Bank switching- how soon can you switch again after getting incentive

leeblack83

hi all
first time posting here, looking to switch to first direct to get the £100 incentive, says the cash is paid within 28 days once criteria met.

Once you have received cash bonus how soon can you switch again for another incentive?

I would be using a 2nd account that is separate from where my wages etc get paid into

EarthBoy

You need to check the bank's terms and conditions. Unless there's a clause stating that you need to remain a customer for a certain length of time, you can switch away again as soon as you've received the incentive.

I don't believe that First Direct has any condition like that, but you're best checking for yourself.

Nationwide, for example, states: "If your recommended friend closes their account without good reason within three months of when we send the payment, we reserve the right to claim back the payment from both of you within six months of the account closure."

leeblack83

Thanks will scan through terms laterb

PRAISETHESUN

As above - once the incentives are paid then you are free to move on. Some banks might be worth sticking with however - FD for example offer a very competitive 5% regular saver which is worth holding the current account for by itself.

Otherwise you might want to look into their "Goodbye" bonus if you are just looking to snag all the cash you can - if you meet their requirements you can get another £100 for leaving after 6 months, but you MUST call them and let them know first as it isn't automatic

20SmthngSver

According to the summary box for the First Direct 1st Account on the Best Bank Accounts page on MSE, it says "Who's eligible for offer: Anyone who's never held any First Direct account" in relation to the £100. So once you've got a 1st Account, you can't get the switch incentive again, ever.

So, you can only get the offer once from First Direct. I got £125 when it was via MSE, or £100 direct on their website. So maybe wait and see with the £125 comes back?