Barclays axes monthly loyalty bonus as part of Blue Rewards overhaul

Changes to the Barclays Blue Rewards scheme, including replacing the £5 monthly loyalty bonus with other perks, kick in from today (4 September).

The optional scheme, which costs £5 a month, now includes streaming subscriptions such as Apple TV, a linked savings account and cashback incentives. 

Here, we reveal what changes have been made to Blue Rewards and how Barclays ranks against other current account providers. 

Barclays axes Blue Rewards loyalty bonus

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

The bonus was 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 have also been axed as part of the overhaul. This includes:

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

Blue Rewards: new and existing benefits

Barclays has replaced its cash incentives with the following perks:

• 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% AER on balances from £1 to £5,000, and 1.16% on balances above £5,000.

The 'Blue Rewards Saver' is also still available. This savings account offers interest of 3.56% in months when 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. 

Between today and 30 November 2024, you can earn 1% cashback (up to a maximum of £5 per month) when you spend with your eligible Barclays Visa debit card.

The cashback payment will appear on your Barclays Cashback Rewards account in the statement section as ‘Barclays Spend Reward’. The cashback payment will move to 'Available cashback' as soon as you reach the total monthly cashback value of £5, or on the 5th of the following month if you have earned cashback below the value of £5.

You'll continue to earn cashback from retailers alongside this promotion. 

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Perks worth £44 a month

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

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.

How to sign up for Blue Rewards

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. 

• Find out more: best bank accounts for cashback

Is Barclays a good banking provider?

In our most recent bank account survey, Barclays ranked 8th out of 21 providers for customer service, with an overall customer score of 74%.

The bank achieved ratings of three stars in most categories and four stars for its mobile banking app. 

When we assessed specific bank accounts, the Barclays Bank Account ranked 5th out of 32 accounts, achieving a score of 70%.

If you want to change providers, see our guide on switching your bank account, which includes details of the latest bank account switching bonuses. 

• Find out more: best and worst banks for 2024

This story has been updated since it was first published on 25 June 2024. The last update was on 4 September 2024 to explain the changes are now live and to include details of the cashback offer.