Is it moral to churn bank accounts?

colsten

happyinflorida wrote: »

We should have let them go bankrupt - it would have done nothing to us.

You clearly haven't thought this through as a collapse of the UK banking system would have affected every woman, man and child in the UK, as the UK would have been unable to trade. Luckily for all of us the Treasury and BoE were in a position to avert an apocalyptic disaster.

I do agree that one or two of the bankers should probably have ended up in jail, and be stripped of not only their honorary titles but also of a very large part of their pensions. However, them sitting in jail would only have cost the tax payer even more money, and would have made absolutely no difference to resolving the financial crisis.

Anyway, we are digressing a lot. IMHO, the 2008/9 financial crisis has absolutely nothing to do with accepting a switching offer.

MABLE

Its probably know more immoral that voting UKIP

guesswho2000

I don't think so, they can pick and choose customers, we just "apply" for their products and jump through their hoops.

Yes their incentives are there to reel us in, but they want us to deposit our savings and take out their borrowing products. Taking the incentives is no worse than incessantly transferring between 0% deals (18 months 0% soon turns into 15.9% or whatever doesn't it ).

Thinking about it, I've had:
-Halifax £100 - I kept the account for the free £5, but I use their Clarity card abroad;
-Santander £50 123 account - kept for the ongoing cashback;
-Co-Op £100 - fair enough, I binned this;
-First Direct £125 - kept for the ongoing interest free OD and the 6% saver.

Santander made some money out of me when my council tax payment took me overdrawn for a few days while I was out of the country, Halifax have made a few £ from interest on my cash advances on their Clarity card. I don't think they're immoral for charging me, it's in their terms, as were the original incentives...

robatwork

What a very silly thread. Go to bed!

brenda10

studentsaver_88 wrote: »

Yes why not, as long as you meet the criteria.

I am that person, I move as necessary to get the best deals and it works for me. I am quids in ££££££.


Martin Lewis has helped me survive tough times and I have no qualms about jumping ship regards new bank accounts and the offers and I always fulfil the criteria, otherwise they wouldn't accept me or not!
At the end of the day they make the choice if they will accept me.
Good Luck


Martin is my HERO.

adindas

I leave it to you guys to discuss it.
But I am one of those who will keep taking advantages of high interest rate, switching incentive and I am not considering myself to be morally wrong.

The bank makes an offer I apply and the Bank (not me) approve it. Where is morally wrong here ....

A few years ago, I was getting less than 1% for my saving but when I do not pay my credit card balance in full they charged me around 15% ? When I have a late payment some bank charged me £25 ??

This is pure business and we should keep as it is ....

Harveys_2

What a ridiculous thread!

Millie_Millsters

I'm astonished to see this "moral" question on here. Isn't the whole ethos of MSE to "play them at their own game"

Ebenezer_Screwj

What's immoral about this? Good for him.

Goldiegirl

Millie_Millsters wrote: »

I'm astonished to see this "moral" question on here. Isn't the whole ethos of MSE to "play them at their own game"

I thought the ethos of MSE was money saving and cost cutting, but unfortunately it does seem to have evolved into something else.