No incentives to switch bank accounts for those on a modest income

thriftytracey

Anyone know of any accounts?

I have retired and now draw a modest monthly income. Most bank accounts specify minimum of £1500/£1750 paid in. I was an enthusiastic switcher before my retirement.

I guess I can move extra funds in and out on the same day each month which works on the Santandar account. I wonder if this will work for other banks or are their criteria more stringent?

Thanks

YorkshireBoy

It depends what you call "modest", but I suspect you'll have a chance with all but HSBC.

Which one(s) were you considering?

colsten

You can deposit your money into, and withdraw it from, all current accounts as often as you like.

Of the accounts mentioned by MSE, the one you might struggle with because of your income is the HSBC Advance. But as you were an enthusiastic switcher, you probably have exhausted all options already, anyway? Other than that, you just have to keep your ear to the ground, in (the unlikely) case some new offers will pop up.

There's currently a non-switch offer from TSB, which you might be able to do even if you already have an account with them https://www.quidco.com/tsb-current-account

stehouk

Why not try an application with nationwide, simply apply online for the flexdirect account without switching, i found them to be easy to deal with, if you have a partner you could then refer each other, £100 each x2 or use a referal from a forum member to switch later.
5% on £2500 for the first year as well.

thriftytracey

YorkshireBoy wrote: »

It depends what you call "modest", but I suspect you'll have a chance with all but HSBC.

Which one(s) were you considering?

I could have applied for the First Direct but have had one of their accounts previously so no longer eligible.

thriftytracey

colsten wrote: »

You can deposit your money into, and withdraw it from, all current accounts as often as you like.

Of the accounts mentioned by MSE, the one you might struggle with because of your income is the HSBC Advance. But as you were an enthusiastic switcher, you probably have exhausted all options already, anyway? Other than that, you just have to keep your ear to the ground, in (the unlikely) case some new offers will pop up.

There's currently a non-switch offer from TSB, which you might be able to do even if you already have an account with them https://www.quidco.com/tsb-current-account

Yes, I am continually monitoring. Thanks for TSB link. I am a bit nervous about TSB after their IT failure.

thriftytracey

stehouk wrote: »

Why not try an application with nationwide, simply apply online for the flexdirect account without switching, i found them to be easy to deal with, if you have a partner you could then refer each other, £100 each x2 or use a referal from a forum member to switch later.
5% on £2500 for the first year as well.

Thanks for suggestion but I have one of these currently (joint) and it has now expired.

YorkshireBoy

thriftytracey wrote: »

Yes, I am continually monitoring. Thanks for TSB link. I am a bit nervous about TSB after their IT failure.

No need to be nervous, unless you're switching your main account...which I personally wouldn't do with any bank, let alone TSB.

YorkshireBoy

thriftytracey wrote: »

Thanks for suggestion but I have one of these currently (joint) and it has now expired.

If you've never had sole accounts you can get one of these each for 5% for a year, even though you've previously had or currently got a joint account.

YorkshireBoy

thriftytracey wrote: »

I could have applied for the First Direct but have had one of their accounts previously so no longer eligible.

So had I when I re-joined them a year ago and bagged a switching incentive for a second time. Maybe I got lucky?...or maybe they've relaxed their (unofficial) terms and conditions?

stehouk

Natwest and Lloyds are fairly easy and i expect they will run another promotion (natwest are like dfs always got a promotion/sale on) no min pay in if you downgrade the Lloyds account to a classic and go for the select account with natwest.(apart from the initial £1500 that you can move in and out over a period of time).