Yorkshire & Clydesdale Banks offering £150 for switching

LplateSaver

thebritishbloke wrote: »

Since you opened your account, you've credited £1000 to it for the switch incentive. So you'd have to wait a month between doing each switch to make it not average at £1000 credit/month.

I read that as a shorter period of time before 17th November 2014 but I don't know, I'm not the adventurous/leader type.

Ed-1

LplateSaver wrote: »

I read that as a shorter period of time before 17th November 2014 but I don't know, I'm not the adventurous/leader type.

Ditto. That's the only sensible conclusion; although I wouldn't put money on getting multiple incentives credited to the same account (waiting for someone to try!), but then I wouldn't have put money on getting multiple incentives credited to different accounts either.

Yorkshire_Pud

Ed-1 wrote: »

Ditto. That's the only sensible conclusion; although I wouldn't put money on getting multiple incentives credited to the same account (waiting for someone to try!), but then I wouldn't have put money on getting multiple incentives credited to different accounts either.

I would have thought the point of the exercise was to show a prospective buyer of the Banks as many accounts opened as possible which amalgamating switched accounts into one new one would reduce? Then the only benefit to YB or CB would be that another account with another provider got closed down.

Not that I know anything of course, trying to traverse my way through this same as everyone else!:eek:

colsten

Yorkshire_Pud wrote: »

I would have thought the point of the exercise was to show a prospective buyer of the Banks as many accounts opened as possible which amalgamating switched accounts into one new one would reduce?

The banks, and the journalists, do for some reason like to excel on switching stats, probably to prove that it was worth the millions the CASS has cost, and is costing. Compiling these stats also keeps a few people in happy employment, and produce a little income tax.

For example:

http://www.paymentscouncil.org.uk/media_centre/press_releases/-/page/3177/

http://www.paymentscouncil.org.uk/switch_service/resources/current_account_switch_service_switching_data/

http://www.paymentscouncil.org.uk/files/payments_council/accountswitching/dashboards/cass_dashboard_-_jan_15.pdf

What none of the statisticians have figured out so far is how many people "switch" just to get their hands on a joining bonus. I am not blaming them for not knowing, I am losing count myself now.

No buyer in their right mind will be impressed by switching stats.

Yorkshire_Pud

Interesting. Looks like Clydesdale were haemorrhaging customers and needed to lure some back with a massive bribe, albeit one that probably won't in total exceed one fat cat bankers bonus.

Wonder when a uSwitch style operation will set up to churn bank accounts or maybe its already here!

colsten

Yorkshire_Pud wrote: »

Wonder when a uSwitch style operation will set up to churn bank accounts or maybe its already here!

You bet it is already here. It's been with us for years, long before there was a switching guarantee.

Some websites have made tens of millions from bank switching offers and other referral deals. 'nuff said.

Yorkshire_Pud

Anyway thanks to colstens link in another thread I decided to apply for two current accounts by phone and was accepted for both in principal and now awaiting paperwork.

I did get quite a grilling about switching any DD's to the new account but had to confess there aren't any to switch. It seemed this was acceptable though, she said its more to do with adequate source of funding and money laundering rules (or something).

I'm wondering how some here have managed to open 6+ accounts when they must know you have already applied/opened new accounts recently?

Is it just that as responsible Bankers they have to show due diligence but are in fact nodding the applications through come what may, in other words they KNOW you are just doing it to get £150 but you have to answer the questions to fit in with regulations for the industry so that they can approve applications one after the other for the same person?

badger09

badger09 wrote: »

Confirmation letter received 24 December, but 'Good to Know' welcome brochure which apparently tells me everything I need to know about my new account, including how to use internet and telephone banking, was missing :cool:
Revised switch date 5 January.....

So, after a very tedious & protracted opening process, it all seems to be working ok.

Hopefully the switch and switching incentive won't need any further interventions from me

Switch to YB went ahead on 5 January and incentive was paid 9 February

derrick wrote: »

I have just been informed over the phone by a very knowledgeable Clydesdale CS agent that this incentive has been extended to 28th March due to the extremely positive take up of this offer, (wonder why), and agents working full out all day plus overtime to keep up with demand, although nothing showing on the websites yet.

I was out of UK in January and will be again from next week so haven't bothered applying for further accounts However, if the incentive deadline is being extended, I'd like to get the process started before I leave. Even if the deadline isn't extended, it would give me another donor account

This afternoon I got recorded message saying they can't take any calls on 0800 202122 and I gave up after listening to 20 minutes of muzak while in a queue on 0800 2346550.

Has anyone managed to get through to YB today on any other number?

MARTYM8`

Yorkshire_Pud wrote: »

Anyway thanks to colstens link in another thread I decided to apply for two current accounts by phone and was accepted for both in principal and now awaiting paperwork.

I did get quite a grilling about switching any DD's to the new account but had to confess there aren't any to switch. It seemed this was acceptable though, she said its more to do with adequate source of funding and money laundering rules (or something).

I'm wondering how some here have managed to open 6+ accounts when they must know you have already applied/opened new accounts recently?

Is it just that as responsible Bankers they have to show due diligence but are in fact nodding the applications through come what may, in other words they KNOW you are just doing it to get £150 but you have to answer the questions to fit in with regulations for the industry so that they can approve applications one after the other for the same person?

I think its important that you provide the right sort of answers – avoiding the words ‘saving’ e.g.

income from second job and related expenses,
rental income from a flatmate/tenant and related expenses,
income from another job/part time work
you are becoming a carer for a relative/foster carer so want to keep funds separate for this in terms of spending/saving – or have an elderly parent to look after (i.e. show you are a nice person!).
income perhaps from abroad (e.g. a rental property or investment)

And you want to keep them all in separate accounts as it makes budgeting and sorting out your tax returns/planning easier. Once its open they really aren’t going to check it to ensure you do what you claim you were going to!

Alternatively you can just claim you are an employee of a large bank with significant global operations – and need to launder some money quickly for a major drug cartel!!:D

Princess_x

Does anyone know how easy it is to close an account with them? Do you HAVE to go into a branch to cancel? I know with a few banks you can easily close over the phone. I wouldn't have minded going into their branch except they don't exactly have an abundance of them.

TIA.