24 Jun 2024

Barclays to axe monthly loyalty bonus for Blue Rewards members

Scheme will include free Apple TV+ from September as part of overhaul

Barclays is set to scrap the monthly loyalty bonus it pays to its 'Blue Rewards' members.

Blue Rewards is an optional scheme for Barclays current account customers. It offers linked savings accounts and cashback benefits in exchange for a monthly fee of £5.

Read on for more information about how the scheme is changing and to find out how Barclays ranks against other current account providers.

Barclays to axe Blue Rewards loyalty bonus

From 4 September, members of Barclays' Blue Rewards scheme will no longer be paid a £5 monthly loyalty bonus.

The bonus is currently awarded to members who pay at least £800 a month into their linked current account, and have two or more active direct debits.

A series of additional monthly cash rewards for members with other Barclays products will also be axed as part of the overhaul. These currently include:

£5 for members with a Barclays mortgage.
£5 for members who have a Barclays life insurance policy including critical illness cover.
£1.50 for those who have a life insurance policy without critical illness cover.
£1 for those who have a loan with Barclays.

Blue Rewards: new and existing benefits

Barclays is replacing its cash incentives with the following perks from September:

Free Apple TV+, worth £8.99 a month
A US Major League Soccer (MLS) season pass, worth £14.99 a month during the season, which runs from February to October.

Linked savings accounts

Blue Rewards members can still benefit from the bank's 'Rainy Day Saver' instant-access savings account. This offers a rate of 5.12% on balances from £1 to £5,000, and 1.16% on balances above £5,000.

The 'Blue Rewards Saver' will also still be available. This savings account offers interest of 3.56% in months where members don't make a withdrawal.

Cashback incentives

Members will remain eligible for Blue Rewards cashback incentives, including 15% cashback on debit card spending at participating retailers.

Barclays will also run a new promotion offering members 1% cashback on all debit card spending (up to total cashback of £5 a month) between September and November.

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Perks worth £44 a month

Barclays says members who use of all of the perks included in Blue Rewards will be able to enjoy benefits worth £44 a month, up from the current level of £35.50 a month.

It says it will send monthly notices to encourage members to use the new perks, and that from March next year it will undertake 'ongoing reviews' into usage.

Customers who aren't using any of the core features of Blue Rewards (savings accounts, cashback benefits or Apple TV+) may be reverted to a standard fee-free account.

If you're unhappy with the changes to Blue Rewards, you can cancel your membership via online banking or the Barclays app.

You'll need to do this before 5pm on the last day of the month, or you'll be charged for the following month.

Blue Rewards can be added to most Barclays current accounts. To be eligible for the rewards, you'll need to meet the following criteria:

Be a UK resident aged 18 or over, with an eligible Barclays current account.
Pay a £5 a month fee.
Have at least £800 paid into your nominated current account each month.
Be registered for the Barclays app or online banking. From 4 September, customers will only be able to sign up for Blue Rewards via the app.

Barclays is one of a host of providers offering current accounts that pay cashback. If you open an account, it's important to keep an eye on how the fees and benefits change over time.

For example, these aren't the first changes to the Blue Rewards account. The monthly fee increased from £3 to £4 in 2019, then again to £5 in 2022.