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Thinking of switching, what's stopping you? 🙂

Lou76
Posts: 428 Forumite


For anyone, like myself 4 months ago, who was/is too apprehensive/naive to embark upon the big scary world of switching bank accounts, let me try to reassure you...
So, at some point in September 2022 I stumbled across this board, despite being a member of the forums for more years than I care to think about. 😳
I started reading about switch bonuses, which I was vaguely aware about, but never looked into as I didn't want to switch my current account as I was worried my wages wouldn't be paid, or direct debits would go AWOL etc.
I read on here about "burner/dummy" accounts, so decided to try it out. I opened accounts with both Starling and Monzo - took a few minutes.
A week, or so later, I had debit cards from each account, so knew I was OK to try the switching accounts.
Initially I started with Nationwide, as I have my mortgage with them, so hoped they might take pity on me.
Switch date 20/10/2022
Bonus paid ( £200) 21/10/2022.
I switched my other burner account to TSB, decided it was worth risking a hit on my credit history, as had no idea how long the offer would last.
Switch date 21/10/2022
Bonus paid (£125 followed by £55 in 6 months) 9/12/2022
Since then I've opened new accounts with my new banks (soft searches), and now have accounts with:
Lloyds
Switch date 10/11/2022
Bonus (£150) paid 10/11/2022
HSBC
Switch date 20/12/2022
Bonus (£200) paid 24/12/2022
Halifax
Switch date 08/12/2022
Bonus (£175) paid 02/12/2022
Santander
Switch date 31/01/2023
Bonus (£200) tbc
So, all going well, I'll get £1105 from switching accounts, without even touch my main account. 😲
As I said, I opened spare accounts with some of the banks, as it took seconds to do, and could use them for the next switch.
I don't know what shocks me most; how easy it is, why I've waited this long to do it, or why banks are still giving me accounts, given my credit report has taken a pounding these past few months?? 🤣
ETA: I've found each switch deal via this forum, so no need to subscribe to anything, or check each banks deals etc, to find out who's offering what.
Thank you to all the forum users who keep us updated. 🙂
So, at some point in September 2022 I stumbled across this board, despite being a member of the forums for more years than I care to think about. 😳
I started reading about switch bonuses, which I was vaguely aware about, but never looked into as I didn't want to switch my current account as I was worried my wages wouldn't be paid, or direct debits would go AWOL etc.
I read on here about "burner/dummy" accounts, so decided to try it out. I opened accounts with both Starling and Monzo - took a few minutes.
A week, or so later, I had debit cards from each account, so knew I was OK to try the switching accounts.
Initially I started with Nationwide, as I have my mortgage with them, so hoped they might take pity on me.
Switch date 20/10/2022
Bonus paid ( £200) 21/10/2022.
I switched my other burner account to TSB, decided it was worth risking a hit on my credit history, as had no idea how long the offer would last.
Switch date 21/10/2022
Bonus paid (£125 followed by £55 in 6 months) 9/12/2022
Since then I've opened new accounts with my new banks (soft searches), and now have accounts with:
Lloyds
Switch date 10/11/2022
Bonus (£150) paid 10/11/2022
HSBC
Switch date 20/12/2022
Bonus (£200) paid 24/12/2022
Halifax
Switch date 08/12/2022
Bonus (£175) paid 02/12/2022
Santander
Switch date 31/01/2023
Bonus (£200) tbc
So, all going well, I'll get £1105 from switching accounts, without even touch my main account. 😲
As I said, I opened spare accounts with some of the banks, as it took seconds to do, and could use them for the next switch.
I don't know what shocks me most; how easy it is, why I've waited this long to do it, or why banks are still giving me accounts, given my credit report has taken a pounding these past few months?? 🤣
ETA: I've found each switch deal via this forum, so no need to subscribe to anything, or check each banks deals etc, to find out who's offering what.
Thank you to all the forum users who keep us updated. 🙂
6
Comments
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Can we not petition MSE Towers to create a new badge?
"Switch Tart"5 -
flaneurs_lobster said:Can we not petition MSE Towers to create a new badge?
"Switch Tart"0 -
Your switching bonuses seem to get paid very swiftly!0
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eastcorkram said:Your switching bonuses seem to get paid very swiftly!Yeah, quicker than my switches where I wait a week or two Belle I get the bonus.However, how does this one work?[quote]Switch date 08/12/2022
Bonus (£175) paid 02/12/2022[\quote]
get the bonus before the the switch is even complete?I suspect the dates are not accurate but don’t doubt that Lou got the bonuses.Some good bonuses too. I think highest ones I’ve ever got was £130-1501 -
I have run out of options for further switching now.Accumulated a tidy sum, over the past 18 months though, from switching bribes. Without wasting time checking, must be close to £1000.2
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Deru said:eastcorkram said:Your switching bonuses seem to get paid very swiftly!However, how does this one work?[quote]Switch date 08/12/2022
Bonus (£175) paid 02/12/2022[\quote]
get the bonus before the the switch is even complete?Being polite and pleasant doesn't cost anything!
-Stash bust:in 2022:337
Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82
2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
Knits:6covers,4hats,10mitts,2 bootees.
Crotchet:61angels, 229cards=453 £158.55profit!!!
2025 3dduvets2 -
I must have switched seven or eight times in the last 10 years. Never had an issue. Think it look longer back then.0
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Lou76 said:For anyone, like myself 4 months ago, who was/is too apprehensive/naive to embark upon the big scary world of switching bank accounts, let me try to reassure you...
So, at some point in September 2022 I stumbled across this board, despite being a member of the forums for more years than I care to think about. 😳
I started reading about switch bonuses, which I was vaguely aware about, but never looked into as I didn't want to switch my current account as I was worried my wages wouldn't be paid, or direct debits would go AWOL etc.
I read on here about "burner/dummy" accounts, so decided to try it out. I opened accounts with both Starling and Monzo - took a few minutes.
A week, or so later, I had debit cards from each account, so knew I was OK to try the switching accounts.
Initially I started with Nationwide, as I have my mortgage with them, so hoped they might take pity on me.
Switch date 20/10/2022
Bonus paid ( £200) 21/10/2022.
I switched my other burner account to TSB, decided it was worth risking a hit on my credit history, as had no idea how long the offer would last.
Switch date 21/10/2022
Bonus paid (£125 followed by £55 in 6 months) 9/12/2022
Since then I've opened new accounts with my new banks (soft searches), and now have accounts with:
Lloyds
Switch date 10/11/2022
Bonus (£150) paid 10/11/2022
HSBC
Switch date 20/12/2022
Bonus (£200) paid 24/12/2022
Halifax
Switch date 08/12/2022
Bonus (£175) paid 02/12/2022
Santander
Switch date 31/01/2023
Bonus (£200) tbc
So, all going well, I'll get £1105 from switching accounts, without even touch my main account. 😲
As I said, I opened spare accounts with some of the banks, as it took seconds to do, and could use them for the next switch.
I don't know what shocks me most; how easy it is, why I've waited this long to do it, or why banks are still giving me accounts, given my credit report has taken a pounding these past few months?? 🤣
ETA: I've found each switch deal via this forum, so no need to subscribe to anything, or check each banks deals etc, to find out who's offering what.
Thank you to all the forum users who keep us updated. 🙂
My first switch was 6th December and just completed the last one available, into my Santander 123 account
I have 4 burner accounts, one with 2 direct debits waiting patiently for the next reward
I am £750 richer so thank you.2 -
I am fascinated that a thread about switching bank accounts is all about getting a load of free money.
The switch service was intended to encourage customers to move to a better bank account.
It is a sad indictment of our society that we have come to this.2 -
RG2015 said:I am fascinated that a thread about switching bank accounts is all about getting a load of free money.
The switch service was intended to encourage customers to move to a better bank account.
It is a sad indictment of our society that we have come to this.
This is the norm
A old saying by the not so rich Much wants More0
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