MSE News: New 7-day bank switching era begins: Full Q&A

badger09

msgerrarde wrote: »

So. Three years on, I decide to make use of this revolutionary customer-focus-pocus smokescreen and of course Santander tell me they cannot do a 7 day switch as my bank account run by RBS does not subscribe to the "scheme" and therefore the switch will take weeks or months.

What is the name of your account?

RBS definitely do subscribe to CASS (the scheme)

https://www.bacs.co.uk/DocumentLibrary/Historic_participant_data_Quarter_3_2014.pdf

Emmag

Hi, does anyone know how long you have to stay with one bank before switching again? thanks

YorkshireBoy

Emmag wrote: »

Hi, does anyone know how long you have to stay with one bank before switching again? thanks

If there's a minimum period it will clearly say so in the switching incentive T&Cs. Does it?

[Deleted User]

Emmag wrote: »

Hi, does anyone know how long you have to stay with one bank before switching again? thanks

I've never seen such a condition in a switching offer. I doubt that it would be legally enforceable, However, many switch offers do provide that the incentive will be paid into the new account within x number of days after the switch has completed. So if you have closed the new account before the payment date, you won't get the incentive. The new HSBC switching offer, for example, states that the incentive will be paid within 70 days of the switch.

YorkshireBoy

Deleted_User wrote: »

I've never seen such a condition in a switching offer.

You've not yet switched to Nationwide via their refer-a-friend incentive then? That's £100 you've missed out on.

[Deleted User]

YorkshireBoy wrote: »

You've not yet switched to Nationwide via their refer-a-friend incentive then? That's £100 you've missed out on.

I don't have any friends

YorkshireBoy

Deleted_User wrote: »

I don't have any friends

I think you'll find if you visit the referrers board you'll have 100's of 'em!