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Frequent Account Switching per Year - Impossible?
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choyaa
Posts: 226 Forumite
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?
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?
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Comments
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I thought you read about it?0
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Still doesn't seem possible to make more than £200 at most per calendar year and very soon all bank accounts will be exhausted.
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?0 -
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)0 -
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.0 -
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.0 -
This year I've got over £300 cash and £100 in vouchers from switching. You simply open a second account and switch it.0
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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.0 -
Reading through Martin's notes, I thought Nationwide offered a £100 switcher bonus, has this now gone?0
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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.0
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