Bank Switching question

Largs

I switch NatWest to Nationwide and none had been claimed yet. I couldn't even see them online. Nationwide paid incentive fine.

Rob5342

Check the terms, leaving and coming back shouldn't stop you getting the bonus, but if you have switched away from them they might not offer you an account when you want to come back. You could open a dummy account to get started and pick up Nationwide along the way to avoid that risk.

Ponchos

PRAISETHESUN said:

Ponchos said:

Hi everyone,

I'm looking at the switching bonuses and how best to get them all (currently 4 of them). I've had my Nationwide account for years and the perks are virtually nil, so switching cash would be nice!

My current thinking is to go for Lloyds > Barclays > Nationwide > First Direct, and then see if any other offers come about after that. I have a couple of questions though.

As I'm currently with Nationwide, would leaving and then coming back (and leaving to go to Lloyds, and then coming back from Barclays) be an issue and stop the bonus being applied? The terms say you can't have had a switching bonus since 18th August 2021 (which isn't a problem), I'm just thinking about the quick return.

Also, Barclays and Nationwide both require two or more direct debits being transferred. My current DDs with Nationwide are with my credit card and with eBay. Are these sufficient to qualify or do they HAVE to be energy bills and such?

I currently have a Starling account which I will keep regardless and use to transfer money in and out to meet requirements.

Thanks in advance!

Your account needs to be open to get paid the incentive, but once it has been paid you can move your account elsewhere. If you intend to keep your Nationwide account as your main account however, I'd personally recommend opening a second Nationwide account (just open it, no need to switch) and set that up as a donor account. Use this second Nationwide account to switch To lloyds --> Barclays --> First Direct, and then back into your primary Nationwide account.

As for DDs, any will do. It's typically easiest to shuffle around existing DDs for household bills, or anything else you already have set up such as your eBay or CC - these will be fine as long as they are active. If you get stuck for ideas, there's a big thread on the subject here: https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

Thanks for the reply

I've started the process with Lloyds, should all be completed by 22nd November which would give me enough time to then move to Barclays. I'll be moving some money in temporarily just to cover the requirements to avoid the £3 a month account fee. I'm not too fussed about keeping my Nationwide account and as I already have a FlexDirect account I doubt I'd be able to claim the welcome bonus. Just hoping they'll have me back temporarily and give me some sweet cash!

My only DDs are eBay and my CC. I use my CC regularly and so it gets paid every month, but I don't always use eBay for things. The guides for opening on the Best Bank Accounts page (https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch)  just say that you need to switch two DDs, it doesn't say anything about making payments through these DDs, so I'm assuming that as long as the details are switched between banks, no actual money transaction need to be made through these DDs in order to meet the criteria. Is this correct?

PRAISETHESUN

Ponchos said:

PRAISETHESUN said:

Ponchos said:

Hi everyone,

I'm looking at the switching bonuses and how best to get them all (currently 4 of them). I've had my Nationwide account for years and the perks are virtually nil, so switching cash would be nice!

My current thinking is to go for Lloyds > Barclays > Nationwide > First Direct, and then see if any other offers come about after that. I have a couple of questions though.

As I'm currently with Nationwide, would leaving and then coming back (and leaving to go to Lloyds, and then coming back from Barclays) be an issue and stop the bonus being applied? The terms say you can't have had a switching bonus since 18th August 2021 (which isn't a problem), I'm just thinking about the quick return.

Also, Barclays and Nationwide both require two or more direct debits being transferred. My current DDs with Nationwide are with my credit card and with eBay. Are these sufficient to qualify or do they HAVE to be energy bills and such?

I currently have a Starling account which I will keep regardless and use to transfer money in and out to meet requirements.

Thanks in advance!

Your account needs to be open to get paid the incentive, but once it has been paid you can move your account elsewhere. If you intend to keep your Nationwide account as your main account however, I'd personally recommend opening a second Nationwide account (just open it, no need to switch) and set that up as a donor account. Use this second Nationwide account to switch To lloyds --> Barclays --> First Direct, and then back into your primary Nationwide account.

As for DDs, any will do. It's typically easiest to shuffle around existing DDs for household bills, or anything else you already have set up such as your eBay or CC - these will be fine as long as they are active. If you get stuck for ideas, there's a big thread on the subject here: https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

Thanks for the reply

I've started the process with Lloyds, should all be completed by 22nd November which would give me enough time to then move to Barclays. I'll be moving some money in temporarily just to cover the requirements to avoid the £3 a month account fee. I'm not too fussed about keeping my Nationwide account and as I already have a FlexDirect account I doubt I'd be able to claim the welcome bonus. Just hoping they'll have me back temporarily and give me some sweet cash!

My only DDs are eBay and my CC. I use my CC regularly and so it gets paid every month, but I don't always use eBay for things. The guides for opening on the Best Bank Accounts page (https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch)  just say that you need to switch two DDs, it doesn't say anything about making payments through these DDs, so I'm assuming that as long as the details are switched between banks, no actual money transaction need to be made through these DDs in order to meet the criteria. Is this correct?

For Nationwide, if you've not had a switch incentive from them before you are eligible, even as an existing customer. Best check the T&Cs in case it's something extra you can take advantage of

As for DDs, as long as they appear on your online banking them you should be set. They should still be active as long as you set them up or used them to make a payment at least once in the last 13 months I believe.

Ponchos

PRAISETHESUN said:

Ponchos said:

PRAISETHESUN said:

Ponchos said:

Hi everyone,

I'm looking at the switching bonuses and how best to get them all (currently 4 of them). I've had my Nationwide account for years and the perks are virtually nil, so switching cash would be nice!

My current thinking is to go for Lloyds > Barclays > Nationwide > First Direct, and then see if any other offers come about after that. I have a couple of questions though.

As I'm currently with Nationwide, would leaving and then coming back (and leaving to go to Lloyds, and then coming back from Barclays) be an issue and stop the bonus being applied? The terms say you can't have had a switching bonus since 18th August 2021 (which isn't a problem), I'm just thinking about the quick return.

Also, Barclays and Nationwide both require two or more direct debits being transferred. My current DDs with Nationwide are with my credit card and with eBay. Are these sufficient to qualify or do they HAVE to be energy bills and such?

I currently have a Starling account which I will keep regardless and use to transfer money in and out to meet requirements.

Thanks in advance!

Your account needs to be open to get paid the incentive, but once it has been paid you can move your account elsewhere. If you intend to keep your Nationwide account as your main account however, I'd personally recommend opening a second Nationwide account (just open it, no need to switch) and set that up as a donor account. Use this second Nationwide account to switch To lloyds --> Barclays --> First Direct, and then back into your primary Nationwide account.

As for DDs, any will do. It's typically easiest to shuffle around existing DDs for household bills, or anything else you already have set up such as your eBay or CC - these will be fine as long as they are active. If you get stuck for ideas, there's a big thread on the subject here: https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

Thanks for the reply

I've started the process with Lloyds, should all be completed by 22nd November which would give me enough time to then move to Barclays. I'll be moving some money in temporarily just to cover the requirements to avoid the £3 a month account fee. I'm not too fussed about keeping my Nationwide account and as I already have a FlexDirect account I doubt I'd be able to claim the welcome bonus. Just hoping they'll have me back temporarily and give me some sweet cash!

My only DDs are eBay and my CC. I use my CC regularly and so it gets paid every month, but I don't always use eBay for things. The guides for opening on the Best Bank Accounts page (https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch)  just say that you need to switch two DDs, it doesn't say anything about making payments through these DDs, so I'm assuming that as long as the details are switched between banks, no actual money transaction need to be made through these DDs in order to meet the criteria. Is this correct?

For Nationwide, if you've not had a switch incentive from them before you are eligible, even as an existing customer. Best check the T&Cs in case it's something extra you can take advantage of

As for DDs, as long as they appear on your online banking them you should be set. They should still be active as long as you set them up or used them to make a payment at least once in the last 13 months I believe.

I've not a switch incentive bonus from Nationwide, and if I have it was over 10 years ago so i should be fine! However I have already started the switching process for step 1 (Nationwide to Lloyds) so I'll be going back in a month or so once I've also done step 2 (Lloyds to Barclays).

DDs were definitely showing in my Nationwide DD Payees section, CC was used recently and last time for eBay was I think February so the 13 months shouldn't be a problem.

Thanks again for your help!

tryin

Ponchos said:

PRAISETHESUN said:

Ponchos said:

Hi everyone,

I'm looking at the switching bonuses and how best to get them all (currently 4 of them). I've had my Nationwide account for years and the perks are virtually nil, so switching cash would be nice!

My current thinking is to go for Lloyds > Barclays > Nationwide > First Direct, and then see if any other offers come about after that. I have a couple of questions though.

As I'm currently with Nationwide, would leaving and then coming back (and leaving to go to Lloyds, and then coming back from Barclays) be an issue and stop the bonus being applied? The terms say you can't have had a switching bonus since 18th August 2021 (which isn't a problem), I'm just thinking about the quick return.

Also, Barclays and Nationwide both require two or more direct debits being transferred. My current DDs with Nationwide are with my credit card and with eBay. Are these sufficient to qualify or do they HAVE to be energy bills and such?

I currently have a Starling account which I will keep regardless and use to transfer money in and out to meet requirements.

Thanks in advance!

Your account needs to be open to get paid the incentive, but once it has been paid you can move your account elsewhere. If you intend to keep your Nationwide account as your main account however, I'd personally recommend opening a second Nationwide account (just open it, no need to switch) and set that up as a donor account. Use this second Nationwide account to switch To lloyds --> Barclays --> First Direct, and then back into your primary Nationwide account.

As for DDs, any will do. It's typically easiest to shuffle around existing DDs for household bills, or anything else you already have set up such as your eBay or CC - these will be fine as long as they are active. If you get stuck for ideas, there's a big thread on the subject here: https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

Thanks for the reply

I've started the process with Lloyds, should all be completed by 22nd November which would give me enough time to then move to Barclays. I'll be moving some money in temporarily just to cover the requirements to avoid the £3 a month account fee. I'm not too fussed about keeping my Nationwide account and as I already have a FlexDirect account I doubt I'd be able to claim the welcome bonus. Just hoping they'll have me back temporarily and give me some sweet cash!

My only DDs are eBay and my CC. I use my CC regularly and so it gets paid every month, but I don't always use eBay for things. The guides for opening on the Best Bank Accounts page (https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch)  just say that you need to switch two DDs, it doesn't say anything about making payments through these DDs, so I'm assuming that as long as the details are switched between banks, no actual money transaction need to be made through these DDs in order to meet the criteria. Is this correct?

Yes, it is definitely correct. I have used £1 yearly direct debits for the Nationwide switch and no money was taken after the switch, and I got the cash

Ponchos

tryin said:

Ponchos said:

PRAISETHESUN said:

Ponchos said:

Hi everyone,

I'm looking at the switching bonuses and how best to get them all (currently 4 of them). I've had my Nationwide account for years and the perks are virtually nil, so switching cash would be nice!

My current thinking is to go for Lloyds > Barclays > Nationwide > First Direct, and then see if any other offers come about after that. I have a couple of questions though.

As I'm currently with Nationwide, would leaving and then coming back (and leaving to go to Lloyds, and then coming back from Barclays) be an issue and stop the bonus being applied? The terms say you can't have had a switching bonus since 18th August 2021 (which isn't a problem), I'm just thinking about the quick return.

Also, Barclays and Nationwide both require two or more direct debits being transferred. My current DDs with Nationwide are with my credit card and with eBay. Are these sufficient to qualify or do they HAVE to be energy bills and such?

I currently have a Starling account which I will keep regardless and use to transfer money in and out to meet requirements.

Thanks in advance!

Your account needs to be open to get paid the incentive, but once it has been paid you can move your account elsewhere. If you intend to keep your Nationwide account as your main account however, I'd personally recommend opening a second Nationwide account (just open it, no need to switch) and set that up as a donor account. Use this second Nationwide account to switch To lloyds --> Barclays --> First Direct, and then back into your primary Nationwide account.

As for DDs, any will do. It's typically easiest to shuffle around existing DDs for household bills, or anything else you already have set up such as your eBay or CC - these will be fine as long as they are active. If you get stuck for ideas, there's a big thread on the subject here: https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

Thanks for the reply

I've started the process with Lloyds, should all be completed by 22nd November which would give me enough time to then move to Barclays. I'll be moving some money in temporarily just to cover the requirements to avoid the £3 a month account fee. I'm not too fussed about keeping my Nationwide account and as I already have a FlexDirect account I doubt I'd be able to claim the welcome bonus. Just hoping they'll have me back temporarily and give me some sweet cash!

My only DDs are eBay and my CC. I use my CC regularly and so it gets paid every month, but I don't always use eBay for things. The guides for opening on the Best Bank Accounts page (https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch)  just say that you need to switch two DDs, it doesn't say anything about making payments through these DDs, so I'm assuming that as long as the details are switched between banks, no actual money transaction need to be made through these DDs in order to meet the criteria. Is this correct?

Yes, it is definitely correct. I have used £1 yearly direct debits for the Nationwide switch and no money was taken after the switch, and I got the cash

Excellent, that's good to know, thank you kindly!

SVts

Barclays paid out yesterday 

£175 - First Direct
£200 - NatWest
£125 - Co-Op 
£200 - Lloyds
£200 - TSB including £75 stay
£200 -  RBS
£175 - Halifax
£200 - Ulster
£200 - Nationwide
£75 - Tide not a switch but account opening reward
£175 - Barclays

£1925

C'mon Santander do the right thing I say! 

MikeJXE

£175 - First Direct
£200 - NatWest
£125 - Co-Op 
£200 - Lloyds
£200 - Santander
£125 - TSB 
£200 -  RBS
£175 - Halifax
£200 - Ulster
£200 - Nationwide
£175 - Barclays 
£75. - TSb stay
£375- Co-op referrals 
£200- Yougov Finance

£2625

It's been a good year for me a first timer, I went with Octopus in February and recommended to 5 others gaining another £250 

Stargunner

@SVts & MikeJXE

Did you miss the switch offer from HSBC?