Bank switching bonuses - individual and joint accounts

Jimi.K.

Hi all,
I've tried searching the forum and reading the bank account T&Cs, but cant find a clear answer  to this one, so hoping someone can help.
My wife and I currently have 3 current accounts between us with Lloyds:

• My individual current account
• Wife's individual current account
• Joint current account.

I'm thinking of taking advantage of the current switching bonuses and switching everything to Natwest - can anyone confirm if we can get £375 (£125 x3) between us for switching all 3, or would it just be £250 (£125 x2)? If the latter I may switch the joint account to HSBC instead. 
Thanks! Jimi

colsten

It's best if you ask Natwest as they are the ones you pay, or don't pay.

PRAISETHESUN

Depends on the order you do the switches, but you won't get all 3 incentives. Most banks will only pay out an incentive once per person, so if you switch the joint account first you'll only get 1 payment as both of you would meet the requirements for the switch. Switch individually and you'll get 1 incentive each - this would be the better option.

Jimi.K.

Thanks for the replies. I asked Natwest on Twitter and they confirmed what 'PRAISETHESUN' said: 

"Joint account holders will only be eligible for one payment.
You can only benefit from this offer once meaning that even if you apply, complete the account opening process, and meet the conditions of this offer for more than one eligible current account, you’ll only receive one payment.
Technically you could both take advantage of the offer by switching the 2 sole accounts individually and meeting the terms and conditions of the offer"