Switching accounts

Psyurmh

Is there anything to stop people switching bank accounts and then switch again as soon as the switching bonus is paid?

eskbanker

No, unless there are any such stipulations in the Ts & Cs of course....

Bsnimunf

eskbanker wrote: »

No, unless there are any such stipulations in the Ts & Cs of course....

Does anyone know if any of the accounts that give a switching bonuses stipulate how long you need to keep the account open. I am not aware of any but I haven't read the full terms and conditions for most of the accounts. I ask because a lot of the articles where people discuss switching repetitively they wait several months before switching.

eskbanker

I'm not aware of any either but it's neither practical nor useful to generalise, the key point being that any given account incentive has its own Ts & Cs that the relevant switchers need to be familiar with, rather than working with generic perceptions!

alternate

Nationwide stipulate 3 months, it is the only one I have seen that gives a specific date.

typistretired

Opened a Marks and Spencer current account for their monthly saver 6% but just noticed as well as the 2 direct debits you have to have switched a bank account. I have a couple of Lloyds and TSB current accounts which I don't use now but they have no £'s in them. What do the regular switchers do to make the bank account favourable for switching

eskbanker

typistretired wrote: »

Opened a Marks and Spencer current account for their monthly saver 6% but just noticed as well as the 2 direct debits you have to have switched a bank account. I have a couple of Lloyds and TSB current accounts which I don't use now but they have no £'s in them. What do the regular switchers do to make the bank account favourable for switching

At the risk of labouring the point, I check the Ts & Cs of the relevant switching offers to ensure that any accounts I'm switching will comply! DDs are often specified so need to be set up (and I'd usually wait for them each to be used at least once before switching) but I don't recall seeing any stipulations about balances and have switched accounts with £1 in them.