Switching to RBS - questions about switching

dearbarbie

Getting my finances in order and saw the lovely RBS switching bonus, bills cashback and stuff offer - and am tempted - will whack the switching bonus straight onto some credit card debt, and the cashback on my bills would be welcome for that too!

Currently with Santander, have been for about 10 years, and never thought about switching bank accounts...

A daft question (I recently got diagnosed with a learning disability as an adult so am learning a lot about money and generally catching up on being a responsible adult so please don't judge!)....if I fail the application, will it look negatively on my credit file?

Bonus daft question - why do people *not* switch bank accounts, is it just the faff of it all?

Willing2Learn

dearbarbie wrote: »

A daft question (I recently got diagnosed with a learning disability as an adult so am learning a lot about money and generally catching up on being a responsible adult so please don't judge!)....if I fail the application, will it look negatively on my credit file?

It will just be recorded as a credit application search. It won't say whether it was successful or not.

dearbarbie wrote: »

Bonus daft question - why do people *not* switch bank accounts, is it just the faff of it all?

I think that on the whole, folks are bit lazy. They think it is easier to stick with their current bank and are probably not aware of the cash incentives!

Brewer20

I think it's only when you have more time on your hands (me retired) and a bit of spare money to do some thing with (me redundacy pay off too) that you realise putting it into a low interest paying savings account isn't going to make you much on it. Working out that bank switching actually pays you more per annum and opening and looking for the best savings account that come with those banks accounts can be more benificial too.
Having said all that I'm about exhausted on where to go next, done it all and it seems higher interest rate current accounts are coming to an end, grab it whilst it's there.

Socajam

dearbarbie wrote: »

Getting my finances in order and saw the lovely RBS switching bonus, bills cashback and stuff offer - and am tempted - will whack the switching bonus straight onto some credit card debt, and the cashback on my bills would be welcome for that too!

Currently with Santander, have been for about 10 years, and never thought about switching bank accounts...

A daft question (I recently got diagnosed with a learning disability as an adult so am learning a lot about money and generally catching up on being a responsible adult so please don't judge!)....if I fail the application, will it look negatively on my credit file?

Bonus daft question - why do people *not* switch bank accounts, is it just the faff of it all?

How much does switching through all these banks net you?

How much money/DDs do you have to deposit into these bank accounts monthly to keep the switch ?

I can go along with the cash back, but all the others seems like too much effort with this backward and forward for me.

YorkshireBoy

Socajam wrote: »

How much does switching through all these banks net you?

My best tax year was 2014/15 with around £2,400.

How much money/DDs do you have to deposit into these bank accounts monthly to keep the switch ?

Depends on the offer, but remember you're not giving it, you're lending it...for a few milliseconds each month.

I can go along with the cash back, but all the others seems like too much effort with this backward and forward for me.

Are you referring to interest, or just the incentive payments? Granted, incentives will dry up once you've taken the once only ones (unless of course Santander come up with another offer getting a couple at least £1,000 of Amazon vouchers), but interest wise I haven't minded paying tax on around £3K per year savings interest for a few years now.

Or course other people may prefer to watch TV for 4-5 hours per night instead, and that's fine if they're happy doing it.

dearbarbie

Socajam wrote: »

How much does switching through all these banks net you?

How much money/DDs do you have to deposit into these bank accounts monthly to keep the switch ?

I can go along with the cash back, but all the others seems like too much effort with this backward and forward for me.

I'd make £175 for switching when they do all the work for me, mostly, and the cashback stuff looks like a good idea few hundred quid a year too.

Jami74

dearbarbie wrote: »

why do people *not* switch bank accounts, is it just the faff of it all?

The people I've spoken to have said they are happy with their bank, don't want to risk screwing things up and can't be bothered.

YorkshireBoy wrote: »

Or course other people may prefer to watch TV for 4-5 hours per night instead, and that's fine if they're happy doing it.

This is it for me. For the first time in my life I have a little bit more money coming in than going out and I like playing with it. I'm just about to receive my second switching bonus and for the hour or so that I have spent on it, the payout is far bigger than the equivalent time spent at work.