Free money from banks using new offers

Aar0n

I currently have a seldom used A&L current account. I have no direct debits.
I have £1500 that I can use a float for this.

If I took out two direct debits, e.g cheap magazine subscriptions and then switch to Halifax's reward account I get £50, and the £5 when I pay in over £1000 each month. I set up at a standing order back to the A&L account for the £1500 each month back and forth.

First direct are then offering £100 if you pay in over £1500 and switch two direct debits and a standing order. I switch my Halifax DD's and SO over to First Direct and then close the A&L account and just bounce the £1500 between Halifax and First Direct to fulfil the £1000 each month needed for Halifax and £1500 for First Direct.

I do this for 6 months, getting £5 a month for 6 months from Halifax, and their £50, for a total of £80.

First Direct have given me £100, then I say I don't like them and they'll help me switch AND give me another £100. That's a total of £280.

I create a new Santander account and get my First Direct stuff switched, and as it's been over 3 months since I had an A&L account (if the £100 switch offer is still running), I'd be eligible for the £100.

A total of £380, plus any Quidco offers if there is any.

Although a blatant abuse of the offers the banks are touting, is this possible, has anyone done it?

samwsmith1

You don't need to move anything to FD to get the £100 (only the £1500), I believe a reason has to be given as to why you don't like them to get that £100 (and I doubt you will be able to find one!). Also, if you open an e-saver with FD and put £1 in you don't need to fund £1500 each month.

poggs

samwsmith1 wrote: »

You don't need to move anything to FD to get the £100 (only the £1500), I believe a reason has to be given as to why you don't like them to get that £100 (and I doubt you will be able to find one!). Also, if you open an e-saver with FD and put £1 in you don't need to fund £1500 each month.

Easy peasy in Scotland, might be the same elsewhere?

There are next to no HSBC branches anywhere so I cant withdraw more than my daily limit from an atm. Or cant pay in a large amount of money that I got from selling my car etc.

I did actually have a First direct account and left because of that. It was a total pain in the !!!! to be honest.

Aar0n

Surely they can't refuse your reason even if it's something trivial? Also on their site it says you need to use their Easyswitch service in the first place to be eligible for the £100 when you leave them.

Has anyone actually done this process for the free money or is it generally regarded as too much hassle?

masonic

samwsmith1 wrote: »

I believe a reason has to be given as to why you don't like them to get that £100 (and I doubt you will be able to find one!).

Poor internet banking site, for example not being able to delete old payees (which can become quite cumbersome after a few years), is just one reason that springs to my mind. Although I didn't leave them.

masonic

Aar0n wrote: »

Has anyone actually done this process for the free money or is it generally regarded as too much hassle?

I've done most of what you've suggested. It isn't much hassle and things like the Halifax Reward account (of which I have 3) are particularly good as the money keeps coming in for almost no effort at all.

2sides2everystory

Yes of course it has been done Aar0n - and if you are careful you can probably make your little plan work more or less. But it is of course fiddly. I have probably collected £380 in my time too on just current account promotions and "switches" - it isn't a new idea. The ever decreasing number of UK bank players have been doing it for years. First Direct for 20 years on and off. A&L probably 10 years before they got took over by Santander and as you point out, it is still possible.

What we really need is a way to compound these little windfalls - then you really would have a plan

When you've worked that one out, PM me! In the meantime, good luck!

Milarky

masonic wrote: »

Poor internet banking site, for example not being able to delete old payees (which can become quite cumbersome after a few years), is just one reason that springs to my mind. Although I didn't leave them.

Same feelings here. I haven't left FD either after 7 years - despite 'only' receiving £25 for joining originally. Things like 8% regular saver and interest-free £250 overdraft help. As long as they can manage to answer to the phone they are worth having a relationship with.

nzseries1

I did leave FD because their Internet Banking was shoddy and unreliable - the amount of times I got "your request could not be processed at this time" was astonishing! And they did give me £100 for leaving, after I spoke to four different people and put up a fight. They weren't going down easy.

This was two years ago now. It may or may not have improved.

efundz1

You also need to factor in that the banks may have monthly fees, Halifax reward has a 12.50 monthly fee, so over the 6 months you are only making (12.5x6)-(6x5+30)=15, not sure what the deal is with FD, but is it really worth it???

Mishomeister

efundz1 wrote: »

You also need to factor in that the banks may have monthly fees, Halifax reward has a 12.50 monthly fee, so over the 6 months you are only making (12.5x6)-(6x5+30)=15, not sure what the deal is with FD, but is it really worth it???

What a poor calculation is that.
Firstly if it was the way you say, you'd be loosing £40, not gaining £15 over 6 months. And secondly Halifax reward has NO fee ony Halifax ultimate reward does!!!