Barclays is offering its customers to earn £500 extra cash when using one of its ISAs. Cashback offers are typically associated with stocks and shares ISA providers, who use them as a marketing tool to attract new investors.
These incentives often come in the form of financial rewards given when someone opens an account, deposits funds, or transfers investments from another provider. It’s a strategy designed to encourage people to choose their platform for long-term investing by offering a tangible benefit upfront. However, Barclays is giving a rare deal on a cash account that can help the savers to earn up to £500.
To qualify for the full £500 cashback offer, you must transfer at least £100,000 to the bank. Smaller transfers result in reduced rewards: transferring between £25,000 and £49,999.99 earns just £100, while any amount below £25,000 doesn’t qualify for cashback at all.
The cashback offer is available until November 28, giving you plenty of time to take advantage of it. However, it’s only open to customers who hold a Barclays current account. If you are not already a Barclays account holder, you will need to open one before you can qualify for the deal.
The cashback deal also extends to its ISAs for Premier customers, which offer more competitive interest rates. However, eligibility for Premier status comes with financial requirements—you must either have an annual income of at least £75,000 or hold £100,000 or more in savings and investments with Barclays.
You must use the Isa transfer-in service to deposit money into a Barclays Isa with eligible accounts including:
Instant Cash Isa – 1.11 per cent AER variable
Reward Isa – 2.75 per cent AER variable (drops to 0.85 per cent in months you make a withdrawal)
1-year Flexible Cash Isa – 3.7 per cent AER fixed for a year (you can make three withdrawals over the term, each up to 10 per cent of the balance)
18-month Flexible Cash Isa – 3.55 per cent AER fixed for 18 months (the same withdrawal limit as above applies)
