So how much do the banks want your current account business?

ratechaser

Well, from what I'm working out as of right now, it's to the extent of paying you about £1800 in total.

Just to backtrack for a moment, I had a lightbulb moment about 4 weeks ago when I suddenly realised that no financial institution actually gives a toss about you (something of a revelation whilst thinking about a certain mutual BS that I'd been a member of for over 25 years).

Given that I hadn't really spread myself around the banks at all, I was well placed to take advantage of all the switching bonuses that were on offer, along with the linked high interest savings accounts they had.

And having done a quick 'back of a fag packet' calculation, it looks like for the sake of a few hours work, and a few trees worth of paper through my door in post, it's quite realistic to realise over £1800 in benefits (account incentives plus interest versus money sitting in an account at 2% - which is a generous comparison in itself!).

Anyway, just felt it was worth sharing my epiphany here, as I see so many new posts along the the lines of 'should I switch'. The answer I think is - YES

Maybe I'll write an idiots guide if I ever have the time

ratechaser

Of course, I should have posted this in the banking forum if someone would be so kind as to move it. Oops...

colsten

ratechaser wrote: »

Maybe I'll write an idiots guide if I ever have the time

That would of course be a really good way to kill the golden goose. By all means, help your mates but don't overdo it.

Glen_Clark

I think the answer is banks don't actually want your current account business because they make no money on it. They only want it to get hold of you to sell you stuff they do make money on.

CLAPTON

ratechaser wrote: »

Well, from what I'm working out as of right now, it's to the extent of paying you about £1800 in total.

Just to backtrack for a moment, I had a lightbulb moment about 4 weeks ago when I suddenly realised that no financial institution actually gives a toss about you (something of a revelation whilst thinking about a certain mutual BS that I'd been a member of for over 25 years).

Given that I hadn't really spread myself around the banks at all, I was well placed to take advantage of all the switching bonuses that were on offer, along with the linked high interest savings accounts they had.

And having done a quick 'back of a fag packet' calculation, it looks like for the sake of a few hours work, and a few trees worth of paper through my door in post, it's quite realistic to realise over £1800 in benefits (account incentives plus interest versus money sitting in an account at 2% - which is a generous comparison in itself!).

Anyway, just felt it was worth sharing my epiphany here, as I see so many new posts along the the lines of 'should I switch'. The answer I think is - YES

Maybe I'll write an idiots guide if I ever have the time

how much have you realised to date?

jaydeeuk1

ratechaser wrote: »

Well, from what I'm working out as of right now, it's to the extent of paying you about £1800 in total.

Just to backtrack for a moment, I had a lightbulb moment about 4 weeks ago when I suddenly realised that no financial institution actually gives a toss about you (something of a revelation whilst thinking about a certain mutual BS that I'd been a member of for over 25 years).

Given that I hadn't really spread myself around the banks at all, I was well placed to take advantage of all the switching bonuses that were on offer, along with the linked high interest savings accounts they had.

And having done a quick 'back of a fag packet' calculation, it looks like for the sake of a few hours work, and a few trees worth of paper through my door in post, it's quite realistic to realise over £1800 in benefits (account incentives plus interest versus money sitting in an account at 2% - which is a generous comparison in itself!).

Anyway, just felt it was worth sharing my epiphany here, as I see so many new posts along the the lines of 'should I switch'. The answer I think is - YES

Maybe I'll write an idiots guide if I ever have the time

http://www.hotukdeals.com/deals/maximise-bank-switch-incentives-earn-up-1100-one-guide-2079867

Seems to be updated pretty regularly too

ratechaser

CLAPTON wrote: »

how much have you realised to date?

It's still early days, with multiple switches still in flight. As of right now, just the one £100 from the Halifax (and I have to hand it to those guys, they paid out before the switch even completed). The £1800 will come over the course of a year, although at least ought to be realised over the next couple of months...

ratechaser

jaydeeuk1 wrote: »

http://www.hotukdeals.com/deals/maximise-bank-switch-incentives-earn-up-1100-one-guide-2079867

Seems to be updated pretty regularly too

Nice. Hadn't seen that one before. Looks like I've covered off everything on that list with the possible exception of missing any tesco current account bonus, although sounds like that's a bit hit and miss anyway. 10000 club card points would have been nice though