Account switching cash offers

Seldrima

To echo the sentiment of others, switch offers are usually released around new quarters to evidence that they have so many customers which in turn means they have more money and more people who are in debt to them (so assets) that’s why they’re released seasonally usually. They don’t care if you stay because once you’ve joined you’re an additional figure to their stats.

I don’t recall a time there wasn’t an offer available every few months to be honest! Just remember try to make sure you don’t end up blocking yourself for another one when the bank is a part of the same group so if there is an option just pick the one that offers you more money.

WillPS

Seldrima said:

I don’t recall a time there wasn’t an offer available every few months to be honest! Just remember try to make sure you don’t end up blocking yourself for another one when the bank is a part of the same group so if there is an option just pick the one that offers you more money.

There was a bit of a drought during covid - I think between March and August 2020 there were none available, and in fact many banks stopped taking on new applications altogether.

But ignoring that very weird time (in many ways!), yes, you're right, just be patient.

FWIW 'bank group' cross brand exclusions (i.e. Natwest/RBS/Ulster, HSBC/FD, Lloyds/Halifax - think that's it?) do not seem to be nearly as well enforced as the conditions excluding you from benefitting from the same offer twice with the same brand.

Zanderman

MartusJK said:

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....

I hardly think Martin is, himself, writing every email or the website content. He sold the MSE business and website some years ago.

dealyboy

... maybe they need to update his photo 

Zanderman

dealyboy said: 

... maybe they need to update his photo 

Not sure I get your point, but I think it confirms my point that I hardly think Martin is, himself, writing every email or the website content. He may still 'oversee' content, but that doesn't mean writing any, or even reading it all. It's a complex weekly email and a massive website.

lr1277

Zanderman said:

MartusJK said:

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....

I hardly think Martin is, himself, writing every email or the website content. He sold the MSE business and website some years ago.

Some additional info:
Martin sold MSE to the comparison site Moneysupermarket.
Who amongst other things compare current accounts.

WillPS

Unless something new launches on Thurs, it looks like we might be heading in to a period with 0 available mass-market switching offers. I think it'll be the first time that's happened since 2020 if so.

Zanderman said:

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.

Perhaps not as clickbaity after all.

Zanderman

WillPS said:

Unless something new launches on Thurs, it looks like we might be heading in to a period with 0 available mass-market switching offers. I think it'll be the first time that's happened since 2020 if so.

Zanderman said:

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.

Perhaps not as clickbaity after all.

Still clickbaity as the absence of any offers doesn't mean that offers have ceased for good (which is what that clickbaity headline was worrying people into thinking). It's just that the current offers have ended or are ending.  Which they all do eventually. So nothing odd or alarming about that at all.

The only actual oddity is that the virtually continuous FD offer has ceased for now, which is relatively unusual. But that's just one bank behaving unusually and FD have done this before for periods, so even that isn't so unusual.

Indeed, just to emphasise that the current lack doesn't mean offers have ended for good the latest email from MSE states, quite helpfully (my bold):

Will free cash switcher offers return? Very likely at some point, we just don't know when. There's a rumour one may surface very soon, others possibly in March, but there's no certainty.

Never any certainty on new offers, obviously.

But that "Urgent, Free cash bank-switching to end?" headline was just as uncertain and, in imho, merely clickbait. Which worked quite well.

WillPS

I had the same opinion when I saw it, but I think given there are (as of tomorrow) none available, which is rare, they have been somewhat vindicated on this occasion.

Unfortunately this week's version has the promise of £185 - unless you can somehow get ahold of a TSB card for a new current account immediately and then get a transaction to post today - the max you can actually get is £175.

boingy

WillPS said:

I had the same opinion when I saw it, but I think given there are (as of tomorrow) none available, which is rare, they have been somewhat vindicated on this occasion.

Unfortunately this week's version has the promise of £185 - unless you can somehow get ahold of a TSB card for a new current account immediately and then get a transaction to post today - the max you can actually get is £175.

I might be wrong but I think even if you made 20 transactions today they would probably not show up for a day or two.
I've always found the 20 transactions per month to be an odd requirement. It's a rare month when I make more than about 10 purchases with a card.