Account switching cash offers

Zanderman

MartusJK said:

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 said:

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

@MartusJK I hope you're still monitoring the forum for switch offers as suggested.

Despite your worries and that recent MSE headline about switch offers 'ending' there are (shock horror!) two new switch offers at present, one of which is at that £200 mark you were worried might not appear again. 

https://forums.moneysavingexpert.com/discussion/6506008/natwest-200-switching-offer-15-2-2024

https://forums.moneysavingexpert.com/discussion/6505608/lloyds-switch-offer-feb-2024

WillPS

Yes, the drought is over it would seem.

E_zroda

A bit off topic, apologies for hijacking this. Would anybody care to opine on what counts as the date when you have received a switching incentive/bonus?
I am referring to the usual wording of  those offers along the line 'You can't have had switch cash from So&So since Month / Year'? Is it the application date, the switch date or the date when the reward was paid into your shiny new account?
Thanks.

Zanderman

WillPS said:

Yes, the drought is over it would seem.

Indeed, the rainy season is back, the drought only lasted 2 weeks. 

E_zroda said:

A bit off topic, apologies for hijacking this. Would anybody care to opine on what counts as the date when you have received a switching incentive/bonus?
I am referring to the usual wording of  those offers along the line 'You can't have had switch cash from So&So since Month / Year'? Is it the application date, the switch date or the date when the reward was paid into your shiny new account?
Thanks.

It would, I assume, depend on the exact wording of the terms. But it may not make much difference for most offers.

The current NatWest/RBS offer says "If you've previously received a switcher incentive from NatWest Group since 01 January 2020, you will not be eligible for this offer".  Which implies it is the date of getting the incentive, not the account switch.. But the NatWest offers are, iirc, mostly fast payers (the current offer pays 'within 7 days'), so there's not much in it. 

The current Lloyds offer says you aren't eligible if you "received cash back for switching to Lloyds Bank or Halifax Bank since April 2020". Again implying the actual payment date.  But again that may have been very close to the switch date as they say (for this offer) "the offer will be paid directly into your account within three working days of your switch completing ". So not much difference in dates for that either.

WillPS

Zanderman said:

The current NatWest/RBS offer says "If you've previously received a switcher incentive from NatWest Group since 01 January 2020, you will not be eligible for this offer".  Which implies it is the date of getting the incentive, not the account switch.. But the NatWest offers are, iirc, mostly fast payers (the current offer pays 'within 7 days'), so there's not much in it. 

They are now, they weren't always though - they used to do it like TSB do now, with one batch of payments after the offer finishes.

In fact ISTR the first offer they did even missed their own deadline for payment.

money4sb

For anyone wondering if all this bank switching is worthwhile, be in no doubt that it IS. 
Over the last 13 months I've done  total of 16 switches for both myself and my wife including some joint ones.  I've made us £2,900 with those switches.
Once you have the knack they're easy. I reckon I only need to devote 20 mins of my time now to carry out a whole switch. 
Obviously we can't switch any more until a few years have elapsed since we now have accounts with nearly every bank but I'm poised for the offers when we become re-eligible.

Feel free to ask about the easy ways of setting up quick Direct Debits any anything else you might want to know to make the process quick and easy.