Cashback for FirstDirect 'ONLY' for someone who's never had an account

MrE100

I was considering doing my first bank swap cash back. 

Looked at the only one available right now FD. 

Ive never noticed before on any of these, or heard it mentioned in the past for other offers, that its only for someone who's NEVER had an account in their whole life with First Direct. 

I know it does mention it in one line on the MSE page. Although ive watched MSE ive never heard it mentioned before. It's a pretty big point. 

Is this a new tactic to stop people swapping every x months?

Will all offers start saying this do you think?

Thanks

Rodders53

MrE100 said: Is this a new tactic to stop people swapping every x months?

Will all offers start saying this do you think?

Certainly makes commercial sense for the Banks to do this to stop the serial swappers.

born_again

FD have always had this exclusion. 

Zanderman

MrE100 said:

I was considering doing my first bank swap cash back. 

Looked at the only one available right now FD. 

Ive never noticed before on any of these, or heard it mentioned in the past for other offers, that its only for someone who's NEVER had an account in their whole life with First Direct. 

I know it does mention it in one line on the MSE page. Although ive watched MSE ive never heard it mentioned before. It's a pretty big point. 

Is this a new tactic to stop people swapping every x months?

Will all offers start saying this do you think?

Thanks

Not exactly new!

It's been FD's position on switch bonuses for years and years. Forever, I think, since the concept of switching bonuses began. Which was many years ago.

And no other bank has ever said the same, so there's nothing to suggest others will follow.  Other banks usually have a time limit before you get a switch bonus again. It seems unlikely they'd follow FD's position - as they haven't ever before. 

masonic

It has, as others have pointed out, always been the case, going back many years. There have also been those who have mentioned being an exception to the rule having not held a FD account for decades. So I would not read too much into it.

Ultimately, putting such an onerous restriction on a switching offer will impact its success when measured by the number of customers taking it up. If I was a previous bank customer 5 or 10 years ago, what is to say I wouldn't be worth acquiring again? Why would a complete unknown be a preferable customer?