who DOESNT switch banks or have several accounts?

Westie983

Sharon87 wrote: »

I do have multiple accounts, but don't gain much from my current accounts. I used to do Halifax Rewards, but since the DD rule came into it I've since stopped it. I used to do it, but always forgot when the direct debit came out and I'd end up in my overdraft - and therefore not getting the reward. It was too much hassle and cost me money as it's not my main account. I know I could set up a standing order from my main account, but the amount was different each month (it was a CC minimum payment) .

I also have some debts, so tend to save my credit searches for 0% credit card deals! Too many applications for a current account can damage my credit rating. 0% deals save me more money than the £100 switching bonus! I have got a recent current account that pays 3%, I'm basically using it as an easy access savings account!

I understand why some people don't want to switch accounts, it is hassle sometimes, even with the easy switching procedures. I'm actually going to close my Halifax account as I'm not doing anything with it, and if I want to 'switch' in the future I can. Also people with poor credit ratings will probably not get the best current accounts!

If you may want to switch in the future, keep your halifax account open then you can switch for any incentive if there is one, if you close the account yourself you may not qualify for any switching offers,

worth thinking about paypal DD or Tesco/TV licence DD these can all be small amounts and you can set them at a fixed figure so you wont have the issue you have had with your CC.

My DD on my reward account is TV license which is £12.12 and Paypal for £1 each month, so only put £15 into my account each month (I transfer the £750 in and out) then when I get the reward payment I remove the excess amount after the DD and leave balance at £0.01 till the next month.

If you don't use paypal you could use maybe Tesco or a phone contract that has more of a static or fixed cost.

Its £60 a year you could make for paying out DD...

guestman

if some of you think 15 minutes of your time for an easy £100 isn't worth it , then imagen the shock when you look at the boost your income sub forum. people in there will spend 20 - 30 minutes of surveys to get 50 pence. don't get me wrong I sign up to the odd website for free nectar points but some of them will spend 2 hours a day doing surveys for a £1 lol

Katiehound

Well, I switched my main current account 7 years ago for a better deal with Halifax and I am happy to stay with them.
I had been with Nat West for 40+ years and they actually lost me some money! No reward for customer loyalty.

I have opened and switched other accounts in the last few years and it's a bit of a game. As far as I am concerned it is extra pocket money, or money to donate to charity. I have also helped a few friends to earn themselves extra.

I certainly don't spend hours doing such things but having been brought up in a household with virtually no money so the using money wisely mantra is a way of life!

Tigsteroonie

marleyboy wrote: »

If this is some sort of sales pitch - its a disaster. I dont switch energy companies because I am happy as I am. If people are happy as they are, there really is no need for them to change or switch anything.

FTR - he doesn't switch energy companies but we do check; it's just that our supplier for the last few years keeps coming out with the best offers!

I enjoy spending hours on this forum discussing certain matters, but not particularly in areas like banking as I don't enjoy those topics. Similarly I wouldn't enjoy having to juggle multiple accounts and minor DDs simply to get a £100 bonus. I do however enjoy diving out to Tesco to get chocolate oranges at a bargain 36p - hence why I stay on MSE

I could get a lot of chocolate oranges with £100 but it wouldn't be as much fun :money:

colsten

Tigsteroonie wrote: »

I do however enjoy diving out to Tesco to get chocolate oranges at a bargain 36p - hence why I stay on MSE

I could get a lot of chocolate oranges with £100 but it wouldn't be as much fun

You could indeed get huge amounts of chocolate oranges entirely for free, saving a further 36p on each CO, if you took up the occasional account switching offer. You could even get yourself lots of them for free at the regular price.

In my house, M&S pays for a lavish Xmas lunch for this year. £100 loaded onto a gift car, and another 12 * £10 added each month. £220 shmuckaroonies. Free chocolates, too.

FOREVER21

colsten wrote: »

You could indeed get huge amounts of chocolate oranges entirely for free, saving a further 36p on each CO, if you took up the occasional account switching offer. You could even get yourself lots of them for free at the regular price.

In my house, M&S pays for a lavish Xmas lunch for this year. £100 loaded onto a gift car, and another 12 * £10 added each month. £220 shmuckaroonies. Free chocolates, too.

I know M&S have some good offers, but please tell me more about their" gift car" 🚙🚙

Ashen

guestman wrote: »

if some of you think 15 minutes of your time for an easy £100 isn't worth it , then imagen the shock when you look at the boost your income sub forum. people in there will spend 20 - 30 minutes of surveys to get 50 pence. don't get me wrong I sign up to the odd website for free nectar points but some of them will spend 2 hours a day doing surveys for a £1 lol

Yeah - I signed up for one of the sites via an MSE link which provided a signup bonus. By the time I realised how much time it would take to earn the necessary bonus, I was in so far that I felt I needed to finish it. Hours wasted for minimal gain.

Back on the subject of bank switching, I do recognise that some people find having multiple accounts, internet logins, a bit too daunting - especially when they don't have a firm grasp on their existing ones. Other than that though, I don't know why more people don't take advantage. That said, so many people don't bother switching energy tariffs or suppliers, when that's usually so simple too.

Ashen

Katiehound wrote: »

Well, I switched my main current account 7 years ago for a better deal with Halifax and I am happy to stay with them.
I had been with Nat West for 40+ years and they actually lost me some money! No reward for customer loyalty.

One thing I will credit Halifax with is that their switching offer was (and is) valid for existing customers - unlike pretty much all the other banks.

I tried to convince a friend with a Halifax account that they could open another bank account, fill in the Halifax form, and pocket £100 with ease - but they're not to be persuaded.

YorkshireBoy

Ashen wrote: »

One thing I will credit Halifax with is that their switching offer was (and is) valid for existing customers - unlike pretty much all the other banks.

Which other banks disallow existing customers? I'm aware of at least 3 who allow existing customers to switch and benefit from incentives, so your target is 4 or more.

Ashen

YorkshireBoy wrote: »

Which other banks disallow existing customers? I'm aware of at least 3 who allow existing customers to switch and benefit from incentives, so your target is 4 or more.

When I say only Halifax's offer is valid to existing customers, I mean people using their existing bank accounts for their offer, not people opening another new account for the sole purpose of a switch in addition to another 'donor' account as some people call it - i.e. most of the general population, and not the likes of MSE users. I didn't use the word "disallow" as such.

For example:
First Direct - terms are for within 3 months of account opening (ruling out for long-term account holders without opening another)
M&S - switch within 3 months of opening. (again, ruling out for long-term account holders without opening another)
Co-op - those who are actually using them as an account (paying in £800 a month or more) can't get the offer with their existing current acccount.


Halifax let you switch another bank account to your already existing current account with them (and get the £100), whether you opened it months or years ago.