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Barclays axes Blue Rewards monthly cashback – should you ditch it?

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Emily White
Emily White & Petar Lekarski
Created 24 June 2024 | Edited 3 September 2024

Barclays is overhauling its 'Blue Rewards' loyalty scheme for 100,000s of customers by scrapping monthly cash payments and adding Apple TV+ instead. The changes mean most should ditch the scheme from Wednesday 4 September. Here's what you need to know.

Many will have joined Blue Rewards in order to get the exclusive 'Rainy Day Saver' easy-access account that comes with it. That account pays 5.12% interest on up to £5,000. When it launched in 2022, it smashed the next-best rate of 2.5% and was popular with MoneySavers – yet these days the top standard easy-access savings pay 4.85%, and you can get up to 5% on smaller amounts.

Barclays is now shaking up its Blue Rewards proposition – here's what's changing:

Barclays Blue Rewards changes explained

NOT changing

• £5 a month fee;
• Minimum pay-in of £800 or more a month.

Perks being REMOVED

Ending on Tuesday 3 September:
• The £5 a month cash reward for paying out two Direct Debits – this effectively covered the fee, so without it the fee will be an actual cost;
• All other cash rewards for holding a Barclays mortgage, loan or life insurance policy.

Perks being ADDED

Available now:
• Apple TV+ subscription – normally £8.99 a month, but can often be had for free;
• Major League Soccer (USA and Canada pro football) streaming – normally about £12 to £15 a month.

Available from Wednesday 4 September:
• 1% debit card cashback on spending of up to £500 a month (so max £5 a month back) – but only until 30 November 2024. You can earn more elsewhere: Chase pays up to £15 a month with no account fee on an ongoing basis.

Perks staying the SAME

• Rainy Day Saver paying 5.12% AER variable on up to £5,000. If you factor in the now unavoidable £60 a year fee, this effectively becomes 3.83% on £5,000 saved (or even lower if you're saving less). You can currently get 5% on up to £3,000 with Santander-owned Cahoot, and at least 4.85% on bigger amounts elsewhere;
• Up to 15% debit card cashback at certain retailers. This isn't unique – Halifax, Lloyds, Monzo, Santander and Virgin Money all run similar schemes.

Should everyone ditch Blue Rewards?

Most should from Wednesday 4 September. As shown above, the 5.12% saver isn't the runaway winner it used to be, while the temporary 1% debit card cashback can be beaten elsewhere – so these perks are unlikely to be worth paying £60 a year for.

However, if you really like Apple TV+ and can't get it cheaper, or you'd normally pay full price for Major League Soccer streaming, the revamped Blue Rewards is still a good deal, as you'll effectively be getting both at a major discount (with the other perks as a bonus).

What does Barclays say?

Barclays said it is making the changes in order to "reflect what its customers value". In 2022, the bank reduced the monthly cash payments paid to its Blue Rewards members, while in 2021 it forced users to register for online or app banking to remain members.

It adds that from March 2025, if you've activated at least one of the "core" Blue Rewards features – determined as the Rainy Day Saver, Saver, cashback, Apple TV+ – and you're not earning at least £60 in value over the year, your Blue Rewards membership will be automatically removed and you'll stop paying the fee.

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Barclays Blue Rewards cash payment axed

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