Taking advantage of Current Account switching offers

Archi_Bald

derrick wrote: »

Re FD from your post #7, do you know what do they class as "(if you've not tried us before)", from their web page First Direct, as I was with them for a short time a few years ago?

It means have you ever had an account with them. Their memory goes back to the 90s when they first opened shop. So it sounds they won't give you any switching bonus, I'm afraid.

Ed-1

YorkshireBoy wrote: »

You don't need to put £1K in the accounts prior to the switch. Many of the switching offers exclude funds transferred on the switch date, so you'd still need to credit those accounts after the switch date.

To your original query...I'm helping someone exploit these at the moment, with 3 switches going through initially...

Opened 2 x BoS Classic and 1 x Lloyds Classic

BoS(1) > Co-op (£25 credited to BoS(1) and 2 x £5 DDs set up to Tesco Savings). £100 payable 45 days from switch date.

BoS(2) > FD (£25 credited to BoS(2) and 2 x £5 SOs to existing accounts elsewhere). £125 payable 28 days after switch date.

Lloyds > YB (same set up as BoS(2) above). £150 payable 60 days after switch.

As these offers pay out, we'll progress to...

Co-op > Nationwide via their RAF scheme (£50 each)

FD > Halifax (Halifax is their main account but they've never had a switching incentive). £100 payable 3 days after switch.

YB > M&S - £100 gift card payable one calendar month after switch.

M&S > Nationwide (again, but after first setting up a couple of DDs to good old Tesco!) via their RAF scheme (£50 each)

That's the plan anyway!

Now I make that £675 for them...and £100 for me.

Nationwide only pay out to someone who switches who has been referred for them and the first person that referred them no matter how many times they switch and how many people refer them to switch. Tried it! However, you can get up to £500 through referring different people to switch as long as they have not already received £50 for switching from someone else referring them.

anoncol

I don't understand the referring thing. Can you refer the same person multiple times?

Ed-1

anoncol wrote: »

I don't understand the referring thing. Can you refer the same person multiple times?

You can, but you'll only get one £50.

This is how it works in practice:

You refer a person to switch to Nationwide using the online form. If they then complete a switch, switching 2 direct debits and haven't already received £50 from being referred by somebody else (or if they have been referred by somebody else, you are the first person to have referred them) then you'll both receive £50. [Note that they may have received £50 from referring somebody else to switch: that's fine.] If they've already been referred and switched then none of you will receive £50. However it can work vice-versa too: if they refer you and you haven't received £50 from being referred (remember, last time you referred them) and you switch then you'll both get another £50. You can refer an unlimited number of people but can only receive a maximum of £500.

YorkshireBoy

Ed-1 wrote: »

Nationwide only pay out to someone who switches who has been referred for them and the first person that referred them no matter how many times they switch and how many people refer them to switch. Tried it! However, you can get up to £500 through referring different people to switch as long as they have not already received £50 for switching from someone else referring them.

Plan was switch into 2 separate accounts. Are you suggesting this won't work either? What if the first was closed before the 2nd RAF?

Ed-1

YorkshireBoy wrote: »

Plan was switch into 2 separate accounts. Are you suggesting this won't work either? What if the first was closed before the 2nd RAF?

By all means go ahead and try it but this is what 3 of us tried earlier this year:

I (person A) referred person B and person C to Nationwide. They both switched. Around the following 20th they both received £50 and me £100.

Person C then referred person B and person B switched to a new Nationwide account - no £50 for either. Person B tried referring person C with the same outcome - no £50.

Person B then referred me to switch which I did into an existing account - following 20th we both received another £50 each.

Person C then referred me to switch into a new Nationwide account - no £50 for either.