Current account freebies

bobsy852

I see a lot of adverts on TV for banks offering incentives for customers to open accounts and if they pay in their wage or £1000+ a month they get freebies such as good interest rates or £5 a month.

So that got me thinking, I wonder how much you could earn from this.

What's to stop me opening an account at each. For example, say I open 3 accounts at 3 different banks.

Pay my wage into account 1, earn the incentive.

Transfer the funds into bank 2, earn the incentive

Transfer the funds into bank 3 to earn their incentive

This was just a fleeting thought that I thought I'd ask if it would be possible? Although I admit it would be annoying and difficult, but if it earns you free stuff then why not?

Fruit_and_Nut_Case

There are lots of people here who play this game. Go for it!

Sam112_2

There's nothing to stop you. As of yesterday OH and I have 6 TSB plus accounts, and I'm appling for a Halifax soon. So should be earning £34 each a month soon from 10 different accounts (4 different banks). Not bad, I'm sure others do better. We've only been saving just over a year and all the accounts bar Halifax require the money to stay there to earn the reward.

I'd like to know if lloyds club is the only account that has non-money/points benefits. As well interest it gives cinema tickets, are there any others that have added bonuses like that?

dr_adidas01

I'm one of those people that does this, the money I make out of it usually pays for a holiday or goes towards the cost of a holiday.

Archi_Bald

bobsy852 wrote: »

What's to stop me opening an account at each. For example, say I open 3 accounts at 3 different banks.

Pay my wage into account 1, earn the incentive.

Transfer the funds into bank 2, earn the incentive

Transfer the funds into bank 3 to earn their incentive

For the avoidance of doubt, the incentive is essentially interest, and you only get the respective interest on days the money is in a given account. The Halifax Reward is an exception to this, and Club Lloyds has some gimmicky stuff like cinema tickets or magazines.

Multiple accounts are great if you have a lot of cash savings. It's not annoying or difficult to exploit the offers if you have the cash.