Can I keep switching?

Gimli174

I had the same account with HSBC all my life and recently switched to TSB for the £130 incentive. I also set up an account with Lloyd's which I have now had for around a month. Can I switch from this account to Halifax for example for the £75 incentive and then switch straight from Halifax to First Direct?
Thank you for any help.

Nebulous2

You can keep switching as long as you meet the requirements of the switching bonus. Some accounts may require you to stay for a certain time, for instance.

There are somethings to watch out for. You may annoy companies who take a direct debit from your bank account if you switch too often. Each switch will cost them in administration and postage. There have been tales on here of companies writing to say they would not allow another switch.

You may also lose out on some benefits- for instance the halifax account pays £3 a month. Switching away will lose that.

Some people set up donor accounts and use these to switch, rather than switching their main account. Even then you have to watch out. Again banks will get annoyed if you set up several accounts as they have to credit check, send you cards, pins etc and then you just switch it away.

Gimli174

Thank you for your reply. The Lloyd's account i setup last month doesn't have any direct debits or money going out, I haven't even paid any money into it so that should be ok. Hopefully they keep letting me set up accounts. I don't have much of an income so the monthly pay ins don't benefit me really so trying to take advantage of the switching bonuses.

Kim_13

Just wanted to mention that the Halifax incentive tends to go to £125 periodically. Of course it's not guaranteed that it will go up again, but I just wanted to make you aware in case you'd like to wait a while to see if it does go up. It's only possible to get one incentive, so you won't be able to get any future higher offer if you take the £75 now.

Netherspark

I've considered doing this myself, but it sounds like alot of hassle to keep switching accounts. You also generally have to remain a member for at least 3 months (some banks may differ). Potentially some banks could catch on and decline your application if they think you're abusing their promotions. Though I doubt this would happen for quite a while, if at all.

I have a Nationwide referral link I can give you if you like. It earns us both £100 (and when you're a member you can then refer upto 5 people yourself, and earn an extra £100 each time.

YorkshireBoy

Netherspark wrote: »

I've considered doing this myself, but it sounds like alot of hassle to keep switching accounts.

It can be very profitable, and much of it is done sat down on the sofa! Depends if you'd rather watch TV I suppose! But why not do both?

You also generally have to remain a member for at least 3 months (some banks may differ).

Only Nationwide have a 3 month timescale - perhaps that's the only one you have experience of? With all the rest you're free to leave just as soon as you've received the incentive.

f0xh0les

You can switch from Halifax the day after you get the money, there is no tie in period. The man who signed me up to my account told me, he then begged me not to do it. I stayed for the £3 a month bribe.

Katiehound

Sometimes it is worth staying for the switch bonus which may be spread over months, or the other incentive is a regular saver rate of 5%
You need to look carfeully at the 'welcome handshake' and the t&cs

binaryuniverse

Most of the accounts, that I've switched, I've kept for various interest/reward incentives or linked saver accounts.

Got 10 open atm.

Eco_Miser

Gimli174 wrote: »

I don't have much of an income so the monthly pay ins don't benefit me really

Monthly pay-ins don't have to be from income, they don't have to be all at once, and they don't have to stay in the account.
This means you can meet the required pay-ins by bouncing smallish amounts between two accounts daily, if necessary.