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Anybody done multiple account switching just to get the switch bonus

Yes but you have to be a 'new' customer and not a returning one.

Piece of piss and I do it regularly.

I’m doing it now. Seems crazy. Nat West have just launched their £200 switch.

Easy money. Most people don't do it due to the 'hassle' of initial setup.

I’ve just opened a Nat West account on line in less than 10 minutes.

Started off opening a ‘burner’ Starling account and now going to bounce around all the banks offering a bonus.

After I’ve exhausted that I’ll get Mrs Audrey to replicate.

are there any credit rating implications of switching  fairly rapidly between banks?

edit:

https://www.unbiased.co.uk/discover/personal-finance/budgeting/does-switching-bank-accounts-affect-your-credit-score

Tbh, that makes no difference to me, but I suspect it would. But I’m keeping my Nationwide account I’ve had for years.

fair does. fleece them.. fleece them all!

The only downside is that doing that (I think it might be only temporary anyway) affects your credit score, but if you don't need anything on 'tick then it seems a no-brainer to do.

I haven't personally done switching - I'm a bit old fashioned with loyalty to my bank which I know is absolutely crazy, but I did take advantage of an offer last year by opening a new account with HSBC from which I got £125 and will get a further £80 from them for opening a separate global account. (which I can use abroad along with Revolut)

There are loads of offers at the moment so it makes sense to fill your boots whilst interest rates are high for sure.

Same with me. So I didn’t switch my Nationwide account, I just opened a new Starling account and switched that, now onto Bat West, then Lloyds etc

Really good plan! Do you need a certain amount in the Starling account to begin with and a number of Direct Debits etc or did you literally open an account and start switching?

The Starling is a burner account - just opened so I can switch it to the bank offering the bonus. I stuck £200 in it.

That is now getting switched to Nat West. I have to deposit £1250 in that, leave it in for a couple of days, then withdraw it. Log on to their app a few times and then they credit the £200 within 7 days. Don’t even need any direct debits for this one.

Once I get my £200, I’ll open a Lloyds account and switch the Nat West one, get £175 for that though they need 2 active direct debits. Again, once I get the £175 I’ll open another account with whoever is offering a switch bonus.

These offers are available for a fixed time then wihdrawn so you have to keep an eye on things.

I’ve been with Santander for years and get more in interest per year than you would switching banks.

But it doesn’t cost a penny and you don’t have to ditch your present bank account.

Do you have to put so much in a month

Nope. I’ve set out what to do in the post above yours.

It’s worth doing while the opportunity is there.

I had a monzo account which i didnt use so have just done this. Will wait and see if the £200 materialises!

You have to use the Natwest Current Account Switch Service, close your current account and move all your payments to the new Natwest account to be eligible for the £200 bonus.

Yep. All done and dusted.

Got your £200 yet Aud? Says mine wont be fully switched over til the 27th.

Stuck £1500 in my monzo and switched to natwest select

Switch should be done end of this week. Then I need to transfer £1250 in, wait 7 days, get the £200 bonus. Take out the £1450 and switch to Lloyds.

Do i need to transfer anymore in whn the account is fully switched over? There will be £1500 transfered as the balance from the Monzo qccount which is being closed

From what I understand you just need to transfer £1250 in - doesn’t need to be all at once. You need to use the mobile app a couple of times and that’s it. I’ll leave my £1250 in until I get the bonus then transfer it out again. Checked and my date for transfer is Monday. Weird they don’t want any direct debits transferred but hey ho. Lloyds need 2.

So i am presuming the monzo account that i am switching from, which currently has £1500 in will satisfy that criteria

Yep.

Yes Tans, and you could also just transfer in and out the same £130, ten times as this will count on the balance sheet as ''x transferred in''. Plus it looks like you've used the account more.

Ideal for those who haven't got c£1.5k of disposable rolling around {you bloody flush southerners  :D } but still want to make use of the offer and claim the switching moolah  :)

Hope that helps anyone who was thinking they could potentially miss out. Tbh, you could even do it with just a quid going between accounts...although I'm sure people will have felt they earned their dollar after a thousand plus transfers in  :pint:

Can you keep your everyday current account with another bank open🤔

No probs. I’ve got 3 at the moment.

Cheers Aud

Nat West site say you have to close down any other current account how did you overcome this or is that if you’re an existing customer🤔

They just want you to switch a current account to their current account. Not sure they even have the ability to know if you hold accounts elsewhere.

I left my existing Nationwide account alone. I then applied online for a Starling account so I could switch that one to Nat West and get the £200. When I get the bonus I’ll then switch the Nat West account to Lloyds and get their £175. Then carry on switching until there are no more offers.

Then I’ll do the same for Mrs Audrey.

You'll switch her around like your bank accounts?! No shame, you buggar  ;)

He he!

Cheers Reeves + Aud

Jimmy is into that sort of thing too tbf

All done and switched to Nat West. 7 days for me £200.

Mine was fully switched on monday, waiting for my £200 now

Have Nat West actually mentioned the bonus? I’m just taking it for granted, tbh.

Same here, all i had was a text message saying the switch was complete. I’ll chase it up if nothing turns up within the 7 days

Going on to Lloyds after that?

Possibly, will need to sort out some DD’s first though

Here you go. I’ve been thinking about direct debits - subscriptions done count, they are CDAs. I’m going to set up a couple of charity donations and use those.

Just had my £200

Excellent! Couple of days for mine hopefully.

Money received! On to Lloyds.

Thats the season ticket renewal sorted😁

Just to clarify if you want the bonus of switching to Lloyds. The switch must contain 2 active direct debits. You can’t start a DD once the switch has started.

Santander offering £185 for a switch

https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-launches-ps185-switcher-offer-for-new-and

Was going to do that but they only kept it running for about 2 weeks. Should have acted quicker!

Managed to get the payments from NatWest and Lloyds though.