Can you close a current account after receiving a switch bonus?

tw89

I recently switched to Halifax and received the £100 switch bonus. Do I have to keep the account open for a certain amount of time or am I free to switch again immediately to one of the other banks offering a switching bonus (e.g. Lloyd’s)?

colsten

If you had to keep the account for a given length of time, the T&Cs would say so.

st999

Just leave it open for the next switch offer to come along.
I switched from TSB to NatWest and only did what was necessary to get the £175 then left it dormant, now using it to switch to HSBC for £125.
So that will be £300 this year.

Milarky

Not a TSB account you can't. Cos they don't have the facilities to do this outside a branch. There's only the 'switch away' option

Katiehound

Milarky said:

Not a TSB account you can't. Cos they don't have the facilities to do this outside a branch. There's only the 'switch away' option

and they stand to have a whole stack of accounts being switched away in the not-too-distant future!
Somehow 0% interest isn't very appealing
Fingers crossed for some new switch deals!

PRAISETHESUN

Milarky said:

Not a TSB account you can't. Cos they don't have the facilities to do this outside a branch. There's only the 'switch away' option

https://www.tsb.co.uk/help-and-support/general/close-account/

You can fill out an online form, or post them a paper copy. I've used this process to close savings accounts in the past and in typical TSB fashion their online form didn't want to work for me, so I ended up just sending them something in the mail. Pretty painless apart from that though. I agree that it's probably better to just switch away to another bank for an incentive though!