Moving banks

rfclee1988

Recently moved to first direct for there cashback offer which was on at the time, but the lack of branches in my area has got me thinking about leaving them already. Are you aloud to move freely from bank to bank without any implications? Only really wanted to move to first direct for the cashback offer.

Thanks

chris_m

Check the T&Cs to see if there is a minimum time you have to stay to qualify for any offer.
Other than that, I don't think there is any reason why you can't move again - however, if you want a bank with branches in your area, try not to choose a telephone/online only one next time

grumbler

Lack of branches in your area?! You must be joking as it's internet/phone only bank and, I believe, doesn't have any branches. Some services are available in HSBC and PO branches.

Yes, you are allowed to move without any restrictions. You can even try claiming their "Service Guarantee" £100 for leaving within first six months, but IMHO this would be grossly unfair to them as your expectation of branches nearby was a delusion.

TedC

Hi rfclee1988, My reason to switch same as yours £100 cashback, Plenty of Banks where I live, but informed after spending an hour opening an account with the Halifax my cashback is disallowed because the Newcastle Building Society is not a member of the 7 day switching service. Now I have a another useless bank account and no £100 Cashback

colsten

TedC wrote: »

Now I have a another useless bank account and no £100 Cashback

If the 'useless' account is with Halifax, you have two options:

1. switch it to somewhere else for a switch bonus
2. set it up so you get the free monthly fiver

grumbler

colsten wrote: »

If the 'useless' account is with Halifax, you have two options:

1. switch it to somewhere else for a switch bonus
2. set it up so you get the free monthly fiver

Another option is to set up an account elsewhere and switch it to Halifax.

The bonus is for switching, not opening a new account, and IIRC there are no any time limit for switching.

TedC

My new Halifax account or my old Newcastle Building Society account

grumbler

You can't get bonus for switching Newcastle BS account if this BS doesn't participate in switching scheme.
Neither can you get monthly £5 with it.

TedC

Strange that the bonus is for nicking accounts from other Banks, and not Building Societies. What is the difference they are both financial institutions ...! Martin on his TV show did not specify those Banks that switch and those who do not. Thx anyway.

grumbler

It's not about banks/BS, it's about participating in the switching scheme.

Blame yourself, not Martin. It wasn't very hard to check Halifax's website:

You are not eligible for the offer if the bank you are switching from does not participate in the Current Account Switch Service. To find out if your bank participates, visit the Payments Council website www.simplerworld.co.uk.

Note, they say 'bank', not 'BS'.
> More about the £100 switching offer and the Switcher Prize Draw

And, as I said above, nothing stops you from getting the switching bonus.

YorkshireBoy

grumbler wrote: »

Note, they say 'bank', not 'BS'.

To be fair though grumbler, if people stopped there (and didn't click the link) they could miss out if they held Cumberland and/or Nationwide building society accounts they wanted to switch.