Barclays announces closure of rewards programme – how savers will be affected
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
Barclays is a popular bank used by millions of people across the country. The Premier Rewards programme has allowed many customers to benefit from the advantages offered by the account. But by the end of the year, the scheme will close for good.
The action will affect current customers, who will have until the December 15 deadline to redeem their benefits.
Customers should have received an email, letting them know about the move.
The correspondence reportedly told customers only a small number of Premier customers were now benefitting from the programme.
However, the bank stated it was looking at ways to recognise customer loyalty.
To join Barclays Premier Banking, Britons must have a minimum of £100,000 saved or invested.
Alternatively, they could also have an annual gross income of £75,000 or more paid into a Barclays current account.
The Premier account came with a number of perks which drew many people to use the service.
At present, it has no monthly account fee as well as an interest free arranged overdraft.
Britons losing out on £7billion a year through savings accounts [ANALYSIS]
Negative interest rates: Bank of England writes to banks – get ready [INSIGHT]
HMRC warning: Important tax deadline next week – Britons urged to act [UPDATE]
Customers can withdraw up to £1,000 a day from cash machines, and benefit from 24/7 help and services.
Premier customers are also able to benefit from exclusive deals such as Premier mortgages, loans and savings accounts.
To be eligible, a person must be 18 or over and not in full time education.
They must also have a UK mobile number and home address, and the ability to provide a photo identification such as passport or driving licence.
A Barclays spokesperson said: “We have taken the decision to close our Premier Rewards programme.
“We have let our customers who are part of the programme know that from December 15, they will therefore no longer be able to redeem the Gourmet Society annual membership or discounted APH parking.”
To benefit from other rewards at the bank, Britons may be interested in Barclays Blue Rewards.
This is the bank’s way of “saying thank you” to loyal customers by providing them with a number of perks.
Customers can receive up to £7 per month for using their account – with £3.50 given for each of the first two Direct Debits a person pays.
In addition, savers can also open a members-only Blue Rewards savings account.
And finally, as a member of Blue Rewards, customers can receive an extra one percent cashback when shopping through the bank.
These customers must pay a £4 monthly membership fee, and pay in at least £800 into their account each month.
Source: Read Full Article