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  • FIRST POST
    • Gimli174
    • By Gimli174 7th Jan 18, 10:06 AM
    • 2Posts
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    Gimli174
    Can I keep switching?
    • #1
    • 7th Jan 18, 10:06 AM
    Can I keep switching? 7th Jan 18 at 10:06 AM
    I had the same account with HSBC all my life and recently switched to TSB for the £130 incentive. I also set up an account with Lloyd's which I have now had for around a month. Can I switch from this account to Halifax for example for the £75 incentive and then switch straight from Halifax to First Direct?
    Thank you for any help.
Page 1
    • Nebulous2
    • By Nebulous2 7th Jan 18, 11:11 AM
    • 1,688 Posts
    • 1,031 Thanks
    Nebulous2
    • #2
    • 7th Jan 18, 11:11 AM
    • #2
    • 7th Jan 18, 11:11 AM
    You can keep switching as long as you meet the requirements of the switching bonus. Some accounts may require you to stay for a certain time, for instance.

    There are somethings to watch out for. You may annoy companies who take a direct debit from your bank account if you switch too often. Each switch will cost them in administration and postage. There have been tales on here of companies writing to say they would not allow another switch.

    You may also lose out on some benefits- for instance the halifax account pays £3 a month. Switching away will lose that.

    Some people set up donor accounts and use these to switch, rather than switching their main account. Even then you have to watch out. Again banks will get annoyed if you set up several accounts as they have to credit check, send you cards, pins etc and then you just switch it away.
    • Gimli174
    • By Gimli174 7th Jan 18, 11:48 AM
    • 2 Posts
    • 0 Thanks
    Gimli174
    • #3
    • 7th Jan 18, 11:48 AM
    • #3
    • 7th Jan 18, 11:48 AM
    Thank you for your reply. The Lloyd's account i setup last month doesn't have any direct debits or money going out, I haven't even paid any money into it so that should be ok. Hopefully they keep letting me set up accounts. I don't have much of an income so the monthly pay ins don't benefit me really so trying to take advantage of the switching bonuses.
    • Kim_13
    • By Kim_13 7th Jan 18, 11:59 AM
    • 1,663 Posts
    • 1,904 Thanks
    Kim_13
    • #4
    • 7th Jan 18, 11:59 AM
    • #4
    • 7th Jan 18, 11:59 AM
    Just wanted to mention that the Halifax incentive tends to go to £125 periodically. Of course it's not guaranteed that it will go up again, but I just wanted to make you aware in case you'd like to wait a while to see if it does go up. It's only possible to get one incentive, so you won't be able to get any future higher offer if you take the £75 now.
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £0/£180.00
    CCCC 2018 #1 ~ £8.00/£180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • Netherspark
    • By Netherspark 7th Jan 18, 2:34 PM
    • 4 Posts
    • 2 Thanks
    Netherspark
    • #5
    • 7th Jan 18, 2:34 PM
    • #5
    • 7th Jan 18, 2:34 PM
    I've considered doing this myself, but it sounds like alot of hassle to keep switching accounts. You also generally have to remain a member for at least 3 months (some banks may differ). Potentially some banks could catch on and decline your application if they think you're abusing their promotions. Though I doubt this would happen for quite a while, if at all.

    I have a Nationwide referral link I can give you if you like. It earns us both £100 (and when you're a member you can then refer upto 5 people yourself, and earn an extra £100 each time.
    • YorkshireBoy
    • By YorkshireBoy 7th Jan 18, 2:57 PM
    • 29,665 Posts
    • 17,623 Thanks
    YorkshireBoy
    • #6
    • 7th Jan 18, 2:57 PM
    • #6
    • 7th Jan 18, 2:57 PM
    I've considered doing this myself, but it sounds like alot of hassle to keep switching accounts.
    Originally posted by Netherspark
    It can be very profitable, and much of it is done sat down on the sofa! Depends if you'd rather watch TV I suppose! But why not do both?
    You also generally have to remain a member for at least 3 months (some banks may differ).
    Only Nationwide have a 3 month timescale - perhaps that's the only one you have experience of? With all the rest you're free to leave just as soon as you've received the incentive.
    Last edited by YorkshireBoy; 07-01-2018 at 7:53 PM.
    • f0xh0les
    • By f0xh0les 7th Jan 18, 4:56 PM
    • 1,204 Posts
    • 9,115 Thanks
    f0xh0les
    • #7
    • 7th Jan 18, 4:56 PM
    • #7
    • 7th Jan 18, 4:56 PM
    You can switch from Halifax the day after you get the money, there is no tie in period. The man who signed me up to my account told me, he then begged me not to do it. I stayed for the £3 a month bribe.
    MFW START DATE May 16 £118,340 :
    October 17 - £109,495.00
    December 17 £108,800

    Jan 18 £108,392.98
    NEXT GOAL is sub £105k
    Mortgage-free wannabe 2018 #161
    • Katiehound
    • By Katiehound 7th Jan 18, 6:26 PM
    • 4,017 Posts
    • 38,259 Thanks
    Katiehound
    • #8
    • 7th Jan 18, 6:26 PM
    • #8
    • 7th Jan 18, 6:26 PM
    Sometimes it is worth staying for the switch bonus which may be spread over months, or the other incentive is a regular saver rate of 5%
    You need to look carfeully at the 'welcome handshake' and the t&cs
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling .... Entrant 8 ... £.00!
    • binaryuniverse
    • By binaryuniverse 7th Jan 18, 7:56 PM
    • 527 Posts
    • 302 Thanks
    binaryuniverse
    • #9
    • 7th Jan 18, 7:56 PM
    • #9
    • 7th Jan 18, 7:56 PM
    Most of the accounts, that I've switched, I've kept for various interest/reward incentives or linked saver accounts.

    Got 10 open atm.
    • Eco Miser
    • By Eco Miser 8th Jan 18, 3:41 AM
    • 3,312 Posts
    • 3,080 Thanks
    Eco Miser
    I don't have much of an income so the monthly pay ins don't benefit me really
    Originally posted by Gimli174
    Monthly pay-ins don't have to be from income, they don't have to be all at once, and they don't have to stay in the account.
    This means you can meet the required pay-ins by bouncing smallish amounts between two accounts daily, if necessary.
    Eco Miser
    Saving money for well over half a century
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