Incentive time limits

Gareth_Alien

I've heard the storys about people switching bank accounts to get the various cash incentives - but how long do you have to keep the account open? Can you just close it again as soon as the money comes in? Surely there are some rules about this - but I can't find them!

[Deleted User]

In almost all cases (there may be the odd exception) there is no requirement to keep the new account open for a specified period: you can close it when you want.

However, normally the T and Cs of the switching offer will say that the incentive is paid into the new account within a certain number of days (eg 45 days) of the date when the switch takes place. If you have closed the new account before the incentive is paid into the account, you won't get the incentive.

alternate

Nationwide is 3 months. Most don't specify. I would leave it a few months to keep it classy. A lot of them give you an incentive to say a while such as an exclusive regular saver.

Gareth_Alien

Thanks for the quick responses. I was just concerned about getting letters from the bank asking for the money back because you've closed the account within 57 years and they'll be adding interest. Far-fetched example, but you get my point.


Further to this, does anyone know of a timeframe where, having moved away from bank A, you could transfer back again and pick up the incentive a second time? I'm assuming a years break would probably be OK at that point - so get back to the same bank every 15 months?

badger09

Gareth_Alien wrote: »

Further to this, does anyone know of a timeframe where, having moved away from bank A, you could transfer back again and pick up the incentive a second time? I'm assuming a years break would probably be OK at that point - so get back to the same bank every 15 months?

As with your previous question, it all depends on the T&C of the particular account & incentive offer.

For example, FD have consistently specified 'new customers only' on their offers - and they have very long memories.

Most switch incentives these days tend to be once only, as the banks have got wise to the brigade of 'switching tarts':p but you really need to read the T&Cs.