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Switching bank accounts

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Switching bank accounts

Several banks seem to be offering incentives for people to switch their bank accounts to them... co-op offering £110 ..


If I shifted my account to them... and claimed my £110.... how soon could I shift it again to another bank, offering a financial incentive... and then how soon could I dump them , and move again? 

 

There are only "so many" moves you could possibly make, but there must be some kind of limit somewhere  ? ? ? 

 

 

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rongtw
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Re: Switching bank accounts

i will give you a £5 to switch to my bank account Smiley

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Re: Switching bank accounts

A quick search and I only found one offering a cashback incentive which was First Direct. From their website:

If you open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account, we'll top it up with £125 - it's the least we can do to welcome you on board...

So it seems you have to stick with them for three months but does not appear to be any restriction after that.

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Re: Switching bank accounts


rongtw wrote:

i will give you a £5 to switch to my bank account Smiley


 

 

 

Cheapskate  ! Cheesy

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Re: Switching bank accounts

Three months - like Nationwides free travel insurance.

Seems to be banks favourite timescale.

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Re: Switching bank accounts

So, The Co-op advertising on telly... £ 110.. to swtich to them... and if that offer is still running in 3 months, you could clean up £235... and maybe... by then some other banks will be offering...

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Re: Switching bank accounts

But is it really worth it?

 

I see cashback offers as a bonus and not the reason for switching or making a purchase.

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agedgopher
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Re: Switching bank accounts

Would you really switch to Co-Op bank knowing that they recently put themselves up for sale? Could very well end up back where you started from.

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Re: Switching bank accounts

Has RBS got any good offers?

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Re: Switching bank accounts

RBS can't afford to give away money they need it to cover their huge losses.

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Re: Switching bank accounts


billnotben wrote:

Three months - like Nationwides free travel insurance.

Seems to be banks favourite timescale.


Some of the accounts offered by nationwide are no longer open to new members

Looking at leaflet X200 (January 2017) Flexplus with free insurance now has a montly fee of £10

Flexdirect has no monthly fee but no free insurance  but offers 5% on fixed interest balances up to £2,500 for the first 12 months providing you pay in £1,000 a month from a non nationwide account.

Banks seem to make time limited offers, Halifax was offering new customers £100 to open a new account but that was at least 12 months ago.

Another question that may be relevant to this topic is can you have more than one current account ? Never gave it much thought but someone with enough money could have a round robin system going with money transferred from one bank to another using direct debit and thus collecting interest from several banks.

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Re: Switching bank accounts


gleneagles wrote:Never gave it much thought but someone with enough money could have a round robin system going with money transferred from one bank to another using direct debit and thus collecting interest from several banks.

Not having a lot of money I did that in a limited way for a few months to get the "free" travel insurance. Just withdrawing some money depositing it in another account then transferring it across.

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Re: Switching bank accounts

@billnotben

You could set up a monthly direct debit in each bank to transfer the money around and watch the profit roll in, or not as the case maybe.

Personally I could not be bothered with the hassle, I am just glad that my current account is free as I am fortunate enough to (just) keep it in the black unlike many customers who have little choice but to go into the red and pay heavy interest charges.

There have been many reports that free banking would end but that seems to have gone quiet at the moment.

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Re: Switching bank accounts

Every time I've been into my bank they've always put forward the "If you pay this much a month, you can get all these benefits", I shoot them down one by one quickly though (Travel insurance, don't have a valid passport, AA Breakdown cover, don't have a car, Mobile insurance, provider's already got that covered, £1,200 overdraft facility, got enough debt as it is thanks, Card Loss Assistance, er, you guys already deal with that, etc.), to the point where they realise, they're not winning me over with paying £17 a month for stuff I have no need for... Funny

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Re: Switching bank accounts

All I want is a bank to pay a decent interest rate on my meagre savings.

But none of the [-Censored-]s do.