Where have all the switching deals gone?

cheesetoast

Surely a more profitable switching offer would be one that rewards loyalty. Say, something like this - pay in £500, and pay out 2 direct debits, and in the first month you'll get 1p, but it doubles every month.

January - £0.01
February - £0.02
March - £0.04
April - £0.08
May - £0.16
June - £0.32
July - £0.64
August - £1.28
September - £2.56
October - £5.12
November - £10.24
December - £20.48

And then starts again for January, but next year it starts at 2p...

eskbanker

cheesetoast wrote: »

Surely a more profitable switching offer would be one that rewards loyalty. Say, something like this - pay in £500, and pay out 2 direct debits, and in the first month you'll get 1p, but it doubles every month.

January - £0.01
February - £0.02
March - £0.04
April - £0.08
May - £0.16
June - £0.32
July - £0.64
August - £1.28
September - £2.56
October - £5.12
November - £10.24
December - £20.48

And then starts again for January, but next year it starts at 2p...

I think OP was looking for real switching offers rather than hypothetical made-up ones....

colsten

Why would anyone want the cheesetoast fantasy offers, paying around max £30 year, when they can get both, £60 from Halifax, and £48 from Coop? = £108 a year (amongst other offers)

Vortigern

cheesetoast wrote: »

Surely a more profitable switching offer would be one that rewards loyalty. Say, something like this - pay in £500, and pay out 2 direct debits, and in the first month you'll get 1p, but it doubles every month.

January - £0.01
February - £0.02
March - £0.04
April - £0.08
May - £0.16
June - £0.32
July - £0.64
August - £1.28
September - £2.56
October - £5.12
November - £10.24
December - £20.48

And then starts again for January, but next year it starts at 2p...

Scratch the January reset, just keep on doubling up and it would be really worthwhile - till the bank goes bust.

bigadaj

colsten wrote: »

Why would anyone want the cheesetoast fantasy offers, paying around max £30 year, when they can get both, £60 from Halifax, and £48 from Coop? = £108 a year (amongst other offers)

Maybe they should offer a free cheese toasted every month.