Bank a/c switching - what if you already have an a/c with the bank?

buel10

Hi all.
As above, I had a First Direct and Halifax account but have just switched them to Lloyds and Natwest.....my question is can I then swap them back to FD and Halifax to gain the incentive?

I assume not...but thought I would check?

jlfrs01

Correct. All banks offering switching incentives won't pay them out again, either full stop or maybe only after a specific period has passed. Same goes for any which are in the same "group".

Zanderman

buel10 said:

Hi all.
As above, I had a First Direct and Halifax account but have just switched them to Lloyds and Natwest.....my question is can I then swap them back to FD and Halifax to gain the incentive?

I assume not...but thought I would check?

jlfrs01 said:

Correct. All banks offering switching incentives won't pay them out again, either full stop or maybe only after a specific period has passed. Same goes for any which are in the same "group".

Not quite correct. It depends on the bank and the offer. There's no single answer.  

You haven't said whether you got an incentive from FD or Halifax - if you didn't you can now.

FDirect say they never pay a switching incentive twice - so if you had one from them before you won't get it again. But if you didn't before you might.

Halifax's switching incentives can be got more than once but they have timed exclusions - their current offer says you won't get it if you previously had one after a specific date - but if you had one before that date (or never had one ever) you're perfectly eligible.   

PixelPound

FD don't pay if you have had an account Ever and not limited to current accounts. Others allow it so long as you haven't benefited from switching since dome specific point. 

buel10

Is switching a joint account to a new bank, even after one has switched a sole account, a way of getting another reward?

EarthBoy

Zanderman said:

buel10 said:

Hi all.
As above, I had a First Direct and Halifax account but have just switched them to Lloyds and Natwest.....my question is can I then swap them back to FD and Halifax to gain the incentive?

I assume not...but thought I would check?

jlfrs01 said:

Correct. All banks offering switching incentives won't pay them out again, either full stop or maybe only after a specific period has passed. Same goes for any which are in the same "group".

You haven't said whether you got an incentive from FD or Halifax - if you didn't you can now.

FDirect say they never pay a switching incentive twice - so if you had one from them before you won't get it again. But if you didn't before you might.

That's not what First Direct say.  What they say is:

"*Switch using the Current Account Switch Service, deposit £1,000 within 3 months of account opening. New customers to first direct only, who have not previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2020. Current Account subject to status. Offer can be withdrawn at any time. UK residents only."

https://www.firstdirect.com/banking/current-account/?cid=3105:va:O0:CA::2305:010:PG

So, it's irrelevant whether you had a previous switching bonus or not, simply having had an account with them disqualifies you from getting the switching bonus this time.  

I know that some people have managed to get a switching bonus from FD even though they've had a previous account with them, but they are the exception, rather than the rule.  

badger09

buel10 said:

Is switching a joint account to a new bank, even after one has switched a sole account, a way of getting another reward?

Possibly. You would have to read the T&Cs for each bank’s switching bonus.