Is it worth adding the fee-paying extra to your Barclays current account?
Barclays customers generally get a poor deal for bonuses and freebies, and the Blue Rewards scheme has been pretty poor compared to other banks.
You get a 4.87% AER rate on savings and free Apple TV+. I’ve taken a look at whether it’s worth signing up.
What are Barclays Blue Rewards?
Barclays Blue Rewards is an add-on you can choose to put on your Barclays current account. You’ll need to pay a monthly fee, which is currently £5 a month. This makes it one of the most expensive add-ons for current accounts.
For the monthly amount, you get an exclusive 4.87% savings account and free Apple TV+ streaming, and other benefits come along every now and then.
Barclays Blue Rewards requirements
First, you have to have a Barclays current account. You can’t get Blue Rewards if you already have Barclays Avios Rewards, though you can change over.
Barclays Premier current account holders can no longer add this to their account, though they’ll get the Rainy Day Saver and Apple TV+.
To get the rewards you need to:
- Deposit £800 into the current account every month
- Pay £5 a month fee
- Register for online banking or app banking (app only for new customers from 4 September 2024)
- Be over 18 years old
It’s worth noting that the £800 doesn’t need to stay in the account, so you can withdraw it to a different current or savings account (or spend it), straight away.
What you get with Barclays Blue Rewards
Rainy Day Saver: 4.87% on up to £5,000
This Rainy Day Saver offers an exclusive rate of 4.76% gross / 4.87% AER for Blue Rewards members. Though you can hold up to £10 million there, you’ll only earn the rate on the first £5,000.
At the time of writing, it’s a decent rate but it can be beaten with other savings accounts. Here are some examples of what you’d make over a year:
- Save £500 for 12 months to earn £24.35
- Save £1,000 for 12 months to earn £48.70
- Save £2,500 for 12 months to earn £121.75
- Save £5,000 for 12 months to earn £243.50
It’s fully easy access, so you can take out and deposit the money as and when you want. There’s only one account per person, whether that’s in sole or joint names.
To find and open the account in the app, go to the Products tab at the bottom of the screen, click savings, then “see all accounts”. You’ll then see the Rainy Day Saver account to open. You can also open it online, over the phone or in branch.
Interest from savings is paid straight into the savings account, so if you have the full £5,000 saved you’ll want to withdraw the extra on top each month and move it to a better paying account.
Note this is different from the Blue Rewards Saver which pays far less.
Apple TV+ & MLS season pass
A new offer since June 2024 is free Apple TV+, worth £8.99 a month. This alone is worth £107.88 a year, so even with the £60 annual fee, you’re in profit.
However, there are regular free passes for Apple TV+, even for previous customers. I’ve had 25 months free in the last 41 months, and have never paid a penny! And even if you’re happy to pay full price for it, there’s really not enough content on there to justify a whole year.
You can also add on Apple’s Major League Soccer (MLS) season pass for free, which if you would pay for normally could represent a decent saving as it costs £99 for a year.
1% cashback
From September to November 2024 there was 1% cashback on spending with your Barclays debit card. This may return again this year. It was a decent offering but since it was only temporary and can be matched or beaten elsewhere it’s not a reason to sign up for or stick with Blue Rewards.
Exclusive offers
From time to time there are other offers and competitions. The main one to check is up to 15% cashback at selected brands via the Barclays Cashback Rewards feature – though you can also get this for free via a Barclaycard.
Editor’s pick: 5.03% savings
Easy access ISA from Trading 212 paying 5.03%
Are Barclays Blue Rewards worth it?
Andy’s Analysis
Blue Rewards have always been the poor cousin to better schemes from Halifax and Lloyds, and even Natwest/RBS.
The changes in 2024 and the rate drop in 2025 put not just Blue Rewards, but also Barclays, right at the bottom of the pile. When you look at everything you get, you need to decide if £60 a year is worth it.
I think not.
Yes, the savings account could be worth up to £243.50 per year, but you can get similar or better rates elsewhere, especially when you factor in that monthly fee, which brings the effective interest rate down to 3.56% if you save the full £5,000.
I also don’t think signing up for the Apple TV+ perk is worth it. You’ll save money versus full price, but could pay less by deal hunting and only signing up for the streamer in the months there’s something you want to watch.
How to sign up for Barclays Blue Rewards
First, you need to have a Barclays current account. Once you’ve got this, you need to sign up for Blue Rewards from your online banking or the app.
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How to cancel Barclays Blue Rewards
If you decide you don’t want to continue with Blue Rewards you can easily cancel it in your online or app banking. I did in on the app in just a few seconds.
- Open up your app and choose Blue Rewards from the home screen
- Scroll down to the bottom of the screen
- Select “Leave Barclays Blue Rewards”
- Tick the box at the bottom of the screen
- Press the “Confirm” button
Any money you have left or pending in the Blue Rewards wallet will be moved to your current account. If you wish to rejoin you’ll have to wait at least two days.
Alternatives to Blue Rewards
Barclays isn’t the only bank to offer extras, and many have benefits without having to save any money. You could choose to switch your account to a different bank (and maybe nab a switching bonus) or you can simply open up extra current accounts.
I’ve gone into detail on the best reward current accounts here, though here are my picks and links to reviews with further details:
