Barclays is DOUBLING Blue Rewards points on current accounts for a year but is it worth switching?
New customers could earn up to £348 a year when they switch to using Barclays Blue Rewards scheme - but is it the best switching offer around?
BARCLAYS is offering double cash rewards for new customers who switch to using the bank's current account.
New customers can earn at least £132 in the first year after opening the account - but is it worth switching?
To get the rewards you need to switch your current account to Barclays using their current account switch service before June 29.
If you are willing to buy a range of Barclays products you could earn an extra £348 a year.
New customers who only switch to a Barclays current account can earn up to £132 in the first year of opening the account.
But Barclays isn't the only bank to offer new customers bonuses for switching, so it is worth shopping around before you commit.
More on money
Barclays Blue Rewards scheme offers new and existing customers perks and cash rewards for banking online or using the bank's app.
The scheme costs £3 a month and requires customers to have a minimum of £800 in the account, as well as setting up two direct debits to paid from the account.
You will get £7 for every month that two of your direct debits come out - this is boosted to £14 a month if you are new customer switching as part of this deal.
If you are a new customer switching accounts now you can earn £132 in the first year - That's £14 a month taking into the £3 monthly fee.
Existing customers switching onto the Blue Rewards scheme will only get the same rates for the first month after they switch.
What are the other options?
HERE are some of the other banks that offer customers benefits for switching to their current accounts
Halifax: Halifax offer new customers £75 for switching to their rewards or ultimate rewards account.
As well as this the account has no fees and will pay you £3 a month when you have £750 and two direct debits coming out of the account, and stay in credit - this amounts to £36 a year.
First Direct: First direct's 1st account comes with a £250 interest free overdraft and customers can choose from a range of gifts when they switch.
These gifts include £150 worth of Expedia vouchers, a free Polaroid camera or Bose wireless headphones as well as access to over 250 self improvement courses.
But, the account has to have £1,000 paid into it within the first three months to complete the switch.
Marks and Spencer: M&S bank offers new customers a £125 M&S gift card for switching.
For the first year you will receive a £5 gift card every month as long as you pay £1,000 into the account and set up two direct debits.
You can earn higher cash rewards with the scheme by taking out loans or insurance or other products with Barclays.
If you take out a mortgage with Barclays you get an extra £5 a month - or £10 for new customers.
Taking out home insurance nets you £3 more a month or £6 if you are just switching over.
A personal loan will only give £1 a month - or £2 for new customers.
Taking into account the monthly fee, if you took out all these products with Barclays you could earn £348 a year.
Is the deal any good?
If you are after cash rewards Barclays Blue Rewards account is a good option.
But, to maximise the amount of cash you can receive you need to buy lots of other Barclays products.
Other accounts offer much faster rewards such as free gifts or a cash sum when you switch - the Barclays account is comparatively slower if you are after a quick reward for switching.
It is always worth shopping around to see what other banks are offering.
Before you commit to a new bank you should always make sure that the switch will suit your financial needs - and sometimes the best bank account isn't the one with the best switching deal.
Barclaycard are also offering customers £20 when they move their debts to one of the bank's balance transfer cards.
If you have multiple current accounts with different banks there is now an app which lets you see all of your accounts in one place - but is it safe?
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516. Don't forget to join the for the latest bargains and money-saving advice.