Earn Money for your Everyday Banking
On a recent trip to the bank, the cashier mentioned Barclays Rewards and how you could earn money for your everyday banking. I’d heard of it but I knew it involved a monthly cost, so really hadn’t given it the time of day.
The cashier said that based on activity in my account, I was missing out on almost £40 per year free. This I had to check out.
To join Barclays Rewards there is a fee of £4 per month. In return they pay you ‘rewards’. One of the rewards is for simply paying just two direct debits each month, which I am sure most of us do, and for this they pay you £7 per month.
Let’s do the maths - I pay them £48 per year (4 x 12) and they pay me £84 per year (7 x 12) resulting in a profit of £36 per year for doing nothing but my regular banking!
How to Join Barclays Rewards
The first thing I did was log in to my online banking to see how many direct debits I paid out each month. I couldn’t remember which were standing orders and which were direct debits. There were plenty and so I decided to join.
There was a menu item in the quick links on the right hand side and it took less than one minute for me to opt in and agree to pay the £3 per month fee.
The £3 monthly fee gets taken from your current account, but money earned gets put in your ‘Reward Wallet’. You can, however, transfer this money from your ‘wallet’ to any of your Barclays accounts at any time.
There are additional rewards too:
- Insurance reward – get up to £3 per month when you have a Barclays buildings or contens policy
- Platinum Barclaycard reward – get £1 cashback every month you spend on your card for up to 24 months from opening
- Mortgage reward - £5 per month if you take out a Barclays mortgage
- Barclayloan reward - £1 per month when you take out a personal loan
- Cashback when you shop – available at up to 150 retailers.
Should I Sign Up?
Now I’m not suggesting you deliberately go out and sign up to any off the offers above – BUT if, as I was, you already bank with Barclays and you qualify for any of the offers, even if it is just the Direct Debit reward as I do, then it is definitely worth signing up.
Why not pin this for later?