Barclays offers up to £2,000 cash back to Britons in new deal – ‘get money working harder’ | Personal Finance | Finance
Barclays is a popular savings provider, however, it is also increasing in popularity for those who are hoping to invest their money. Its Plan and Invest service, dedicated to digital wealth management, now has a new cashback offer as a type of reward for customers. The provider is offering one percent cashback up to £2,000 to customers who open an account with or transfer to Plan and Invest by November 30, 2021.
To receive the reward, customers’ accounts will need to be funded to the £5,000 minimum investment amount.
This action needs to be taken, Barclays explained, within 90 days of the account first opening.
Investment is seen as a good option for those who want to grow their money, potentially more than they would be able to do through cash saving methods.
A number of experts have recommended people consider the idea of investing amid a low interest rate environment, especially in terms of easy access savings recently.
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There is, however, risk which needs to be borne in mind, as individuals could get less back than they originally put in.
Investment is also considered to be a long-term endeavour, meaning money should be left invested for a longer period of time for Britons to truly reap the rewards of the endeavour.
The cashback Britons will be able to receive is based on the net funded amount they put away with the Plan and Invest option.
At £5,000, cashback is £50, rising to £100 if £10,000 is put away, and £250 for £25,000.
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At £50,000, the cashback is £500, and at £100,000 this will increase accordingly to £1,000.
Britons should note the offer takes into account any withdrawals which are made during this period, excluding fees.
Clare Francis, Director of Savings and Investments at Barclays said: “With interest rates so low, and inflation on the up, we know lots of people want to get their money working harder for them.
“But many are nervous about investing because they don’t know much about it, or don’t feel they have the time to make their own investment decisions.
They must also not be classified as a “US person” meaning they are not a US citizens or passport holder, do not have a green card, and do not have a permanent home in the US.
Barclays states Britons must always co-operate with them and keep any information provided such as home address, bank details, investment goals and financial situation up to date.
The service can be used in a number of ways including Barclays Online Banking, the Barclays app, or via the Barclays website.