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Multiple switching bonuses

edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
15 replies 453 views
debbie_debtdebbie_debt Forumite
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edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
Hi,

I'm sure someone's asked this, but I can't spot it anywhere, so sorry for being repetitive if I am!

I currently 'piggy bank' and so have 4 current accounts with Natwest. I've been looking at the best switching bonuses and trying to figure out the best way to play it to maximise bonus gains. My thoughts are:

1 account to HSBC £175 switching bonus (£1750/month income)
1 account to First Direct £100 switching bonus (£500/month income)
1 account to Nationwide on the friends referral £100 referral bonus (£1200/month income) which is in my husband's name
Use my husband's Nationwide account to then refer the 4th account (in my name) to them for another £100.

Total bonuses - £475

Can anyone see a flaw in the plan other than having an annoying 3 apps on the go on my phone? Is there any issue with having a Natwest mortgage and no current account?

Thank you!
HIGHEST DEBT £53,300 LBM 27/5/2020 CURRENT DEBT £27.600 31/12/2020 
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Replies

  • A_LertA_Lert Forumite
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    Don't the switching bonuses require you to have three or four DDs and standing orders out of them? Will you have enough?
  • debbie_debtdebbie_debt Forumite
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    HSBC ask for 2, First Direct don't ask for any and Nationwide really aren't clear on it at all... That was actually going to be another question I'd forgotten about! Does anyone know their requirements?? We have 10 direct debits currently set up so can't see it being an issue. Thanks for the pointer though.
    HIGHEST DEBT £53,300 LBM 27/5/2020 CURRENT DEBT £27.600 31/12/2020 
  • jimjamesjimjames Forumite
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    No issues at all, many people have multiple accounts. In fact it's advisable to have more than 1 in case of IT failures etc
    Remember the saying: if it looks too good to be true it almost certainly is.
  • edited 15 January 2020 at 6:52PM
    blue_eyesblue_eyes Forumite
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    edited 15 January 2020 at 6:52PM
    Nationwide:

    https://www.nationwide.co.uk/about/recommend-a-friend/terms-and-conditions

    A minimum of two existing Direct Debits on the old account must be transferred as part of the switch. Other types of automated payments, such as Standing Orders and recurring card payments, will not count towards this.
  • blue_eyesblue_eyes Forumite
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    I think you might be able to get £400 off nationwide referrals if one of you joins nationwide and then recommends the second person (£100 each). And then the second person later recommends the first if they also have an account they can switch on the grounds they've not previously had a nationwide switch bonus (so £100 each again).

    Haven't done it myself but I'm sure someone who has can confirm or clarify what's involved...Nationwide even have "can i recommend someone who already has a nationwide current account" as their first FAQ

    Also - beware that not all nationwide accounts are eligible for the recommend a friend.
  • YorkshireBoyYorkshireBoy Forumite
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    1 account to HSBC £175 switching bonus (£1750/month income)
    1 account to First Direct £100 switching bonus (£500/month income)
    1 account to Nationwide on the friends referral £100 referral bonus (£1200/month income) which is in my husband's name
    Use my husband's Nationwide account to then refer the 4th account (in my name) to them for another £100.

    Total bonuses - £475

    Can anyone see a flaw in the plan...
    I can see a flaw that will lose you £200. Consider your Nationwide activities carefully, because £400 is available from them (making £675 in total) if you go about it the right way!
  • debbie_debtdebbie_debt Forumite
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    I can see a flaw that will lose you £200. Consider your Nationwide activities carefully, because £400 is available from them (making £675 in total) if you go about it the right way!

    OK... obviously very interested in this, but really not getting what you mean... how can I get an extra £200 from nationwide?? Thank you!
    HIGHEST DEBT £53,300 LBM 27/5/2020 CURRENT DEBT £27.600 31/12/2020 
  • YorkshireBoyYorkshireBoy Forumite
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    OK... obviously very interested in this, but really not getting what you mean... how can I get an extra £200 from nationwide?? Thank you!
    Don't use someone else to make the referrals. You refer each other, one after the other. Have you read the offer T&Cs and the offer FAQ yet? It's all in there.
  • debbie_debtdebbie_debt Forumite
    293 posts
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    Don't use someone else to make the referrals. You refer each other, one after the other. Have you read the offer T&Cs and the offer FAQ yet? It's all in there.

    But surely someone has to refer us for the first account? The don't have a switching bonus, so to get anything for moving the first account to them, someone else has to refer you. Is that right?
    HIGHEST DEBT £53,300 LBM 27/5/2020 CURRENT DEBT £27.600 31/12/2020 
  • YorkshireBoyYorkshireBoy Forumite
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    But surely someone has to refer us for the first account? The don't have a switching bonus, so to get anything for moving the first account to them, someone else has to refer you. Is that right?
    You each have an account to switch in...right?
    You open an account
    You then refer your husband
    He switches in
    Result is £100 each, so £200 in total

    Once your husband has his account open he refers you...even though you're an existing customer
    You switch your account in to your existing account
    Result is another £100 each, so £200...plus the first £200 is £400

    Like I say, all this can be determined from the T&Cs and FAQs. Take a look.

    If you really can't grasp it, I'm sure there'll be a queue of people on the referrers board offering to mug you for £100-200.
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