Is it moral to churn bank accounts?

superfran_uk

Because banks are *all* about morality.

I think the answer is who cares? He's not robbing old ladies! If he can be bothered to inconvenience himself for the sake of a few quid, why the hell not.

dzug1

It's neither moral nor immoral - morality doesn't come into it.

Enterprise_1701C

Considering banks do not blink when they charge you ridiculous amounts for going 10p overdrawn which then causes you to go further overdrawn, then charge you more, then to me this seems like an extremely good idea.

HCM2007

How can this be immoral? The way the banks have treated their customers in the last few years I'd say it's a very small victory in return.

JuliusCaesar

What is the moral issue at stake here? If the person concerned can be bothered to constantly change bank accounts, good luck to them. They are doing nothing immoral or illegal.

Custardcar

Absolutely fine. I've opened multiple bank accounts and have a set of standing orders paying the same amount of money around the accounts to ensure I meet the minimum pay in criteria. I've earned £125 from First Direct, £100 from the Co-Op, £100 from Halifax (and £5 a month from them too). I see this as making a little inroad towards the fact banks offer such paltry interest rates on their savings products.

Fujiko

Does he keep all of these accounts open or close them once he has received the bonus? Does he keep his original account? I don't know about all the offers but I see M&S pay a bigger bonus if you actually switch account as opposed to just opening one.

What about direct debits, and his salary which I assume would be paid directly into his account? Surely these instructions are not switched every time he switches accounts? Does he get a debit card with each one?

Quite frankly this all seems to me to be a lot of effort for a not very high return and I just couldn't be bothered.

sinizterguy

If it is moral for bank to offer incentives to make people sign up with them, it is moral to open said bank accounts to avail of said offers.

To me, this seems an utterly ridiculous question. But, each to their own.

TokSik

What's immoral about turning the tables on a rip-off artist (essentially, a licensed thief).
To me, whoever wrote this question is seriously naive !!

System

Quite true.

The big banks don't really want rate tarts and switchers to a great degree as those are the people likely to move again.

They want the docile sheep that can't be bothered moving or chasing good deals.

GingerFurball wrote: »

But the banks actual intentions are just to grow their share of the current account market. Note how none of the Big 4 English (Lloyds, NatWest, HSBC, Barclays) or Scottish (Bank of Scotland, Royal Bank of Scotland, TSB, Clydesdale) banks offer joining incentives. It's all challenger banks like Halifax, M&S, First Direct and Co-op trying to entice people to try them out and hopefully have their main banking relationship with them if people like what they get.