Switching Bank Accs - how often?

alipops1986

Hello All,

My husband and I are looking into switching our bank account - mostly for the cash!

We currently have an individual account and a joint account with HSBC - so 3 accounts to switch in total.

I've read a lot of information on here about switching but I just wondered how frequently you can switch from banks, to different banks, in order to take advantage of the cash offers?

Thanks in advance,
Alipops x

MARTYM8`

alipops1986 wrote: »

Hello All,

My husband and I are looking into switching our bank account - mostly for the cash!

We currently have an individual account and a joint account with HSBC - so 3 accounts to switch in total.

I've read a lot of information on here about switching but I just wondered how frequently you can switch from banks, to different banks, in order to take advantage of the cash offers?

Thanks in advance,
Alipops x

Try this article - you may have missed the Clydesdale/Yorkshire offer (it may have ended - or maybe not) but the Halifax, Co-op, First Direct and M&S still have switching offers. The Co-op requires you to switch at least two DDs - the others don't at present. But unlike YB/CB you can only get one switching incentive per person:

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Also the cashback sites (e.g. topcashback and quidco) may also offer payouts for other banks when you switch. So check them out too.

colsten

As often as you like, assuming your applications for the target accounts all get accepted.

MarkFromCornwall

alipops1986 wrote: »

I've read a lot of information on here about switching but I just wondered how frequently you can switch from banks, to different banks, in order to take advantage of the cash offers?

Alipops x

I try not to switch more than once a month or I get in a muddle!

vixen1500

Which banks are you switching to?
Thought most banks only pay switch bonuses once every 12 months

colsten

vixen1500 wrote: »

Thought most banks only pay switch bonuses once every 12 months

There is nothing to suggest that switching has anything to do with "12 months".

You certainly cannot expect that

• banks will have a switching offer every 12 months
• you can get, from the same bank, a switching bonus every 12 months

You have to read/understand the individual terms for the switching offers. Some exclude you from the bonus if you have ever held an account with the bank before (e.g. FD), some exclude you if you had a switching bonus since xx/xx/xxxx (e.g. Halifax), some let you have several bonuses (e.g. CB/YB).

vixen1500

colsten wrote: »

There is nothing to suggest that switching has anything to do with "12 months".

You certainly cannot expect that

• banks will have a switching offer every 12 months
• you can get, from the same bank, a switching bonus every 12 months

You have to read/understand the individual terms for the switching offers. Some exclude you from the bonus if you have ever held an account with the bank before (e.g. FD), some exclude you if you had a switching bonus since xx/xx/xxxx (e.g. Halifax), some let you have several bonuses (e.g. CB/YB).

Yes you are quite right - I did not word it correctly
But with various banks putting restrictions on switching I can't see how the previous poster can manage to switch as often as he says - where on earth is he switching to?

Paul_1977

I think banks will give up with such good switching offers once most have switched, then leave it another five years perhaps.

colsten

vixen1500 wrote: »

where on earth is he switching to?

For some general ideas on where people are switching to for money, you just have to read the forum.

vixen1500

colsten wrote: »

For some general ideas on where people are switching to for money, you just have to read the forum.

Been doing that but 12 switches a year. don't know enough banks to do that and can't see anywhere in the forum that lists that many

colsten

Did you miss the YB/CB thread?