Switching banks Cash back question

Lola88

Hi
I this is my first ever forum question :j
I have just switched a bank account that I don’t use to get the £125 bonus for switching. I was wondering if I use this bank account for switching to a different bank to get cash back from a different bank would I be able to switch a bank account I do use every day to first direct and stay with them and get the cash back again once this ‘not used account’ has been moved? I like their customer service and that fact that they have a £250 free overdraft. Where as NatWest charges £6 a month even for being overdrawn a day by £15! Hope that’s not too confusing!

Katiehound

Think the answer is yes. Your question is not the most straightforward (either that or it's me being daft!)
There is nothing to stop you switching whatever bank accounts you have as long as you can meet the t&cs for the welcome cash bonus.
Some people maintain one main current account- saves a lot of admin, plus it points to your loyalty when it comes to financial matters.

They then switch one or more donor accounts, maybe keeping one or two along the way for one reason or another- say a regular saver paying 5% or 2% income on the balance- whatever.

There is no limit as to how many switches you undertake at the same time- although the banks will make credit searches.

So yes, you could switch your main account to 1st Direct. From my experience once you have been a customer with 1st D they won't pay more incentives- (someone else has just posted a different view!)
You could also switch the account which has just earned you £125 to another provider.

One place to switch , if you have money to save is Nationwide as it will pay 5% on £2.5k for the first year. Refer a friend would get you £100 - see the referrers board.

With many accounts you need 2 x DDs going out monthly but sometimes you can cancel these after the cash incentive has been paid.

Lola88

Thank you so much for the information. I’ve only ever switched this once so it is all very new to me. Yes I was thinking of maybe switching the account Ive just received cash back on to another bank, I will just have to check out the T&Cs to make sure I meet the criteria for the bonus. Thanks again