Golden Era

[Deleted User]

Are we in a golden era of banks competing for current account customers by offering switching bonuses and loss-making credit interest? How long will it last?

As at the end of 2015, I had 4 current accounts:-

(1) Santander 123, opened in June 2014, maxed from opening to £20K for 3% interest, with all usual DD's paid from this (to maximise cashback)_
(2) Clydesdale current account opened in December 2014, with switching bonus of £150 from RBS account (opened in 1975!). Kept £3K in this to benefit from 2% interest.
(3) Two Tesco current accounts opened in October 2015, with £3K in each earning 3% pa.

I decided at New Year to maximise switching bonuses and other perks. Since then:-

(1) Opened HSBC current account in January, switching Clydedale account. Switch completed in early February and bonus of £120 paid early March. No funding requirement (except account requirement of £500 per month) or direct debits needed but unfortunately the long process caused me to take my eye off the ball and miss out on the TSB switching bonus and the enhanced First Direct switching bonus.
(2) HSBC Regular saver opened late February. £250 being paid in monthly from HSBC current account by standing order, earning 4% (I should have opened the Advance current account, despite its larger funding requirement, for 6% on the Regular Saver, mistake)
(3) TSB Classic Plus opened late February (too late for the switching bonus, missed out). £2000 being kept in that earning 5%. Monthly funding of £500, no DD requirement.
(4) Halifax Reward account opened late Feb, switching from one of the two (October 2015) Tesco accounts for switching bonus of £125. Switch completed 7 March, bonus paid the preceding week. Monthly funding of £750. Two DD's moved from Santander (not council tax, gas/electricity or phone/broadband), paying out from Halifax account in mid to late March. First £5 reward due on 1 April.
(5) Application for replacement second Tesco current account made on 7 March (same day as switch completed) and (unbelievably) approved. This account now funded to £3K to maximise interest.
(6) Application for M and S current account made in mid March, and approved. Arrangements now made to switch the other Tesco account from October 2015 (two direct debits moved to that Tesco account from Santander in readiness for the switch). The switch is due to complete on 5 April, with £100 reward card due by 5 May. After the switch completes, this account will be funded with £1000 each month, starting from May 2016 to April 2017, to qualify for the monthly reward card credit of £10 (total £220 bonus). Also after switch completes on 5 April, application will be made for £250 per month Regular Saver at 6% (needs the two DD's to be maintained on the current account).
(7) On 18 March, Santander Regular Saver opened in branch. £200 per month for a year at 5% by transfer from 123 current account.
(8) On 21 March, application made online, and approved, for First Direct current account. Arrangements made to switch Tesco current account (the one opened in March to replace the one switched to Halifax). Switch will complete on 4 April and will involve credit of >£1000, so bonus of £100 expected within 28 days (wish I'd done this before 29 February for enhanced bonus). No monthly funding requirement. No direct debit requirement. Monthly fee of £10 waived for first 6 months, and thereafter can be avoided by opening a savings account (the regular saver doesn't count for this). Once switch completed on 4 April, application will be made for £300 per month Regular Saver at 6%.


So now I will have 6 current accounts (Santander 123, TSB Classic Plus, Halifax Reward, HSBC, M and S Bank and First Direct) and 5 Regular Savers (Santander, TSB, HSBC, M and S and First Direct).

Just wondering if I dare apply for another 2 Tesco accounts in April?