Switching bank accounts and getting money

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droppedshoulder

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There’s a few offers on from banks , where you get a hundred quid or so for switching. Has anyone done this, and what’s the catch? I’ve always believed there’s no such thing as free money, yet there seems to be more and more opportunities for free money when you look about online.
 
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droppedshoulder said:
There’s a few offers on from banks , where you get a hundred quid or so for switching. Has anyone done this, and what’s the catch? I’ve always believed there’s no such thing as free money, yet there seems to be more and more opportunities for free money when you look about online.
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Done it several times.
Check the T&C's but normally you just need a couple of DD's. It's literally free money.
 
droppedshoulder said:
There’s a few offers on from banks , where you get a hundred quid or so for switching. Has anyone done this, and what’s the catch? I’ve always believed there’s no such thing as free money, yet there seems to be more and more opportunities for free money when you look about online.
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It's a good way to get a bit cash in the bank however negatively impacts your credit rating if you do it too often.

If I was you I would just wait for the first direct or nationwide switch to become available. Usually £125-£150 reward and probably the two most reliable banks. Sure First Direct have been voted the best customer service as well although this may have been a few years back so could have changed.
 
FishburnMackem said:
It's a good way to get a bit cash in the bank however negatively impacts your credit rating if you do it too often.

If I was you I would just wait for the first direct or nationwide switch to become available. Usually £125-£150 reward and probably the two most reliable banks. Sure First Direct have been voted the best customer service as well although this may have been a few years back so could have changed.
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If you're not needing a mortgage it's not really an issue.
I'd probably say, keep 1 bank account that you've had for ages to show stability & longevity etc

A couple of year back, think I did 3 switches had 4 credit cards maxed out on stoozed debt within a 12 month period. Credit score took a bit of a hit but nowt major. Never prevented me getting more cards (or car finance for that matter)

FD, whilst they score well in customer service, getting set up for online banking is a right pain in the arse.

But then the sensible folk don't switch their main bank. They have accounts specifically for switching.
 
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42 said:
If you're not needing a mortgage it's not really an issue.
I'd probably say, keep 1 bank account that you've had for ages to show stability & longevity etc

A couple of year back, think I did 3 switches had 4 credit cards maxed out on stoozed debt within a 12 month period. Credit score took a bit of a hit but nowt major. Never prevented me getting more cards (or car finance for that matter)

FD, whilst they score well in customer service, getting set up for online banking is a right pain in the arse.

But then the sensible folk don't switch their main bank. They have accounts specifically for switching.
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Very fair points. It's all down to the individual to manage it responsibly. Aslong as they don't go daft and risk their financial ambitions (like you say, mortgage etc) then it shouldn't be an issue.
 
buster said:
been with them over 25 years, never had an issue with them yet.
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We had also been with them for years. No hassles whilst all was business as usual. Come the time when we needed their assistance and they could not have made it more difficult. Went to the Washington branch to be told needed to call a manager, he said come to branch. Went to a different branch, more smoke and mirrors, no help. Took weeks to sort out what should have been a phone call. Afterwards we cancelled my Credit Cards, and told them we changing banks and they could not have been more available. Calls from a relationship manager, promises of one to one service and all kinds of assistance after the problem was sorted.
 
Did it moving to HSBC recently. £150 and all direct debits/standing orders switched over.

It was literally free money and I’d been thinking of leaving NatWest for a while as I’ve found them absolutely shit.
 
Some of them you need to deposit over a certain amount each month and often the money isn’t given straight away but after a few months qualifying period but we’ve done it a couple of times
 
Biffo The Bear said:
We had also been with them for years. No hassles whilst all was business as usual. Come the time when we needed their assistance and they could not have made it more difficult. Went to the Washington branch to be told needed to call a manager, he said come to branch. Went to a different branch, more smoke and mirrors, no help. Took weeks to sort out what should have been a phone call. Afterwards we cancelled my Credit Cards, and told them we changing banks and they could not have been more available. Calls from a relationship manager, promises of one to one service and all kinds of assistance after the problem was sorted.
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We’re with the Washington branch and got a call asking me to have an appointment with a relationship manager, I must have had four or five calls confirming the upcoming call but I kept on saying to them I’d only speak if I wasn’t busy at graft, they didn’t seem to grasp a call from them wasn't a priority .

Fast forward to the call as I expected it wasn’t anything but a sales call going through the full range of financial services including home insurance.

Funnily enough I’d just renewed my insurance with another company as they’d put our premium up by 60% so I got stuck in and had her on the back foot . ring me next time and I’ll see what I can do for you, aye right oh pet.

Went in to draw out a few Bob in cash the other week and had to jump through hoops to get MY money , told the girl at the counter to get my relationship manager out to verify who I was ….

It’s all a load of bollocks.
 
I once went to some company based on the grounds of Lambton Lion Park in regards with something to do with selling holidays.
They said they would give me £100, I turned up but they needed the Mrs there as well so I didn’t even get to see anything.
I asked them if I still got the £100 and they obliged.

I was there less than 5 minutes, now that’s as close to free money as you can get.

I’d have quite happily listened to their shite patter as well.
 
buster said:
We’re with the Washington branch and got a call asking me to have an appointment with a relationship manager, I must have had four or five calls confirming the upcoming call but I kept on saying to them I’d only speak if I wasn’t busy at graft, they didn’t seem to grasp a call from them wasn't a priority .

Fast forward to the call as I expected it wasn’t anything but a sales call going through the full range of financial services including home insurance.

Funnily enough I’d just renewed my insurance with another company as they’d put our premium up by 60% so I got stuck in and had her on the back foot . ring me next time and I’ll see what I can do for you, aye right oh pet.

Went in to draw out a few Bob in cash the other week and had to jump through hoops to get MY money , told the girl at the counter to get my relationship manager out to verify who I was ….

It’s all a load of bollocks.
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Drawing cash is a pain. I quite enjoy the game.
"Can you tell me why you are drawing the cash?".... "No!".
"Could you not use your debit card?"...... " Probably".
"Do you have a mortgage?"..... "Yes"......"No I do not want to discuss it with you".
Depositing is a similar fuck on.
 

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