add-ons for present accounts.

For the month-to-month quantity, you get an unique 4.87% financial savings account and free Apple TV+ streaming, and different advantages come alongside every so often.

Barclays Blue Rewards necessities

First, it’s a must to have a Barclays present account. You’ll be able to’t get Blue Rewards if you have already got Barclays Avios Rewards, although you possibly can change over.

Barclays Premier present account holders can now not add this to their account, although they’ll get the Wet Day Saver and Apple TV+.

To get the rewards it’s good to:

  • Deposit £800 into the present account each month
  • Pay £5 a month charge
  • Register for on-line banking or app banking (app just for new prospects from 4 September 2024)
  • Be over 18 years outdated

It’s value noting that the £800 doesn’t want to remain within the account, so you possibly can withdraw it to a unique present or financial savings account (or spend it), immediately.

What you get with Barclays Blue Rewards

Wet Day Saver: 4.87% on as much as £5,000

This Wet Day Saver presents an unique price of 4.76% gross / 4.87% AER for Blue Rewards members. Although you possibly can maintain as much as £10 million there, you’ll solely earn the speed on the primary £5,000.

On the time of writing, it’s a good price however it will probably be beaten with other savings accounts. Listed below are some examples of what you’d make over a 12 months:

  • Save £500 for 12 months to earn £24.35
  • Save £1,000 for 12 months to earn £48.70
  • Save £2,500 for 12 months to earn £121.75
  • Save £5,000 for 12 months to earn £243.50

It’s absolutely easy accessibility, so you possibly can take out and deposit the cash as and once you need. There’s just one account per individual, whether or not that’s in sole or joint names.

To seek out and open the account within the app, go to the Merchandise tab on the backside of the display screen, click on financial savings, then “see all accounts”. You’ll then see the Wet Day Saver account to open. It’s also possible to open it on-line, over the cellphone or in department.

Curiosity from financial savings is paid straight into the financial savings account, so when you have the complete £5,000 saved you’ll wish to withdraw the additional on prime every month and transfer it to a greater paying account.

Be aware that is completely different from the Blue Rewards Saver which pays far much less.

Apple TV+ & MLS season cross

A brand new supply since June 2024 is free Apple TV+, value £8.99 a month. This alone is value £107.88 a 12 months, so even with the £60 annual charge, you’re in revenue.

Nonetheless, there are regular free passes for Apple TV+, even for earlier prospects. I’ve had 25 months free within the final 41 months, and have by no means paid a penny! And even for those who’re completely happy to pay full worth for it, there’s actually not sufficient content material on there to justify a complete 12 months.

It’s also possible to add on Apple’s Main League Soccer (MLS) season cross at no cost, which for those who would pay for usually might symbolize a good saving because it prices £99 for a 12 months.

1% cashback

From September to November 2024 there was 1% cashback on spending along with your Barclays debit card. This will return once more this 12 months. It was a good providing however because it was solely non permanent and will be matched or beaten elsewhere it’s not a purpose to join or keep on with Blue Rewards.

Unique presents

Occasionally there are different presents and competitions. The principle one to verify is as much as 15% cashback at chosen manufacturers by way of the Barclays Cashback Rewards characteristic – although you can even get this at no cost by way of a Barclaycard.

Are Barclays Blue Rewards value it?

Andy’s Evaluation

Blue Rewards have at all times been the poor cousin to higher schemes from Halifax and Lloyds, and even Natwest/RBS.

The modifications in 2024 and the speed drop in 2025 put not simply Blue Rewards, but additionally Barclays, proper on the backside of the pile. If you have a look at all the pieces you get, it’s good to resolve if £60 a 12 months is value it.

I feel not.

Sure, the financial savings account could possibly be value as much as £243.50 per 12 months, however you may get related or higher charges elsewhere, particularly once you think about that month-to-month charge, which brings the efficient rate of interest down to three.56% for those who save the complete £5,000.

I additionally don’t assume signing up for the Apple TV+ perk is value it. You’ll lower your expenses versus full worth, however might pay much less by deal searching and only signing up for the streamer in the months there’s something you want to watch.

How to join Barclays Blue Rewards

First, it’s good to have a Barclays present account. When you’ve obtained this, you want to join Blue Rewards out of your on-line banking or the app.

Easy methods to cancel Barclays Blue Rewards

For those who resolve you don’t wish to proceed with Blue Rewards you possibly can simply cancel it in your on-line or app banking. I did in on the app in only a few seconds.

  • Open up your app and select Blue Rewards from the house display screen
  • Scroll right down to the underside of the display screen
  • Choose “Depart Barclays Blue Rewards”
  • Tick the field on the backside of the display screen
  • Press the “Verify” button

Any cash you’ve gotten left or pending within the Blue Rewards pockets might be moved to your present account. For those who want to rejoin you’ll have to attend at the least two days.

Alternate options to Blue Rewards

Barclays isn’t the one financial institution to supply extras, and lots of have advantages with out having to save lots of any cash. You can select to modify your account to a unique financial institution (and maybe nab a switching bonus) or you possibly can merely open up further present accounts.

I’ve gone into element on the best reward current accounts right here, although listed here are my picks and hyperlinks to critiques with additional particulars: