Table of Contents
- Barclays to remove its £5 a month loyalty bonus for Blue Rewards members
- It’s replacing it with a free subscription to Apple TV+ and US Major League Soccer.
- We analyze whether Blue Rewards is still worth it
Barclays is scrapping its monthly loyalty bonus payments for Blue Rewards plan members in a shake-up of its rewards.
Blue Rewards members currently get a £5 a month cash bonus for paying at least £800 a month into their linked current account and paying two direct debits.
But starting September 4, Blue Rewards members will no longer receive this cash bonus.
Instead, Barclays is replacing its cash rewards with free Apple TV+ (normally £8.99 a month) and a US Major League Soccer streaming service (normally £15 a month).
Barclays to remove its £5 loyalty payment for Blue Rewards members
Other monthly cash rewards for customers with Barclays mortgages, loans and life insurance are also being removed.
These include £5 for members with a Barclays mortgage or life insurance policy that includes critical illness cover, £1.50 for those who have a life insurance policy without critical illness cover and £1 for those who They have a loan with Barclays.
Is Blue Rewards worth keeping now?
Blue Rewards is a program that Barclays current account customers are eligible for. It offers linked savings accounts and cashback benefits for a £5 monthly fee.
The £5 loyalty payment offset the cost of the monthly fee. Now, with its removal, Blue Rewards members are actually paying £60 a year for Blue Rewards “benefits”.
Benefits maintained by Blue Rewards include the ‘Rainy Day’ easy-access linked savings that pays 5.12 per cent on balances from £1 to £5,000.
The rate is 1.16 per cent on balances over £5,000, which is incredibly low in the current environment.
Outside of Barclays, savers can find easy-access accounts that pay 5 per cent or more and won’t have to pay £5 a month for them.
Oxbury Bank currently has an easy access account that pays 5.02 per cent on balances over £20,000.
Meanwhile, Monument Bank is offering 5.01 and Yorkshire Building Society is paying 5 per cent interest.
> See This is Money savings charts: The best easy-access accounts
Blue Rewards members can earn up to 15 percent cash back from some retailers when they use the debit card linked to their Blue Rewards account.
From September 4 to November 30, Blue Rewards members can earn 1 per cent Bank Cash on all debit card transactions up to a maximum of £5 a month.
Chase Bank already offers this for free with its current account and its cashback offer is capped at £15 per month.
You’ll need to pay a minimum of £1,500 a month into the account to get it.
Barclays said Blue Rewards account holders will receive benefits worth up to £44 per month, an increase from the previous £35.50 if they use all Blue Rewards benefits.
But unless you’re a big fan of American Major League Soccer or like Apple TV, the rewards are unlikely to be worth it.
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