Does anyone keep switching banks for the bonus?

[OpenToSuggestions]

Every now and then I switch current accounts to a new bank for the new customer bonus.

Over the last few months several banks have £100-125 switch offers.

I used to dabble with matched betting, with the view that poor bookies don't exist. The same can be said for banks .

It's easy money (obviously there are terms and conditions) and I'm not worried about any minor credit score impacts.

I wondered if anyone else switches current accounts like I do for the £?

 

[Street]

Yep, I do it fairly regularly. In fact I was just looking at the RBS £150 switching offer as I haven't had an account with them for a while. It's so easy to change over nowadays so it's free money for very little effort. There isn't any point in having any brand loyalty!

 

[dlockers]

Yep.

Keep track though as it quickly becomes unwieldly

Just switching a HSBC to a Nationwide but since realised I actually closed Nationwide to get the HSBC offer so unsure if my jiggery will get caught

The one I have kept as my main account is COOP, as up until recently they were giving me at least a fiver a month in benefits (given I don't use it, this is extremely good). That's since dropped to £2.60ish.

 

[Street]

Personally I don't bother as not worth the hassle with waiting on new a card, updating phone payment/other payments that use the old cards and happy with my bank anyway despite the same 0.01% interest most banks seem to offer these days

I have one main account that I use properly then a few others that I use just for switching around. I never use the cards for the other accounts so it's no issue changing payments.

 

[OpenToSuggestions]

I have one main account that I use properly then a few others that I use just for switching around. I never use the cards for the other accounts so it's no issue changing payments.

I switch the account where all my bills come out of. I've never had any issues .

 

[danlightbulb]

Had a stint at bank acc switching about 4 years ago, did about 8 of them made about £800. Then the offers dried up.

Don't know if I can be bothered now, the direct debits are a pain since Tesco dropped their easy DD savings method.

 

[Freakbro]

Yep, just done the Nationwide one for £125 and looking at the Lloyds £100 now.

I don't actually swap my main account, I just make sure I fulfil the criteria for the swap with any old account then leave the new one dormant until the next round of incentives

The D/D issue makes it trickier, but I've got those spread out anyway from the last round of swaps and interest incentives.

 

[im4gine3]

i've been thinking of doing this but wasn't sure exactly how it works.. well i do, but i guess my question is..

Does this only work with banks you don't have an account with?

either you have an active natwest account and you move it to a new nationwide account with the bonus. Does the natwest account stay open or does it get closed automatically?

If it gets closed, and say Natwest has a bonus, is there any restrictions if i were to move the nationwide account back to natwest or will it sayu that i've already had an account with them so i am not eligible

 

[Mr Badger]

Yep, just done the Nationwide one for £125 and looking at the Lloyds £100 now.

I don't actually swap my main account, I just make sure I fulfil the criteria for the swap with any old account then leave the new one dormant until the next round of incentives

The D/D issue makes it trickier, but I've got those spread out anyway from the last round of swaps and interest incentives.

If you have just switched in to Nationwide to get the money, how quickly can you switch back out to take advantage of Lloyds or another deal? Can you literally do it as soon as the Nationwide switching reward payment arrives in your account or are there any restrictions?

 

[Street]

If you have just switched in to Nationwide to get the money, how quickly can you switch back out to take advantage of Lloyds or another deal? Can you literally do it as soon as the Nationwide switching reward payment arrives in your account or are there any restrictions?

Most say you have to have the account for a few months or pay in a certain amount over a few months, as the bonus often doesn't get paid straight away.

either you have an active natwest account and you move it to a new nationwide account with the bonus. Does the natwest account stay open or does it get closed automatically?

If it gets closed, and say Natwest has a bonus, is there any restrictions if i were to move the nationwide account back to natwest or will it sayu that i've already had an account with them so i am not eligible

Your Natwest account would be closed in the switch, however there are usually restrictions in that you don't qualify for the bonus if you've already held an account with them within X number of years. It's usually all in the small print so it's worth keeping a track of what accounts you've opened and when they've been closed.

 

[swillsy]

I do it every now and then with one spare account that I move around. Santander have one on at the moment if you're interested. IT's all automated so easy money

 

[nine_tails]

I guess it depends on what percentage of your regular income £120-150 is.

Personally I don't bother as not worth the hassle with waiting on new a card, updating phone payment/other payments that use the old cards and happy with my bank anyway despite the same 0.01% interest most banks seem to offer these days

Yeah , this for me too. I cant be arsed to update 10 subs.

 

[dlockers]

I guess it depends on what percentage of your regular income £120-150 is.

Personally I don't bother as not worth the hassle with waiting on new a card, updating phone payment/other payments that use the old cards and happy with my bank anyway despite the same 0.01% interest most banks seem to offer these days

This mentality kept me from switching from Natwest (who were absolute garbage) for a decade at least. The Switch Guarantee is bullet proof though.

Don't think about the £120-£150 quid as percentage of your salary. Think of it as an hourly wage. £120-£150 is what - £300 before tax? And at most, it is an hours work - tops. I don't know many folk earning £300 before tax an hour

Yeah , this for me too. I cant be arsed to update 10 subs.

Switch Guarantee does it for you.

 

[swillsy]

This mentality kept me from switching from Natwest (who were absolute garbage) for a decade at least. The Switch Guarantee is bullet proof though.

Don't think about the £120-£150 quid as percentage of your salary. Think of it as an hourly wage. £120-£150 is what - £300 before tax? And at most, it is an hours work - tops. I don't know many folk earning £300 before tax an hour



Switch Guarantee does it for you.

This basically... it doesn't take two much time at all and I use my Monzo account as a main account so there's only a few things going in/out of the account which I keep switching and this is done automatically.

 

[413x]

People saying its hassle.. It's about half hours work for 100-150.
Youve got to be on a pretty good salary not to value that as time well spent

 

[413x]

This mentality kept me from switching from Natwest (who were absolute garbage) for a decade at least. The Switch Guarantee is bullet proof though.

Don't think about the £120-£150 quid as percentage of your salary. Think of it as an hourly wage. £120-£150 is what - £300 before tax? And at most, it is an hours work - tops. I don't know many folk earning £300 before tax an hour



Switch Guarantee does it for you.

Beat me to it

Looks like santander have a good offer on at the moment. Gonna get on that tonight

Edit. Santander say you can't have had a previous switch bonus. I probably have!

 

[danlightbulb]

People saying its hassle.. It's about half hours work for 100-150.
Youve got to be on a pretty good salary not to value that as time well spent

It's not half hours work though. If it's your main account your swapping, you'd have to monitor it closely for some time to make sure all the SO, DD and salary was right. If it's a burner account, you have to manage the monthly pay in requirement and move some DDs to it.

 

[currantloaf]

I know a normal requirement is the movement of salary and 2 direct debits . Can you get round the salary transfer by just sending the money in yourself and moving it out ? Don’t want to move my main account but can see the benefit of doing a secondary account

 

[413x]

It's not half hours work though. If it's your main account your swapping, you'd have to monitor it closely for some time to make sure all the SO, DD and salary was right. If it's a burner account, you have to manage the monthly pay in requirement and move some DDs to it.

I've never done this myself. A quick check that all the DDs etc are there and it's done.
Last time they appeared immediately.
I think I've switched 4-5 times and only bit takes a while is seeing if I qualify