Current account hopping to take advantage of the joining rewards

turkish416

I note that with the new regulations making current account switching far simpler, many of the banks are offering joining rewards.

Is there any adverse effects to hopping from account to account to take advantage of the rewards? i.e. opening account, getting the reward then closing and opening with another bank...

CherlokHomes

turkish416 wrote: »

I note that with the new regulations making current account switching far simpler, many of the banks are offering joining rewards.

Is there any adverse effects to hopping from account to account to take advantage of the rewards? i.e. opening account, getting the reward then closing and opening with another bank...

That will be a hop more then hopping because are first direct not the only bank with the £100 incentive.

Archi_Bald

turkish416 wrote: »

many of the banks are offering joining rewards.

tell us more, who are they all?

turkish416 wrote: »

Is there any adverse effects to hopping from account to account to take advantage of the rewards? i.e. opening account, getting the reward then closing and opening with another bank...

can't think of any though there might be some.

Archi_Bald

CherlokHomes wrote: »

That will be a hop more then hopping because are first direct not the only bank with the £100 incentive.

no they aren't.

eskbanker

Halifax do a £100 switching reward too.

Fruit_and_Nut_Case

eskbanker wrote: »

Halifax do a £100 switching reward too.

Plus £5 per month thereafter for jumping through some relatively minor hoops.

turkish416

First Direct offer £100.00 for joining and £100.00 if you leave before 6 months. Halifax also offer a £100.00 for joining. Thus if you were to join First Direct, leave within 6 months and then join Halifax - you've made yourself £300.00...

YorkshireBoy

turkish416 wrote: »

First Direct offer £100.00 for joining and £100.00 if you leave before 6 months. Halifax also offer a £100.00 for joining. Thus if you were to join First Direct, leave within 6 months and then join Halifax - you've made yourself £300.00...

No you haven't. You've made yourself £200.

bsms1147

YorkshireBoy wrote: »

No you haven't. You've made yourself £200.

Please show your working.


~

Getting the £100 from FD isn't as easy as it appears though, so I might not count on it.

YorkshireBoy

bsms1147 wrote: »

Please show your working.

No "working" necessary...just an ability to read (the incentive terms). OP will have to wait until AFTER 6 months for their extra £100.

turkish416

Mea culpa = First Direct is leave before 12 months...

You get get:

£100 for switching to First Direct
£100 if you leave First Direct within 12 months
£100 if you switch to Halifax

I make that £300.00

Obvs subject to T&Cs - but nothing I can see that would prevent this route...