Thinking of switching, what's stopping you? 🙂

Band7

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.

Not sure whether your post is sarcasm or real. Assuming it's the latter:

I don't think there is anything wrong with people going after the switch incentives for no other reason than picking up the switch bonus. Particularly during a cost of living crisis, people would be silly if they didn't avail themselves of any extra money they can legally get. 

Banks are in full control of their switch offer terms and if they don't like people who exploit the switch offers, they can make these terms so strict that switch tarting is effectively impossible. I don't think they need moral support from a consumer-oriented website.

RG2015

MikeJXE said:

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.

When you get on to a site like this that is rife with rich people who move money about daily chasing the best interest rates

This is the norm 

A old saying by the not so rich Much wants More

I disagree.

Rich people do not chase interest rates. They are for more canny with their money.

I however do chase interest rates and I deposit cash in a savings account and in return I am paid a rate of interest.

"Switching Tarts" are quite different as they are chasing money for nothing.

Lou76

Deru said:

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 £130-150

Believe, it not, that's correct.

Yep, got the bonus before the switch even happened. 😁

RG2015

Band7 said:

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.

Not sure whether your post is sarcasm or real. Assuming it's the latter:

I don't think there is anything wrong with people going after the switch incentives for no other reason than picking up the switch bonus. Particularly during a cost of living crisis, people would be silly if they didn't avail themselves of any extra money they can legally get. 

Banks are in full control of their switch offer terms and if they don't like people who exploit the switch offers, they can make these terms so strict that switch tarting is effectively impossible. I don't think they need moral support from a consumer-oriented website.

Have you seen the adverts for bank switching?

They talk about switching bank to get a better banking service. They say it is easy to switch in a matter of days. They encourage you not to be scared that it may go wrong as it is guaranteed.

They say all of your direct debits and standing orders will be transferred over automatically.

They even guarantee that for many months even years after the switch, transactions to and from the old account will be forwarded to the new account.

And yet all we get on a thread about not being scared to switch is the massive switching incentives.

Then to cap it all you don't even need to switch your main bank account. Just set up a dummy bank account opened for the sole intention of switching.

And I never said there was anything wrong with it, just that it was a sad reflection of our society. 

Band7

RG2015 said:

Band7 said:

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.

Not sure whether your post is sarcasm or real. Assuming it's the latter:

I don't think there is anything wrong with people going after the switch incentives for no other reason than picking up the switch bonus. Particularly during a cost of living crisis, people would be silly if they didn't avail themselves of any extra money they can legally get. 

Banks are in full control of their switch offer terms and if they don't like people who exploit the switch offers, they can make these terms so strict that switch tarting is effectively impossible. I don't think they need moral support from a consumer-oriented website.

Have you seen the adverts for bank switching?

They talk about switching bank to get a better banking service. They say it is easy to switch in a matter of days. They encourage you not to be scared that it may go wrong as it is guaranteed.

They say all of your direct debits and standing orders will be transferred over automatically.

They even guarantee that for many months even years after the switch, transactions to and from the old account will be forwarded to the new account.

And yet all we get on a thread about not being scared to switch is the massive switching incentives.

Then to cap it all you don't even need to switch your main bank account. Just set up a dummy bank account opened for the sole intention of switching.

And I never said there was anything wrong with it, just that it was a sad reflection of our society. 

Not sure what's sad about people making use of switching offers, and I wouldn't draw conclusions about the society we live in from the way people go about using switch offers. Different people, different value systems, clearly.

May be you should make MSE Towers aware that you are saddened to find yourself on a website that extols the virtues of multiple account switching?

MikeJXE

Switching Tarts ?? 

Thats a new one I never considered I might be one lol

RG2015

Band7 said:

RG2015 said:

Band7 said:

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.

Not sure whether your post is sarcasm or real. Assuming it's the latter:

I don't think there is anything wrong with people going after the switch incentives for no other reason than picking up the switch bonus. Particularly during a cost of living crisis, people would be silly if they didn't avail themselves of any extra money they can legally get. 

Banks are in full control of their switch offer terms and if they don't like people who exploit the switch offers, they can make these terms so strict that switch tarting is effectively impossible. I don't think they need moral support from a consumer-oriented website.

Have you seen the adverts for bank switching?

They talk about switching bank to get a better banking service. They say it is easy to switch in a matter of days. They encourage you not to be scared that it may go wrong as it is guaranteed.

They say all of your direct debits and standing orders will be transferred over automatically.

They even guarantee that for many months even years after the switch, transactions to and from the old account will be forwarded to the new account.

And yet all we get on a thread about not being scared to switch is the massive switching incentives.

Then to cap it all you don't even need to switch your main bank account. Just set up a dummy bank account opened for the sole intention of switching.

And I never said there was anything wrong with it, just that it was a sad reflection of our society. 

Not sure what's sad about people making use of switching offers, and I wouldn't draw conclusions about the society we live in from the way people go about using switch offers. Different people, different value systems, clearly.

May be you should make MSE Towers aware that you are saddened to find yourself on a website that extols the virtues of multiple account switching?

You genuinely have no concept of what I am saying. Whereas I understand exactly what you are saying.

As to your second paragraph, that is a rather disrespectful and gratuitous comment.

Richard1212

RG2015 said:

Band7 said:

RG2015 said:

Band7 said:

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.

Not sure whether your post is sarcasm or real. Assuming it's the latter:

I don't think there is anything wrong with people going after the switch incentives for no other reason than picking up the switch bonus. Particularly during a cost of living crisis, people would be silly if they didn't avail themselves of any extra money they can legally get. 

Banks are in full control of their switch offer terms and if they don't like people who exploit the switch offers, they can make these terms so strict that switch tarting is effectively impossible. I don't think they need moral support from a consumer-oriented website.

Have you seen the adverts for bank switching?

They talk about switching bank to get a better banking service. They say it is easy to switch in a matter of days. They encourage you not to be scared that it may go wrong as it is guaranteed.

They say all of your direct debits and standing orders will be transferred over automatically.

They even guarantee that for many months even years after the switch, transactions to and from the old account will be forwarded to the new account.

And yet all we get on a thread about not being scared to switch is the massive switching incentives.

Then to cap it all you don't even need to switch your main bank account. Just set up a dummy bank account opened for the sole intention of switching.

And I never said there was anything wrong with it, just that it was a sad reflection of our society. 

Not sure what's sad about people making use of switching offers, and I wouldn't draw conclusions about the society we live in from the way people go about using switch offers. Different people, different value systems, clearly.

May be you should make MSE Towers aware that you are saddened to find yourself on a website that extols the virtues of multiple account switching?

You genuinely have no concept of what I am saying. Whereas I understand exactly what you are saying.

As to your second paragraph, that is a rather disrespectful and gratuitous comment.

I fully agree with every word RG2015 has said in his posts on this thread.

Just like racing round like a headless chicken every time the Easy/Fixed Interest Savings Accounts change ( which is every 5 minutes), it is the same with running around different banks as some sort of obsessive hobby which probably costs as much in valuable time ( for people who are busy and whose hourly "worth" is higher than the bank transfers).

I am surprised the banks have let this fiasco go on for so long when they must know what is happening in reality ( and they are not attracting genuine customers for the long term but merely passing strangers who grab a bit of cash on the way past to other pastures).

I have no doubt that the banks will stop this ridiculous practice soon----they are not known as the brightest spanners in the toolbox but even they will put an end to a scheme that is losing them and their loyal customers money.

MikeJXE

Richard1212 said:

RG2015 said:

Band7 said:

RG2015 said:

Band7 said:

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.

Not sure whether your post is sarcasm or real. Assuming it's the latter:

I don't think there is anything wrong with people going after the switch incentives for no other reason than picking up the switch bonus. Particularly during a cost of living crisis, people would be silly if they didn't avail themselves of any extra money they can legally get. 

Banks are in full control of their switch offer terms and if they don't like people who exploit the switch offers, they can make these terms so strict that switch tarting is effectively impossible. I don't think they need moral support from a consumer-oriented website.

Have you seen the adverts for bank switching?

They talk about switching bank to get a better banking service. They say it is easy to switch in a matter of days. They encourage you not to be scared that it may go wrong as it is guaranteed.

They say all of your direct debits and standing orders will be transferred over automatically.

They even guarantee that for many months even years after the switch, transactions to and from the old account will be forwarded to the new account.

And yet all we get on a thread about not being scared to switch is the massive switching incentives.

Then to cap it all you don't even need to switch your main bank account. Just set up a dummy bank account opened for the sole intention of switching.

And I never said there was anything wrong with it, just that it was a sad reflection of our society. 

Not sure what's sad about people making use of switching offers, and I wouldn't draw conclusions about the society we live in from the way people go about using switch offers. Different people, different value systems, clearly.

May be you should make MSE Towers aware that you are saddened to find yourself on a website that extols the virtues of multiple account switching?

You genuinely have no concept of what I am saying. Whereas I understand exactly what you are saying.

As to your second paragraph, that is a rather disrespectful and gratuitous comment.

I fully agree with every word RG2015 has said in his posts on this thread.

Just like racing round like a headless chicken every time the Easy/Fixed Interest Savings Accounts change ( which is every 5 minutes), it is the same with running around different banks as some sort of obsessive hobby which probably costs as much in valuable time ( for people who are busy and whose hourly "worth" is higher than the bank transfers).

I am surprised the banks have let this fiasco go on for so long when they must know what is happening in reality ( and they are not attracting genuine customers for the long term but merely passing strangers who grab a bit of cash on the way past to other pastures).

I have no doubt that the banks will stop this ridiculous practice soon----they are not known as the brightest spanners in the toolbox but even they will put an end to a scheme that is losing them and their loyal customers money.

Don't hold your breath for that

They only need a small percentage to stay to be profitable 

I have never seen a banker go to work on a bike 

Perksy5

I genuinely don't think the banks are that worried about the financial cost of it else they wouldn't offer it in my opinion. 
They will all be aware of the switch out vs switch in metrics and I notice as well that it is consistently the same names offering switch incentives. For example Barclays hasn't done one for years. The last one I remember mustve been 2019 when you could get double rewards for a year, but most of the other big names seem to run them several times a year. I'd be curious to know why that is.