Bank switch bonus, how soon can you leave to switch again?

maz_hartley

I’m new to the bank switching incentives. For banks that offer bonuses to join how soon after claiming bonus can you leave. Is it a month after depositing first monthly requirement or does the money transferred when you switch count as the requirement and therefore you can switch as soon as you’ve claimed the bonus £. Can anyone who’s a regular switcher clarify?

soulsaver

Best advice? Read the switching terms.

Zanderman

maz_hartley said:

I’m new to the bank switching incentives. For banks that offer bonuses to join how soon after claiming bonus can you leave. Is it a month after depositing first monthly requirement or does the money transferred when you switch count as the requirement and therefore you can switch as soon as you’ve claimed the bonus £. Can anyone who’s a regular switcher clarify?

You have obviously, as you suggest, not done many switches!  You don't 'claim' switching bonuses, they're paid when you fulfil the requirements.  Those requirements don't always include a 'first monthly requirement'.  

Every switch offer is different - there are no general rules.  You need, as soulsaver suggests above, to read the switching offer details - the terms and conditions spell those out in detail but the preliminary switch offer website should tell you most of what you need to know.

As a general guide no, you don't, usually, have to stay for any minimum length of time.  But read the terms. 

And be sensible about how soon you switch again - as it's not just the bank you're leaving you need to worry about, it's any impact on your credit rating as you might be opening new accounts continually.