Switching Banks for the free cash

GettingHappier

Just wondering about the bank switching to get the free cash incentives.

if me and my wife have separate accounts, could we both switch to the same bank offering the free cash and get the reward each?

I couldn’t see anything in the banks T&C saying for example it was limited to one oer
household.

Was thinking we could both open an account with First Direct and Santander and collectively earn £750 free cash just for switching 

I don’t see why this wouldn’t be allowed but maybe someone could correct me if I am wrong.

Also does switching bank accounts affect your credit rating at all?

Thanks in advance 

gary1312

GettingHappier said:

Just wondering about the bank switching to get the free cash incentives.

if me and my wife have separate accounts, could we both switch to the same bank offering the free cash and get the reward each?

I couldn’t see anything in the banks T&C saying for example it was limited to one oer
household.

Was thinking we could both open an account with First Direct and Santander and collectively earn £750 free cash just for switching 

I don’t see why this wouldn’t be allowed but maybe someone could correct me if I am wrong.

Also does switching bank accounts affect your credit rating at all?

Thanks in advance 

Only if the switching offer specifically states one per household which, to the best of my knowledge, none of them do.

Rob5342

We've done it a few times with no problems at all, it's normally only when you switch into a joint account that only one of you can get the bonus.

WillPS

Opening multiple accounts at once can be perceived as a sign of financial distress - don't do it if you have a need for an important credit application in the near future. (The searches will only last a year.)

noh

WillPS said:

Opening multiple accounts at once can be perceived as a sign of financial distress - don't do it if you have a need for an important credit application in the near future. (The searches will only last a year.)

Opening multiple bank accounts with no overdraft has not made any difference to my ability to obtain credit. In the past I have applied for several in the space of a few days.I still have around 22 open.
Applying for multiple credit cards however will eventually be detrimental to your ability to obtain further credit.

Katiehound

that's not a problem as long as you have enough accounts to switch!

Do check the t&cs of each switch deal-for example Santander :

• Within 60 days of telling us to switch your account, you’ll need to complete the switch, set up 2 active Direct Debits, pay in £1,000 and log on to Online or Mobile Banking.

Saver-upper

Katiehound, with you mentioning Santander and DDs, can I ask:

I have just switched to Santander (new account opened this morning).

I have read through the terms and conditions, a couple of times, but this is not mentioned specifically:

The account I have just transferred to Sant. already has several DDs set up. Surely I don't need to now go and set up brand new DDs just to satisfy the conditions of getting the switch bonus? Can you confirm please? Thank you   

Zanderman

Saver-upper said:

Katiehound, with you mentioning Santander and DDs, can I ask:

I have just switched to Santander (new account opened this morning).

I have read through the terms and conditions, a couple of times, but this is not mentioned specifically:

The account I have just transferred to Sant. already has several DDs set up. Surely I don't need to now go and set up brand new DDs just to satisfy the conditions of getting the switch bonus? Can you confirm please? Thank you   

Katiehound's quote isn't from the formal T&C, it's from the summary on their switching offer page. As such it's not definitive, only the formal T&C's are definitive.

And the formal T&Cs say, somewhat differently:

Within 60 days of you instructing us to start the switch to the Qualifying Account, you will also need to have:

2.3.1 successfully completed the switch, which includes closing the account not held with us;

2.3.2 at least two active Direct Debits in place on the Qualifying Account (Direct Debits must be active at the point we assess the Qualifying Account), and cannot include Direct Debits set up to fund a savings account you have with Santander, cahoot or Cater Allen);

2.3.3 funded your Qualifying Account with at least £1,000 (either by one or more deposits); and

2.3.4 logged onto Santander Online or Mobile Banking at least once using details for your personal account (i.e. not any business accounts you may hold with Santander).

So the formal T&C confirm you don't have to "set up 2 active Direct Debits", you just need to have " two active Direct Debits".

Always worth reading the formal terms, not the summary.

For info that summary is here https://www.santander.co.uk/personal/support/current-accounts/switching

And the formal terms here: https://www.santander.co.uk/assets/s3fs-public/AD_documents/h257208_p562799_coremc0933jan23h_lr.pdf

Middle_of_the_Road

Zanderman said:

Saver-upper said:

Katiehound, with you mentioning Santander and DDs, can I ask:

I have just switched to Santander (new account opened this morning).

I have read through the terms and conditions, a couple of times, but this is not mentioned specifically:

The account I have just transferred to Sant. already has several DDs set up. Surely I don't need to now go and set up brand new DDs just to satisfy the conditions of getting the switch bonus? Can you confirm please? Thank you   

Katiehound's quote isn't from the formal T&C, it's from the summary on their switching offer page. As such it's not definitive, only the formal T&C's are definitive.

And the formal T&Cs say, somewhat differently:

Within 60 days of you instructing us to start the switch to the Qualifying Account, you will also need to have:

2.3.1 successfully completed the switch, which includes closing the account not held with us;

2.3.2 at least two active Direct Debits in place on the Qualifying Account (Direct Debits must be active at the point we assess the Qualifying Account), and cannot include Direct Debits set up to fund a savings account you have with Santander, cahoot or Cater Allen);

2.3.3 funded your Qualifying Account with at least £1,000 (either by one or more deposits); and

2.3.4 logged onto Santander Online or Mobile Banking at least once using details for your personal account (i.e. not any business accounts you may hold with Santander).

So the formal T&C confirm you don't have to "set up 2 active Direct Debits", you just need to have " two active Direct Debits".

Always worth reading the formal terms, not the summary.

For info that summary is here https://www.santander.co.uk/personal/support/current-accounts/switching

And the formal terms here: https://www.santander.co.uk/assets/s3fs-public/AD_documents/h257208_p562799_coremc0933jan23h_lr.pdf

Thanks for the clarification. I did read the terms/conditions, but it's good to have another's perspective on these things.

Saver-upper

Zanderman said:

So the formal T&C confirm you don't have to "set up 2 active Direct Debits", you just need to have " two active Direct Debits".

Always worth reading the formal terms, not the summary.

For info that summary is here https://www.santander.co.uk/personal/support/current-accounts/switching

And the formal terms here: https://www.santander.co.uk/assets/s3fs-public/AD_documents/h257208_p562799_coremc0933jan23h_lr.pdf

Thank you Zanderman, this is perfect. Yes, I did read the T and C, but I think I was just overthinking a little (bit nervous, not having changed banks for 22 years!)
Thank you for your time 

Katiehound

Sorry about the confusion- I was just pointing out from the switching summary, yes-  as an example in this case you need DDs, sometimes you don't!
I can't get this bonus as if you have had one before- not eligible- so  I just cut & pasted the quickest thing.

Thanks to those who have clarified the situation.