Account switching cash offers

MartusJK

Hi there, I would like to switch accounts to take advantage of one of these bank cash offers (any money from anywhere welcome in current times!) and I have been following this off and on for a few months, so just  generally wondering about best course of action.

I missed out on the HSBC £200 offer last November and am I right in thinking that might have been a high point and since then the offers are going down in value and less common now? 

(I had a chat with an HSBC person who said unlikely to have any more offers for a while but no idea how reliable that is).

So overall, while I appreciate these things are never totally predictable, would I be best advised to take the First Direct £175 one now in case no higher ones come along for a while?? (once switched I will probably stay with whoever it is for a while, I am not a "regular switcher")

Many thanks in advance for your thoughts on this

Nasqueron

I switched to FD a few years back and that was £175 then, some firms tend to stick to prices, different ones offer different amounts. No reason you can't take advantage of the 3 offers at the moment with enough planning

MartusJK

Thanks for the quick reply. I just checked and I did have a previous mortgage with FD over 8 years ago, will that disqualify me from switching to them?

Zanderman

MartusJK said:

Hi there, I would like to switch accounts to take advantage of one of these bank cash offers (any money from anywhere welcome in current times!) and I have been following this off and on for a few months, so just  generally wondering about best course of action.

I missed out on the HSBC £200 offer last November and am I right in thinking that might have been a high point and since then the offers are going down in value and less common now? 

(I had a chat with an HSBC person who said unlikely to have any more offers for a while but no idea how reliable that is).

So overall, while I appreciate these things are never totally predictable, would I be best advised to take the First Direct £175 one now in case no higher ones come along for a while?? (once switched I will probably stay with whoever it is for a while, I am not a "regular switcher")

Many thanks in advance for your thoughts on this

If I was you I'd hold back on the FD offer- which is virtually continuous (i.e. it's rarely not on offer!) and go for one of the current other offers like the TSB or Coop ones, as those are always time-limited. You could then do the FD at your leisure afterwards as it will probably still be there.

Your point about not being regular switcher though suggests you wouldn't do that, i.e. wouldn't switch again soon afterwards. You may not realise that most 'regular' switchers don't switch their primary account, but use another account ( or several other accounts) purely for switching. :Leaving their primary account exactly where it is. So if you don't want to switch your primary account regularly, that doesn't mean you can't be a regular switcher.

As for HSBC's recent £200 offer being a 'high point' that's very debateable! And it is certainly no measure whatsoever of other switch offer amounts or their frequency. We just had two new ones in the last week. They come along quite often!  

eskbanker

MartusJK said:

Thanks for the quick reply. I just checked and I did have a previous mortgage with FD over 8 years ago, will that disqualify me from switching to them?

According to the offer terms, yes:

New customers to first direct only, who have not previously held a first direct product.

MartusJK

eskbanker said:

MartusJK said:

Thanks for the quick reply. I just checked and I did have a previous mortgage with FD over 8 years ago, will that disqualify me from switching to them?

According to the offer terms, yes:

New customers to first direct only, who have not previously held a first direct product.

Yes it seems a bit excessive but I suppose they seem to be saying "who have not previously held a first direct product even if it was many years ago - i.e. since FD started" !

PRAISETHESUN

For FD, their memory is very long. Unless you're absolutely certain you'll get it then I wouldn't apply, otherwise you'll disqualify yourself from future HSBC offers for probably the next 2-3 years or so - these usually stipulate you can't have held a HSBC or FD account since a certain date.

Otherwise there's a few other offers on the go at the moment from Co-Op bank and TSB. Co-Op offer ends today...

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

MartusJK

OK thanks for that. I still get the feeling the HSBC £200 offer was a bit of a high water mark for these types of offers but I will be patient and hope to be proved wrong!

MartusJK

Martin seems to be echoing what i have been saying?... Urgent. Free cash bank-switching to end?

Zanderman

MartusJK said:

Martin seems to be echoing what i have been saying?... Urgent. Free cash bank-switching to end?

But it's just a headline, and a silly one at that. The email with that headline says there were 3 switching offers last week and now there are only two. Shock horror they might be about to end!!  

But, er, three weeks ago there was only one.

So the trend is, actually, increasing.

It's worth noting that that link goes to the page which says nothing at all about urgency or offers ending, it's only the email that said that. It is (sorry MSE!) clickbait.

MartusJK

Thanks for the analysis, I will keep monitoring, though - Shock horror, surely not the fabled Martin doing clickbait?! I suppose in his defence he cant check everything....