A few questions about bank switching bonuses

smulx

I've opened up a Barclays account so I can use this for the switch but was wondering a few things. For the bonuses that require DD's to be transferred, is there usually any minimum value attached to these? I was thinking of changing a couple of £5 charity DD's I have to the Barclays account to take care of this requirement.

The offers that require you to pay in a certain amount on money before the bonus is released, I think they usually want £800-1000. Does this have to be actually paid in to the account once it's open, or is it enough for this balance to be transferred as part of the switching process?

That's all I can think of at the moment. Any advice appreciated.

colsten

The answers to your questions will all be in the switching offer terms and conditions.

smulx

Using First Direct as an example it says I need to transfer my "income of at least £1,000 per month". Obviously I won't be doing that, so the terms aren't any help. I'm asking what else will satisfy this condition.

colsten

smulx wrote: »

Using First Direct as an example it says I need to transfer my "income of at least £1,000 per month". Obviously I won't be doing that, so the terms aren't any help. I'm asking what else will satisfy this condition.

Where in the FD switching terms does it say you "need to transfer your income of at least £1,000 per month"?

YorkshireBoy

These appear to be the current switching incentive T&Cs?...

Open a 1st Account then switch your banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of your account opening and we'll add £125 to your account. It’s the least we could do to welcome you on board.

This offer is limited to one payment per customer or joint relationship and you’ll get the money in your account within 28 days of all criteria being met.

We can only offer this to people who haven't previously held an account with us.

We reserve the right to refuse any application for a product or service. All credit is subject to status. We reserve the right to extend or withdraw this offer at any time.

I've highlighted what I think is the important bit.

Now obviously if you've also got an eye on the £100 "farewell" payment you need to do things a little differently!

Kernel_Sanders

smulx wrote: »

Using First Direct as an example it says I need to transfer my "income of at least £1,000 per month". Obviously I won't be doing that,

In what way is it obvious to us?

smulx wrote: »

The offers that require you to pay in a certain amount of money before the bonus is released, I think they usually want £800-1000. Does this have to be actually paid in to the account once it's open, or is it enough for this balance to be transferred as part of the switching process?

Have you read anything at all about current account incentives? All the ones I know of require you to pay in a regular sum each month, not just deposit a lump sum or two!

eskbanker

Kernel_Sanders wrote: »

Have you read anything at all about current account incentives? All the ones I know of require you to pay in a regular sum each month, not just deposit a lump sum or two!

Do you know of the one mentioned in the post immediately before yours?!

EarthBoy

Kernel_Sanders wrote: »

Have you read anything at all about current account incentives? All the ones I know of require you to pay in a regular sum each month, not just deposit a lump sum or two!

Which ones do you know of which demand a regular monthly deposit? The only one I've heard of is the Yorkshire/Clydesdale Bank which demands £1000 paid in every month until the bonus is paid. As they promise to pay the bonus within 70 days of switching, you shouldn't need to pay in more than twice.

Halifax, Co-op, and First Direct only demand a single payment in.

mfk

For Direct Debits - Oxfam set up really quickly and appeared on my account in 2 days!

PayPal is a good one, or worth setting up a Tesco Savings account as they allow Direct Debits to be set up to draw money in.

Scope charity also have no minimum donation for DD, although nicer not to be stingy and give them 1p, a £1 will do the job :-)

smulx

colsten wrote: »

Where in the FD switching terms does it say you "need to transfer your income of at least £1,000 per month"?

Kernel_Sanders wrote: »

In what way is it obvious to us?

It's obvious because I clearly don't want to bank with them. My post is about trying to profit from all of the bonuses that are on offer at the moment and I even mentioned that I've opened a dummy account to use for purpose of switching...

Kernel_Sanders wrote: »

Have you read anything at all about current account incentives? All the ones I know of require you to pay in a regular sum each month, not just deposit a lump sum or two!

No they don't.

YorkshireBoy wrote: »

These appear to be the current switching incentive T&Cs?...I've highlighted what I think is the important bit.

That's the bit that I'm not sure about. I'm hoping someone that's done the offer can tell me whether I need to pay in the sum after the account is open, or if a balance transferred in via the switching process will satisfy this requirement

YorkshireBoy wrote: »

Now obviously if you've also got an eye on the £100 "farewell" payment you need to do things a little differently!

I would like to get the farewell bonus, but I'm not sure about what I'd need to do differently. That's why I started the thread, because I was hoping for a bit of advice from people that have done the offers.

msallen

smulx wrote: »

I would like to get the farewell bonus, but I'm not sure about what I'd need to do differently. That's why I started the thread, because I was hoping for a bit of advice from people that have done the offers.

If want to bag the leaving cash too then you do have to pay in the £1000 a month I believe