Closing new bank account after being paid a switch bonus

danielfleetwood

Good evening. I have recently opened a nationwide account to take advantage of the £200 switching bonus. The bonus has been paid. My query being, if I was to want to close this account, are there any barriers to doing this, especially as I have taken £200 off them just a few weeks ago? If I did close it, are they likely to take the money back? Thanks in advance.

Band7

I presume you want to switch it to another bank, for another switch bonus? If so, that should be fine, as long as the Nationwide switch terms didn't stipulate a minimum account holding time, which I don't think they did.

flaneurs_lobster

Shouldn't be a problem but I assume you are not interested in holding since they pay 5% on £1500 held in the current account for 12 months (if you pay in £1000/mth).  

Rob5342

If it doesn't say otherwise in the terms and conditions then there is no reason you can't. I got another switch in progress the morning the bonus was paid.

Katiehound

Sometimes when you switch it is worth keeping that account for a year for whatever perks there might be. 
For various reasons I kept the M&S, Barclays & HSBC for a while: all gone!

You can always open another donor account to go off for a switching bonus

Alex9384

You want to switch it elsewhere for another bonus, or just close it? Closing it down instead of switching would be a waste.
Not to mention, I would definitely keep this account for at least 12 months, with £1500 sitting in it, earning 5% interest. As long as you can run another £1000 through the account each month, to meet the minimum monthly pay-in criteria.

Newbie_John

Many banks like First specify you can only get the switch bonus once in your lifetime - so no really rush, use most perks and switch when they're gone. It's a waste to just close "burner" account ;-)

Alex9384

Newbie_John said:

Many banks like First specify you can only get the switch bonus once in your lifetime - so no really rush, use most perks and switch when they're gone. It's a waste to just close "burner" account ;-)

Actually, most banks allow you to get switch bonus again. After 2-3 years usually, sometimes maybe sooner.

Katiehound

  Newbie_John said:

Many banks like First specify you can only get the switch bonus once in your lifetime - so no really rush, use most perks and switch when they're gone. It's a waste to just close "burner" account ;-)

To be honest it really is only First Direct that is quite so mean!
Santander also had deal recently that precluded anyone who had had a switch reward ever but both these are the exception to the rule...  some even allow you to switch into an existing account.

save that account for a new deal in the future

adindas

danielfleetwood said:

Good evening. I have recently opened a nationwide account to take advantage of the £200 switching bonus. The bonus has been paid. My query being, if I was to want to close this account, are there any barriers to doing this, especially as I have taken £200 off them just a few weeks ago? If I did close it, are they likely to take the money back? Thanks in advance.

Unless you switched it to Flexplus ac, it costs you nothing to keep it. It could be used to be switched to another bank when opportunity arise. For this you have an account ready and you do not need to open another account. That is the typical approach by frequent switchers here on MSE.