Bonus rates

trashcan_2

This is a question about bonus rates. A lot of banks are offering 6.5 % including a 1% bonus rate for a year.
When you join these banks and then leave when the rate drops, how long would you have to wait to join that bank again in the future to get their new bonus offer or perhaps the same one. To get the new bonus rate Would it be appox' 3 months or 6 months a year or never.

Reaper

There is not a simple answer as you are talking about a range of accounts. But as a general rule I would say no time at all. As soon as you have left you can rejoin.

Many of the bonus accounts are not even restricted to new customers. For example Egg wants "new money" but that can come from existing savers. Some existing savers have been withdrawing money then paying it back in again into a new account set up alongside the old one. Some have even gone a step further and just transfered money directly from the old account to the new one (though I think that is pushing it).

You will have to check the terms of the accounts you are interested in.