Is there a required amount of time after joining a bank for its switch bonuses?

RobertBlack87

Hello Guys,

I am looking for some help advice. I am looking to change banks to take advantage of the bank switching bonuses.

After reading Martin's weekly emails on story of becoming a bank tart, I am interested as I need to get as much money as I possible can, as me and partner are getting married in a few years and the money will come in very handy.

So my questions are:

1. is there a minimum time frame from going from one account that had opened to claim the bonus to another bonus account? Or could you move as soon as you have received the bonus?

2. Which accounts would the best to claim the bonuses first .

TIA
Rob

Sparx

Just check the T&Cs of the bank you're switching too. The last few I've done had no time limit mentioned where they could 'claw-back' the switch money. I've switched from First Direct, TSB, Halifax and B and none have had any issues when I switched quite quickly again after.

In terms of if you want to 'switch' to the same bank you've had cashback before, again another one for T&Cs. I've seen some recently state 'since January 2015' so just check when you had accounts open. Some say 'ever' in the past etc.

CLARKR

Many thanks for the above. I am also keen in becoming a Bank Tart (ohh err) however we are saving and aiming to get our first house this year and wondered if this effect our credit scores....Id be ever so grateful if someone could kindly help on this one! TIA!! Rebecca

Kim_13

RobertBlack87 wrote: »

Hello Guys,

I am looking for some help advice. I am looking to change banks to take advantage of the bank switching bonuses.

After reading Martin's weekly emails on story of becoming a bank tart, I am interested as I need to get as much money as I possible can, as me and partner are getting married in a few years and the money will come in very handy.

So my questions are:

1. is there a minimum time frame from going from one account that had opened to claim the bonus to another bonus account? Or could you move as soon as you have received the bonus?

2. Which accounts would the best to claim the bonuses first .

TIA
Rob

Some specify a minimum period that you need to stay for, otherwise they'll take back the incentive payment. If the terms don't state a minimum period, you can move on as soon as you like.

Others have an additional bonus for staying or for leaving, so be sure to grab these (HSBC and First Direct.)

In terms of banks to go for first, I would suggest Natwest as it is a time limited offer (starting by mid Feb as I recall) and not one that has been around often.

TSB sometimes have an MSE blagged switching offer, so it may be worth waiting to see if that returns. Likewise, the Halifax incentive has been £125 in the past so I would try to wait for this, as you can only have one incentive from them.

You can open multiple donor accounts, as this would allow you to continue switching while waiting out a minimum period or for a staying/leaving bonus. It would also allow you to retain accounts if they are of ongoing benefits (such as cashback, interest or high interest regular savers.)

This MSE guide on the best bank accounts may be of interest: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts#bonus (It'll direct you straight to the section on switching bonuses.)

What bank account(s) do you currently have?

Sparx

I don't think opening a few bank accounts (with no overdrafts) will have any impact on your credit profile, for a mortgage application. I had 5 bank accounts when applying for my mortgage, 2 recently setup and had no issues.

RobertBlack87

Thank you Kim_13, I'm currently with TSB me and my partner also we have a joint account and a child's account. I had contacted them today to see if they can offer, as I only roughly get a round £1.50 interest a month, which is absolutely rubbish. I have informed them, due to low interest rates and nothing they can do help keep me, I told them I looking around to leave.

I have been with with Halifax previously when I checked there website, says opened on or after Jan 2012 are also not entitled to the switch bonus.

I am looking at the the HSBC £150.00 bonus, but now with your info I am looking at the Natwest bonus.

Kim_13

RobertBlack87 wrote: »

Thank you Kim_13, I'm currently with TSB me and my partner also we have a joint account and a child's account. I had contacted them today to see if they can offer, as I only roughly get a round £1.50 interest a month, which is absolutely rubbish. I have informed them, due to low interest rates and nothing they can do help keep me, I told them I looking around to leave.

I have been with with Halifax previously when I checked there website, says opened on or after Jan 2012 are also not entitled to the switch bonus.

I am looking at the the HSBC £150.00 bonus, but now with your info I am looking at the Natwest bonus.

Is it the Classic Plus you have? The account when full would give more than this, but it's still under £5 a month and not as great as it used to be (as they cut both the rate and the amount of money they would pay it on) or even as good as what they offer new customers (up to an extra £10 a month.) If you have another type of account, they would consider you a new customer for Classic Plus purposes.

In this climate, as annoying as the above is, 3% on £1,500 is worth keeping if you've exhausted the better options to earn interest. You could open just the standard Classic account as a 'donor' account to start switching.

You can each have a Classic Plus in your sole name in addition to the joint.

Have you previously had a Halifax incentive? As per the website, you can only get one if you haven't had one (of any amount) since January 2012.