MSE News: Total number of bank switches dropped in 2016 - earn £100+ by switching

Legacy_user

Fewer than 2% of the UK's 70 million active personal current accounts were switched in 2016, the latest figures show...

Read the full story:
'Total number of bank switches dropped in 2016 - you can earn £100+ by switching'

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

JuicyJesus

Not especially a surprise as the range of banks offering switching bonuses is pretty low and the number of people who haven't had them before and therefore qualify is probably low as well.

Also, ironically, I'd wager quite a few people have switched thinking (as Mr Lewis so delightfully puts it) that their "bank's a b*stard" and then discovered that in reality they're all much of a muchness.

PeacefulWaters

Santander's fee increase to a fiver probably delivered that reduction single handedly.

JuicyJesus

PeacefulWaters wrote: »

Santander's fee increase to a fiver probably delivered that reduction single handedly.

Yup. They're even further off my "potentials" list with that one.

And frankly, Co-op and Halifax combined pay me £7+ a month without having to pay a fee; being a renter whose household bills are relatively minimal I struggle to see how the 123 account helps me in any way.


Already been with FD, already been with Co-op, had the incentive off Halifax, M&S don't want me, TSB won't pay incentives for joint accounts (and I don't want to do all the admin around making my joint account sole) therefore no bonuses for me and no point switching.

Anthorn

I tried to keep it going by switching three times during 2016 but it just wasn't enough

TSB -> Lloyds -> B but additionally I'm keeping Natwest for the rewards and my credit history.