Switching to A&L Premier £100 Cashback deal

YorkshireBoy

asset2004 wrote: »

I didn't receive the £100 offer and when I queried it I was told I'd opened the account before the incentive started. Absolute nonsense, I have since closed this account.

I'm surprised you gave in so easily. Why didn't you make a formal complaint?

onlypaddy

Askadumbquestion wrote: »

A couple of slightly more general questions about these current accounts with cashback (A&L, Halifax and First direct):
1) What counts as 'salary/income' - i.e. can i just transfer-in the minimum amount from my own account at a different bank, and then directly out again on same day (and so keep balance at £0)?
2) If answer to Q1 is 'yes', what are the downsides to opening lots of accounts just to exploit the bonuses? e.g. effect of all the credit checks
3) When A&L switch the account, do they automatically close the old account or leave it open and just transfer the current balance, SOs and DDs?

I already do the merry-go-round with 3 Lloyds vantage accounts where £1000 cycles through the accounts each month, and wondering if it would benefit from flowing through these other banks...

1) First Direct state that the £1500 should be from an employer, however Halifax and A&L don't state this so you can cycle from anywhere.
2) As mentioned, the downside is the effect of all the credit checks, but these would drop off in time. Don't take overdrafts as access to too much credit will have a further, ongoing negative effect.
3) No, it is up to you to close old accounts

As for your merry go round - i think the Halifax accepts and sends faster payments over £1000 so that would be fine. But A&L has a limit of £250 for faster payments, and you can only send 1 per recipient per day