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Does anyone keep switching banks for the bonus?

Discussion in 'General Discussion' started by OpenToSuggestions, 14 Sep 2021.

  1. MooMoo444

    Caporegime

    Joined: 4 Jul 2008

    Posts: 25,739

    Location: (''\(';.;')/'')

    So all DDs and standing orders move automatically? You just apply for a new acc, get approved, and they all pop in?

    Sounds like its come a long way from how it used to be
     
  2. dave28

    Wise Guy

    Joined: 28 Jun 2013

    Posts: 1,261

    never done it, i always just thought it would be a massive faff and full of small print and catches
     
  3. OpenToSuggestions

    Capodecina

    Joined: 5 Aug 2006

    Posts: 11,069

    Location: Derbyshire

    Yep. Even your previous payees are there too.
    Just don't be in your overdraft as that is a pain in my experience.
     
  4. danlightbulb

    Mobster

    Joined: 14 Jul 2005

    Posts: 4,964

    It is easy to do if you're doing it by the book and just switching your main account.

    However to make it really worthwhile, earning £500+ from it, needs a bit more organisation and monitoring.

    Most profitable way is to switch burner accounts all at once so you get all 5 bonuses quickly. It's harder to find enough DDs to spread out across your accounts to do this though.
     
  5. Freakbro

    Suspended

    Joined: 29 Jul 2010

    Posts: 19,709

    Location: Lincs

    Just check the T&Cs, I dont think theres anything specified for length of time, they are just relying on people legitimately swapping their main account and then not bothering to do it again.

    I'm switching from a BoS account that I use for the interest on 5k. I've already opened a new BoS in preparation that as soon as I get the switching bonus from NW I'm moving the 5k and both D/Ds back to BoS.

    The current Lloyd's offer doesn't even require any D/Ds for the switch, so I'm opening a new club Lloyd's a/c (I've got one anyway) and switch another a/c into it that I dont use anyway. Then I'll probably close the extra Lloyd's a/c when I've got the switching reward.
     
    Last edited: 15 Sep 2021
  6. dLockers

    Soldato

    Joined: 21 Jan 2010

    Posts: 6,874

    Yes

    It still isn't complicated for the reward available.

    Yes, Switch Guarantee

    £500 now or £500 over the course of 8 months, it doesn't really matter? It is still £500. Not sure what your hourly wage is but clearly a top revenue earner to snub your nose at £120+ quid.
     
  7. Freakbro

    Suspended

    Joined: 29 Jul 2010

    Posts: 19,709

    Location: Lincs

    Yes, as long as the money has come from a different bank, it doesn't matter it's from you. I bounce my wages through about 7 a/cs each month to trigger the rewards.
     
  8. Noxia

    Sgarrista

    Joined: 30 Dec 2010

    Posts: 8,983

    Location: Wiltshire

    Did them all back when. It made a dent in my credit rating however.
     
  9. Greebo

    Caporegime

    Joined: 20 Jan 2005

    Posts: 40,751

    Location: Co Durham

    Yep just done the Lloyds one, All you need to do is pay in £1500 to get your dosh. Once you have your money you can close the account.
     
  10. danlightbulb

    Mobster

    Joined: 14 Jul 2005

    Posts: 4,964

    It is a hassle though. I don't want to switch my main account so for me it has to be burner accounts, which means transferring money around each month and setting up new direct debits on each account.

    So its worth doing for sure, but still a hassle. Got to be in the mood to faff about with it.
     
  11. NotAGolf

    Mobster

    Joined: 22 Oct 2005

    Posts: 2,516

    Location: Moving...

    Why does it negatively affect your credit rating? I was thinking of doing this but may potentially be buying a house in the next year or two so don't want to cause any unnecessary issues.
     
  12. The_Arbiter

    Wise Guy

    Joined: 2 Jul 2019

    Posts: 1,346

    Switching a single account once and applying for a mortgage 6+ months down the line won't make any difference. When i had my mortgage offer, it was literally about to expire (covid delays for purchase), i asked about reapplying and if credit rating would come into it and the bank said it would be perfectly fine as it was a 6 month gap. If you applied for credit for a car, phone, tv, sofa, etc all in one before applying for a mortgage then yeah i'd be concerned, as i would be with using multiple dummy accounts to get the bank switching incentives. Best thing you can do is monitor each switch on a credit rating site early on, and not push it too hard.
     
  13. dLockers

    Soldato

    Joined: 21 Jan 2010

    Posts: 6,874

    Any hard search 'impacts' your credit score for all of about 3 minutes (6 months). If you've no other anomolies it's absolutely nothing to worry about.
     
  14. Street

    Sgarrista

    Joined: 17 Jan 2005

    Posts: 8,108

    Location: Liverpool

    It made no difference to mine. I was also doing matched betting at the time and they weren't bothered in the slightest.
     
  15. Noxia

    Sgarrista

    Joined: 30 Dec 2010

    Posts: 8,983

    Location: Wiltshire

    I think because they all came with overdrafts. So it looked liked I'd opened 5-6 new credit accounts in a short space of time. Not that it made a difference to anything. It went back to max after a few months of no activity.
     
  16. cheesefest

    Gangster

    Joined: 18 Jul 2021

    Posts: 421

    Location: Leicestershire

    Never for banks. Usually do this for car insurance. Though take account of the bonuses on top of the premium. No point in changing for £70 of bonuses when it costs £100 more

    About 15 years ago, I had my renewal quote from Axa. Went online and the quote was £54 cheaper than quote and new customers got a Karscher pressure washer. Cancelled DD and two days later I rang Axa and said I’m a new customer. They did give me the insurance for the quote online and the Karscher. Which I sold to my ex FIL with a little discount.
     
  17. dLockers

    Soldato

    Joined: 21 Jan 2010

    Posts: 6,874

    :confused::confused:

    What are you talking about? You cancelled your car insurance by cancelling the direct debit??
     
  18. cheesefest

    Gangster

    Joined: 18 Jul 2021

    Posts: 421

    Location: Leicestershire

    My insurance was ending 10 days before I rang Axa. If don’t cancel the DD, get the renewal quote taken.