Is it moral to churn bank accounts?

Former_MSE_Joanne · 2 October 2014 at 12:10PM

NB: This question came to the MSE team from a MoneySaver and was included in our weekly email this week.

I have a friend who opens bank accounts purely for the purposes of getting "new customer" bonuses from banks or via cashback sites. As soon as he gets his bonus, he switches to another bank account to get another bonus. He has raked in a couple of hundred pounds so far. Is this moral?

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studentsaver_88 · 7 October 2014 at 7:58PM

Yes why not, as long as you meet the criteria.

chambta · 7 October 2014 at 8:16PM

Absolutely fine, yes. No moral issue at all.

GingerFurball_2 · 7 October 2014 at 8:19PM

If banks don't want customers to do it then they should put something in the terms and conditions that stops it.

PrettyFlower90 · 7 October 2014 at 8:19PM

How is this a moral question?! They're not stealing, they're doing what is advertised, getting a new customer deal.

geerex · 7 October 2014 at 8:24PM

If you doubt the morality if this, don't ever go near the matched betting board, you die of shock!

CLAPTON · 7 October 2014 at 8:30PM

it's legal but immoral as they are clearly not complying with the banks actual intentions

Steve_xx · 7 October 2014 at 8:37PM

GingerFurball wrote: »

If banks don't want customers to do it then they should put something in the terms and conditions that stops it.

What and introduce even more ambiguity!

Archi_Bald · 7 October 2014 at 8:42PM

Agree with most of the responses so far. Could somebody please post the links to the MSE-sponsored discussions on subjects such as:

is it moral that payday lenders charge several thousand % AER?
is it moral that some bank overdrafts can cost even more than payday lender loans?

pmduk · 7 October 2014 at 8:49PM

They must be short of real items to include in the weekly email.

colsten · 7 October 2014 at 8:54PM

Not sure where morals comes into this. A bank makes an offer, with clearly defined T&Cs. Everybody is free to apply, the banks are free to accept or decline applications. What's the problem?