We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MSE News: Current account switching hits new low
Options
Comments
-
One reason for the lower levels of switching may be that seasoned switchers haven't been switching in recent months as no new switch offers have been available for a while (having used up all the offers going)0
-
The reason I can't switch is due to being close to completion for a property purchase.
A final credit check usually occurs before the lender releases the funds on completion so right now I'm stuck, can't risk switching banks (and the credit check involved) before I complete on my purchase.
I'm sure a significant amount of people feel stuck waiting for such more important credit checks before switching...0 -
Maybe for many it is just a case of "if it ain't broke don't fix it". Last time (and the time before) a bank p***** me off I changed & I'm sure when this one does I'll do it again. Maybe we just don't believe what the banks promise & after all it is our money. Or maybe my bills just aren't big enough to get any real benefits from some accounts.
But then again maybe I just can't be bothered checking up that the new bank has actually paid & paid on time the bills that are due. Lack of trust in other words.
Let's face it changing bank accounts is a major pain in the a*** and the more we use debit cards for those mini transactions (contactless) the worse it is going to get. It's ok if you are using credit cards that you keep when you move but who wants to be stuck not knowing if this card is going to pay out or not.0 -
If Lloyds Bank and Barclays offered a switching bonus I think members here might switch0
-
Maybe for many it is just a case of "if it ain't broke don't fix it". Last time (and the time before) a bank p***** me off I changed & I'm sure when this one does I'll do it again. Maybe we just don't believe what the banks promise & after all it is our money. Or maybe my bills just aren't big enough to get any real benefits from some accounts.
But then again maybe I just can't be bothered checking up that the new bank has actually paid & paid on time the bills that are due. Lack of trust in other words.
Let's face it changing bank accounts is a major pain in the a*** and the more we use debit cards for those mini transactions (contactless) the worse it is going to get. It's ok if you are using credit cards that you keep when you move but who wants to be stuck not knowing if this card is going to pay out or not.
I totally respect your own viewpoint that you believe changing bank accounts is a major pain in the ahh, 'rear end' lol! but my experience is that this is just not so. You apply for a new account, give the details of the account you wish to switch away from and the bank does everthing else. No need to inform your employer or anyone, everything is totally taken care of, direct debits, the lot.
All of my debit cards are now 'contactless' and I admit, I've had a couple of 'failures' when it came down to transactions, but this turned out to be the retailers equipment problem, not my card.
Maybe on the two switches I've done thus far, I've been incredibly lucky, but I've had zero problems and I've made free cash, paid out on time when they stated they would pay it. I will quite happily use the switching service again, especially if I'm getting free money for doing essentially 'knack all'0 -
I would be interested to know how many people here have switched their 'real' or 'main' current account (as opposed to spare accounts that they keep of set up specifically for switching to get the bonus etc).
I know I haven't switched my main account (the one where my 'real' direct debits go and salary is paid into) for many many years now but I have done 6 other switches to get the bonus money.0 -
I would be interested to know how many people here have switched their 'real' or 'main' current account (as opposed to spare accounts that they keep of set up specifically for switching to get the bonus etc).
I know I haven't switched my main account (the one where my 'real' direct debits go and salary is paid into) for many many years now but I have done 6 other switches to get the bonus money.
Both of the accounts I switched in the last two years have been 'main' accounts. I have my work salary paid into one account which has two active direct debits on it and I have another account which my pension gets paid into and that also has two active direct debits. I use both accounts equally to buy and pay for goods and services. Both switches went without a hitch. I have just opened another current account which I am going to use solely for jemmying cash into for the next 12 months just so I can use it as a 'switching' account later.
I realise what I do isn't for everyone and some people are not in a position to do what I do, and undoubtedly, there must be people out there who think I'm a bit barmy for doing it, but, as I've said frequently enough throughout this thread, if banks are going to give me money for free, even if it is only £100 or £200, then I'll take it everytime. It still beats some of the pittance of an interest that some savings accounts will pay out over the course of a year.
I also mentioned earlier in the thread that so far I've had £512 of 'free' money back from banks and utilities and for goods purchased clicking via Topcashback. I forgot another £50 which I got back for a trade in on an old portable TV after I'd bought a new TV earlier in the year from a well known online domestic appliance retailer. So, £562 so far this financial year, free cash. Works for me!0 -
I haven't switched my active account because a) I've had it since 1998 and b) it's a 123 account which has always been good for me, in its heyday I was creaming £45 a month off it. But the ship has sailed on that product so now its just a case of collecting the (Lite) cashback which is about £4 a month and making up the difference elsewhere.
My second account that I have actually had for years but for whatever reason never used, I switched that last year to Nationwide primarily for the 5% offer and the 5% regular saver. Since they've changed the rules on the Regular and will be changing the rules on the Current, this will probably get switched again.
And I do use TopCashBack too where available. Up to £425 so far there0 -
I would be interested to know how many people here have switched their 'real' or 'main' current account (as opposed to spare accounts that they keep of set up specifically for switching to get the bonus etc).
I switched my main account to Halifax for a bonus (and because First Direct were getting on my t*ts) and then again to TSB for a bonus and then again to Nationwide so I could then refer my partner for a bonus.
I did think about using a spare account to do it. But I can't be arsed with the faffing around when realistically it doesn't hurt me to switch the main account. And it turns out that Nationwide are really good so...urs sinserly,
~~joosy jeezus~~0 -
I honestly think that most folk just can't be bothered. When, in the past there have been loads of switching deals and I have mentioned it to various friends most answer- too much hassle for what £100- or whatever. One or two have been interested
I also think, as mentioned above that because there have so few switching deals lately those of us who 'play that game' haven't done so!
I had run out of deals until the Yorkshie/Clydesdale one cruised along.
I wouldn't actually change my main a/c at present. I've had this one for 8+ years and it is still giving me a little 'reward.' However loyalty to Nat West for many many years previously gave me zero, zilch, nada!!
In the past the switch was a big hassle but these days- easy peasy and a bonus at the end too!Being polite and pleasant doesn't cost anything!
-Stash bust:in 2022:337
Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82
2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
Knits:6covers,4hats,10mitts,2 bootees.
Crotchet:61angels, 229cards=453 £158.55profit!!!
2025 3dduvets0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards