Account switching cash offers

danny13579

boingy said:

I've always found the 20 transactions per month to be an odd requirement. 

It used to be 30 transactions per month.

boingy

danny13579 said:

boingy said:

I've always found the 20 transactions per month to be an odd requirement. 

It used to be 30 transactions per month.

Yeah, it just invites people to make dozens of tiny transactions which, even though they are electronic, must have an underlying cost.

WillPS

It's a pretty arbitrary hoop, agreed. But then I suppose, with the exception of Santander's % back, they all are...

MisterMotivated

As a serial switcher, I've noticed that the cutoff date for eligibility (ie not having received previous incentives) seems to be stalling, suggesting that the regular serial switching cycle will eventually come to an end.  I've kept a record of past switches and when they took place, but have now added a section listing the eligibility cutoff for each switch, so I can check if future offers are using a rolling exclusion period or if the banks are just going to stick with a fixed date from now on.

Bazzalona13295

boingy said:

danny13579 said:

boingy said:

I've always found the 20 transactions per month to be an odd requirement. 

It used to be 30 transactions per month.

Yeah, it just invites people to make dozens of tiny transactions which, even though they are electronic, must have an underlying cost.

I do make lots of little transactions so its no worry for me but as you've mentioned, I do wonder what net gains there are for the TSB and other similar bank offers.

WillPS

MisterMotivated said:

As a serial switcher, I've noticed that the cutoff date for eligibility (ie not having received previous incentives) seems to be stalling, suggesting that the regular serial switching cycle will eventually come to an end.  I've kept a record of past switches and when they took place, but have now added a section listing the eligibility cutoff for each switch, so I can check if future offers are using a rolling exclusion period or if the banks are just going to stick with a fixed date from now on.

Only HSBC UK and LBG do this AFAIK. All other providers have effectively set their 'received since' dates such that you should only receive one eligibility payment ever - Natwest Group's have always been 2017, TSB have been 2022 (since they migrated from LBG systems anyway) etc.

MisterMotivated

As well as having 2 switch incentives from Halifax and 2 from HSBC, I've also had 2 from Nationwide and am awaiting my second from Coop (for which the terms suggest I'm eligible)

HillStreetBlues

boingy said:

danny13579 said:

boingy said:

I've always found the 20 transactions per month to be an odd requirement. 

It used to be 30 transactions per month.

Yeah, it just invites people to make dozens of tiny transactions which, even though they are electronic, must have an underlying cost.

Certainly has done for myself
The last time I used a debit card to pay for anything was when they were allowed to charge a fee for using a credit card.

Zopa_Trooper

WillPS said:

MisterMotivated said:

As a serial switcher, I've noticed that the cutoff date for eligibility (ie not having received previous incentives) seems to be stalling, suggesting that the regular serial switching cycle will eventually come to an end.  I've kept a record of past switches and when they took place, but have now added a section listing the eligibility cutoff for each switch, so I can check if future offers are using a rolling exclusion period or if the banks are just going to stick with a fixed date from now on.

Only HSBC UK and LBG do this AFAIK. All other providers have effectively set their 'received since' dates such that you should only receive one eligibility payment ever - Natwest Group's have always been 2017, TSB have been 2022 (since they migrated from LBG systems anyway) etc.

That's not right, I've had 2 each from the Co-op, Halifax, HSBC & Lloyds. 

1 each from Barclays, TSB, Santander, NatWest, Nationwide, B-Bank & M&S.

The Co-op refer a friend was easily the most lucrative.

WillPS

Zopa_Trooper said:

WillPS said:

MisterMotivated said:

As a serial switcher, I've noticed that the cutoff date for eligibility (ie not having received previous incentives) seems to be stalling, suggesting that the regular serial switching cycle will eventually come to an end.  I've kept a record of past switches and when they took place, but have now added a section listing the eligibility cutoff for each switch, so I can check if future offers are using a rolling exclusion period or if the banks are just going to stick with a fixed date from now on.

Only HSBC UK and LBG do this AFAIK. All other providers have effectively set their 'received since' dates such that you should only receive one eligibility payment ever - Natwest Group's have always been 2017, TSB have been 2022 (since they migrated from LBG systems anyway) etc.

That's not right, I've had 2 each from the Co-op, Halifax, HSBC & Lloyds. 

1 each from Barclays, TSB, Santander, NatWest, Nationwide, B-Bank & M&S.

The Co-op refer a friend was easily the most lucrative.

Co-op have only ever had one date on theirs - November 2022. The problem was they didn't add it until the third or fourth time they ran the offer and instead expected their other terms to adequately prevent customers getting it multiple times. They messed up and eventually got found out when people took their complaints to the ombudsman. (It was a great while it lasted though, I agree)

They did have a £125 switching bonus getting on for a decade ago now, which I think blocked any previous switching bonus recipients, but similar to TSB took a long break from offering switching offers at all.

The other 3 brands you mention are all either LBG and HSBC UK (who each have a 3-4 year-ish rolling block). Quite a few of us are on our 3rd/4th Halifax bonuses now.

My point is there's not really enough data to prove that there's a squeeze on repeat switchers.