Barclays Initiates £500 Cashback Incentive for ISAs, Albeit with a Provision. Insight into Its Functioning Follows
Barclays has announced a new ISA switching incentive as part of an "End of Summer Sale" limited-time offer. The bank is offering up to £500 cashback for transferring a cash ISA to Barclays, making it an attractive option for savers looking to maximise their returns.
The offer is available to savers who have a Barclays current account and are over 18. To be eligible for the full £500 cashback, accounts must be opened by 28 November, and a minimum amount of £10,000 must be transferred into a Barclays Cash ISA. For those investing smaller amounts, the cashback reward increases incrementally. £100 is given for amounts between £25,000 and £49,999.99, £200 for amounts between £50,000 and £99,999.99, and £500 for amounts of £100,000 or more.
Shopping around is essential, as savers could earn more interest on a cash ISA with other providers. However, Barclays offers competitive rates, with Trading 212 providing 4.38% on its cash ISA, and Plum offering a product at 4.37%.
For those considering a stocks and shares ISA, the returns could be higher over the long-term. While Barclays does not offer cashback rewards for stocks and shares ISA transfers, other providers such as Charles Stanley offer up to £1,500 cashback on such transfers, with at least £1,000 back for transfers of £100,000 or more.
Barclays offers a range of easy access and fixed rate ISAs. The bank's best one-year fixed rate cash ISA is 4%, but it is only available for premier and wealth management clients with a gross annual income of at least £75,000 and £100,000 of savings or investments with the bank. For all customers, Barclays offers a one-year fixed rate cash ISA at 3.7%.
The transfer can be made into a new or existing Barclays cash ISA through the ISA transfer service in the Barclays app or via online banking. The money for the transfer can come from multiple accounts, but Lifetime ISAs, Help to Buy ISAs, and other Barclays ISAs are excluded.
The cash will be sent to the current account within 60 business days after 28 November 2025. This offer is a great opportunity for savers to boost their returns and take advantage of Barclays' competitive ISA offerings. However, it's always important to compare rates and terms with other providers to ensure you're making the best decision for your savings.
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