Advice of perspective bank switching options

simonsmithsays

Hi folks

Can anyone advise me if there any Bank switching offers for someone who already has the following historical accounts:

TSB Spend and Save account

Nationwide Flex account 

First Direct 1st account

Lloyds Club current account 

I think I'm right that the First Direct offer I'll be totally excluded from.

But the other three can I hold multiple Lloyds Club c/a's and gain the incentive.

Likewise with the TSB Spend and Save?

And is it possible to run with a Nationwide Flex Account and a new Flex Direct?

Thanks in advance 

Rawrzy

As far as I'm aware only First Direct explicitly doesn't give bonuses if you've ever had an account in the past. The rest are based of if you've had a switching incentive already in x period.

Assuming you haven't had that Switch bonus in the given time frame each bank says, Lloyds I think you're limited to one club account but you can downgrade your current account and then apply for a new club account. Nationwide you should be able to just swap into whatever account you've got at the moment, assuming it's one of the three account types that is part of the current switch offer. TSB you should be able to just open a new spend and save account.

2catsandcounting

It will depend on when those accounts were opened, and if you have previously benefited from a switch incentive. Nationwide for example, the £200 is not available to those who received a switch bonus since August 2021. 

Zanderman

It's not quite clear what you're asking.

Have you got those four accounts now - and did you ever get a switching incentive for any of them?  If so any future incentive depends on the time elapsed and the current incentive rules.  For FD you're ruled out forever, in theory.  For TSB it depends on whether you had a switching incentive before and when. Likewise with Lloyds and with Nationwide.

Re multiple accounts most banks will only give you one incentive on one account in a specified period. So you probably won't gain multiple incentives with multiple Lloyds accounts. But you can have multiple Lloyds Club accounts and have the advantages they come with, but that's nothing to do with switching.  Similarly if you've never had Nationwide FlexDirect before you can open an FlexD account alongside your existing FlexAccount and can get the interest that offers in year 1 - but again that's nothing to do with switching (and not a remarkable rate anymore either).

WillPS

You can only hold one joint and one sole Club Lloyds account. You can have the bonus as an existing customer without opening a new account, so long as you haven't had one from them (or Halifax*) since mid-2020.

Nationwide similarly allow existing customer to receive the bonus, so long as you haven't had a bonus since August 2021. You can have multiple accounts but only one FlexDirect (not that it's a particularly strong product in the current context anyway).

TSB require you to open a new account to get a bonus, but there is no restriction preventing existing customers from doing this as long as they've not had a bonus since October 2022.

First Direct exclude anyone who's had an account previously, some have reported getting a second bonus years after closing an account previously. They also exclude recent HSBC account applicants*.

* denotes conditions some have reported are not enforced, YMMV.

Other switch bonuses, not currently available but likely to return are Natwest Group, Halifax, Santander and Virgin Money.

simonsmithsays

Thanks folks

Everything I need here

It's very appreciated