Only taking new current account for switch offer?

RG2015

It is a fascinating conscience debate, but here is my mitigation moment.

Many years ago I switched my mortgage to NatWest for a great deal compared with my existing Abbey National mortgage. I also went with NatWest Insurance Services for my house insurance. The premium was very similar to the one arranged through Abbey National.

Fast forward a few years and I got my insurance renewal notice and it seemed a bit steep. NatWest had been increasing by about £40 for several years but the last increase of £175 in 2010 was crazy.

I got a quote from John Lewis for £283 compared with the £780 from NatWest!

I reckon NatWest must have made over £1,500 out of me over the years, although the mortgage deal would probably have saved me more.

I am not bitter, (okay, maybe a bit!) as it was totally my fault, caveat emptor. But it taught me a lesson I will never forget.

Now if NatWest, Halifax, HSBC, Nationwide, RBS, Santander, etc want to give me money who am I to decline their generous offers.

gc747

grandadgolfer said:

gc747 said:

Hello, 

My conscience is starting to creep up wrong or not here me out… 

I’m looking to take up the first direct switch offer - I would be closing an unused nationwide account to switch with. 

I’m only switching purely for the £150 incentive. I wouldn’t use the account for anything apart from keeping a positive balance in.

 Is this what everyone does? And will the bank look at me unfavourably in the future? 

I know it’s a silly question but just feel a bit of a cheat! 

The banks were bailed out for billions of taxpayers money your just taking your share back

Brilliant! I never thought of it like that