Switch bonuses over?

It looks like only 1 bank is offering a £175 switch bonus at the moment. Are the switch bonuses over or will other banks roll them out again? Do they normally pause and restart or are the winding down for good? 

Comments

  • Zopa_Trooper
    Zopa_Trooper Posts: 236
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    I've made a small fortune via switching but to me, it's insane. Take the Barclays offer. Instead of £175, why didn't they just say £100 when you join, another £100 after 12 months. They'd have kept almost everybody. People stay with banks for regular savers which give you nowhere near as much as switching does. Its nuts.
    Also, why don't they refuse people who have a history of continual switching. I'm amazed I haven't been "blacklisted" but if they keep offering the money, I'm going to continue taking it.
    Roll on the next one.
  • retiredbanker1
    retiredbanker1 Posts: 315
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    Banks' financial year has just finished - they will know their profit figures now despite official results not out until February.
    If they have had a good year and opened more accounts than they closed why pay for more - it normally means some banks have lost accounts and will start a race to win them back with bribes - then everybody else joins in because if they don't they definitely will lose accounts. My point? Wait a couple of months and it will all start again.
  • Nasqueron
    Nasqueron Posts: 8,400
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    I've made a small fortune via switching but to me, it's insane. Take the Barclays offer. Instead of £175, why didn't they just say £100 when you join, another £100 after 12 months. They'd have kept almost everybody. People stay with banks for regular savers which give you nowhere near as much as switching does. Its nuts.
    Also, why don't they refuse people who have a history of continual switching. I'm amazed I haven't been "blacklisted" but if they keep offering the money, I'm going to continue taking it.
    Roll on the next one.
    It is of course possible to have multiple accounts to switch and keep the bonuses like the high interest accounts as well - I did a switch to First Direct a few years back and have their 7% regular saver as a place for spare cash interest to earn interest long term, same as the NatWest one which I switched to from another bank and use their regular saver (which I prefer as the interest is paid monthly). TSB did a switch and stay and I'm sure others will do - but Barclays did at least have the offer for cashback of 5% up to £200 a month that coincided with the switch offer (as it started in October, switch offer in November) - meaning you could get £190 net from them if you stuck around for at least 2 months plus had the rainy day saver paying 5% which isn't bad for an instant access, interest paid monthly setup
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