switching for cash

ixat

Presumably you haven't committed any major wrongdoing with your accounts but you will never know exactly why a bank declines you but being self-employed, or single, or a tenant rather than a property 'owner' may weigh heavier against you with certain orgs than others.
As far as I know, computer algorithms make the decisions and you can sometimes ask for and get, human intervention for example several years ago, a few years after bankruptcy, I was declined a SAVINGS account and a phone call resolved the matter. It seems a certain bank routinely referred ALL account applications to a credit reference check even ones that exposed the bank to no risk. (I wont name the bank because I don't want to be illogically & liberally accused of racism, again; Illegitimi non carborundum).
If you use Noddle, Clearscore and MSE's Equifax credit checkers, they all tell you that opening and closing accounts too often makes you a less attractive customer (to pay an incentive to).
I've read somewhere on here (but don't believe everything on here) that a credit check loses its effect after 6 months so maybe just give it a rest.
The switching incentives on their own are really nothing compared to the linked regular savings accounts, are they? Perhaps less switching and more selectivity (is that a word? - I mean be more choosy) is the answer.
Cheers and be lucky.
Let's hope Brexit sets us free from EU & Euro-related disasters (stated in English to preclude misinterpretations) and .... nuf sed eh!

[Deleted User]

Interesting debate.

My twopenneth? I opened two (me & the wife) accounts with B-Bank in November (£500), Two Natwest (waiting on £250) in January & one Halifax (£125). All excepted without a hitch, all bar the NatWest are now closed. Now if these bank searches were any good whatsoever they would pick up what I'm doing and turn me down but apart from HSBC this has never happened (yet).

As for putting my wages/pension into any/either account, well that's my damn business. If I did intend to place my wages/pension into a certain bank but then changed my mind, that's up to me. To claim fraud the bank would have to prove that you never intended to put your wages/pension in. How the hell are they going to do that?

The banks are their own worse enemies. B-Bank for example, if they had said £125 to switch and another £125 after you stay 12 months then my guess is they wouldn't have lost any accounts that were opened for the switch. Halifax paying the switch money even before the switch was complete was crazy and made no sense whatsoever. I'm inclined to say they got what they deserved.

I don't want to do all this switching and manipulating, I just want a bank account that's fair. I used to be with Santander, had 3 accounts, sole, wife and joint all paying 3% on £20,000. If they hadn't have cut that in half I'd still be with them. That's what started me on this merry-go-round.

It strikes me that all banks appear to be after new customers but make no effort to keep the ones they've got. Same as insurance companies, energy companies, etc, etc. I don't know why but that's just the way it is. Loyalty counts for nothing, all we're doing is following suit.

N1ckS

Agreed, the Yorkshire (B) Bank incentive was particularly barmy.