Frequent Account Switching per Year - Impossible?

choyaa

Hi All,


I've read of people earning 100's each year from switching their current accounts, but surely this isn't possible? If it is how is it done?

Norscbu

I thought you read about it?

choyaa

Norscbu wrote: »

I thought you read about it?

Still doesn't seem possible to make more than £200 at most per calendar year and very soon all bank accounts will be exhausted.

YorkshireBoy

choyaa wrote: »

Still doesn't seem possible to make more than £200 at most per calendar year and very soon all bank accounts will be exhausted.

I'm not sure what you're reading, but up until a couple of days ago you could have made £500 in a little over 2-3 months.

If you're a twosome, then this figure would have risen to £1,200 over the same period.

Even now you could make £400 and £1,000 respectively.

There's more than enough information on this website to identify exactly how to do it.

Just out of interest, how did you reach your "£200 at most per calendar year" conclusion?

[Deleted User]

Here's my current account switch incentive haul for 2016. I think I have probably exhausted most possibilities and I'm not expecting to make anything in 2017. Still, it was well worth doing. Most of these are probably still available.

January: HSBC £120
February: Halifax £125 plus ongoing £5 monthly reward (soon to reduce to £3 per month)
March: First Direct £100
April: M and S Bank £100 gift card plus £120 @ £10 per month over the year to May 2017
June: Co-op Bank £150 plus ongoing £4 per month reward

Have also opened this year:
Nationwide FlexDirect (for interest) (May)
Nationwide FlexAcount (for free travel insurance) (September)
TSB Classic Plus (for interest) (February)
Club Lloyds (for interest) (June)

[Deleted User]

Having read a lot about the advantages of changing banks, I moved to M&S in May 2015. I got £100 for transferring and a savings account at 6% interest, plus a credit card with M&S reward vouchers. (I also have a joint Santander 123 account). I've been quite happy with this setup and cannot really see the advantage of changing again, only to lose the interest on the M&S savings account I've already accrued this year.
When I read about people changing banks on a frequent basis, I wonder if I am missing something!
A lot of the 'best' current accounts would be no good to me as I am unable to pay in a fixed amount each month.
Would I be better sticking with what I have? Advice appreciated please.

TheShape

Abrielle wrote: »

Having read a lot about the advantages of changing banks, I moved to M&S in May 2015. I got £100 for transferring and a savings account at 6% interest, plus a credit card with M&S reward vouchers. (I also have a joint Santander 123 account). I've been quite happy with this setup and cannot really see the advantage of changing again, only to lose the interest on the M&S savings account I've already accrued this year.
When I read about people changing banks on a frequent basis, I wonder if I am missing something!
A lot of the 'best' current accounts would be no good to me as I am unable to pay in a fixed amount each month.
Would I be better sticking with what I have? Advice appreciated please.

If you have savings in easy access accounts you can move money around to meet the minimum pay ins.

I don't have a salary that meets the total pay-ins for all my accounts each month but I can move £1500 into Lloyds then £1000 of that onto M&S then move that same £1000 to Halifax and so on. I wouldn't even need £1500 because I could move £750 twice or £500 three times etc.

You can also simply set up a extra 'donor' account and switch it somewhere else. The easiest of these is a switch to FD as the account doesn't need to be your 'main' account with Direct Debits etc. That's worth £100 and has a 5% regular saver.

To add: Don't switch away from M&S if you don't have to because you don't want to lose access to the regular saver.

Andrew_Ryan_89

This year I've got over £300 cash and £100 in vouchers from switching. You simply open a second account and switch it.

bigadaj

Abrielle wrote: »

Having read a lot about the advantages of changing banks, I moved to M&S in May 2015. I got £100 for transferring and a savings account at 6% interest, plus a credit card with M&S reward vouchers. (I also have a joint Santander 123 account). I've been quite happy with this setup and cannot really see the advantage of changing again, only to lose the interest on the M&S savings account I've already accrued this year.
When I read about people changing banks on a frequent basis, I wonder if I am missing something!
A lot of the 'best' current accounts would be no good to me as I am unable to pay in a fixed amount each month.
Would I be better sticking with what I have? Advice appreciated please.

The simplest way of putting it is that's it's not instead of, but in addition to.

choyaa

Reading through Martin's notes, I thought Nationwide offered a £100 switcher bonus, has this now gone?

TheShape

choyaa wrote: »

Reading through Martin's notes, I thought Nationwide offered a £100 switcher bonus, has this now gone?

Nationwide has a refer a friend scheme where someone who banks with them can refer someone to them. Both the referrer and referee would receive £100. I have recently referred someone and we both received the payment. Referrals are not allowed here but there is a referrals board where I'm sure someone will be happy to refer you if you don't have a friend or family member who can refer you.