NatWest/RBS/Ulster £200 Switching Offer 15/2/2024-2/4/2024

steven141

bigstevex said:

What's the easiest way to close all these new accounts I have open   Had my 3 bonuses and now want the accounts gone.  Assume it can all be done online?

They actually have some decent savings rates especially NatWest and Royal Bank of Scotland with their regular savers and if you have over £5000 then Ulster Bank do a good one too. 

I am a long term customer of Royal Bank of Scotland and I recently got the £200 switch bonus from them and my switch completed yesterday for NatWest and today Ulster Bank. I’m planning on keeping them as I feel like for £600, it’s only right that I make use of their accounts. I have been around the banks as well so don’t want to p*** any banks off.

Dominic_Blake1

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Haha wow amazing!  I think that must be the fastest anyone’s received a reward?  Also, yeah when you actually look back at all the switches it’s kind of hilarious/ridiculous in equal measure … at one point recently I think I had 7 current accounts 🙄😂

Nasqueron

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

superdayold

Dominic_Blake1 said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Haha wow amazing!  I think that must be the fastest anyone’s received a reward?  Also, yeah when you actually look back at all the switches it’s kind of hilarious/ridiculous in equal measure … at one point recently I think I had 7 current accounts 🙄😂

Sorry should have said my 1250 went in this morning -  I am awaiting the pay out for that one.

I know, I was telling my friends about it and said 'I'll pay for the parking', waived my TSB card and said 'well Natwest is paying - Oh yeah, that's TSB - well it cam from Natwest, only I paid it into TSB as they're giving me £10 cashback a month!'

superdayold

Nasqueron said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

I've worked out it will cost about £0.32 a day for the amount I needed.

Joint accout has 500 arranged OD, 250 of which is free to use (23p a day for 250), Soul account 250 free to use and another with 200 arranged OD, 50 of which is free to use (£150 = 9p for 1 day).

I phoned the bank to ask about it, and she said even if it went over into unarranged for one day, it wouldnt matter.

MABLE

superdayold said:

Nasqueron said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

I've worked out it will cost about £0.32 a day for the amount I needed.

Joint accout has 500 arranged OD, 250 of which is free to use (23p a day for 250), Soul account 250 free to use and another with 200 arranged OD, 50 of which is free to use (£150 = 9p for 1 day).

I phoned the bank to ask about it, and she said even if it went over into unarranged for one day, it wouldnt matter.

In my case, I used my credit card as it has an offer of 6.9% until the balance was cleared. I borrowed 1250 for two days and it was the most effective way of borrowing money for me and I paid it back within two days, I did have money in the savings account, but I didn’t really want to touch it .

Dominic_Blake1

Nasqueron said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

I don't think there is any evidence to back up your claim that credit scores are 'fake gimmick's'; while it is true to say that credit agencies act as mechanisms for financial institutions to generate money (and that the scores each agency uses might not relate to one another), the idea that you can ignore your credit score is the worst kind of financial advice which borders on being dangerous. 

I opted to switch banks because generating money is more important to me than having a good credit score right now (I'm not planning to take out a mortgage in the near future, nor do I require any other lines of credit).  However, were I attempting to do any of those things there is no way that I would have opened multiple accounts, each generating hard searches on my credit files in order to gain switch bonuses (accounts which would almost immediately be closed).  

Having had very low credit scores in the past, I know from personal experience how detrimental they can be to your ability to function.  Having also had the best possible credit score (999 with Experian), I know how very different my life was at that time.  Beyond that, as a number of people here and elsewhere have pointed out, banks have been known to withdraw banking services to people engaged in multiple switches.  

I have chosen to do this, however there is no way it is not without risk and we all have to determine whether it is worth taking that risk in the way we approach switching.  But to call credit scores a 'fake gimmick' is kind of the ultimately most arrogant thing to do.

surferstar

This has probably been asked 100 times but I’ve moved in the £1250 to both Ulster and rbs a few days before the switch date. Has this worked for others or must you transfer once the switch is complete? One switch completed today and the other will complete Thursday so hoping the bonuses are paid by end of the week. 

superdayold

surferstar said:

This has probably been asked 100 times but I’ve moved in the £1250 to both Ulster and rbs a few days before the switch date. Has this worked for others or must you transfer once the switch is complete? One switch completed today and the other will complete Thursday so hoping the bonuses are paid by end of the week. 

I know that people who had that amount already in the account they switched over got the bonus. I think what you have described was OK too, but can't quite remember sorry, although I'm pretty sure it's been mentioned on this massive post...

Nasqueron

Dominic_Blake1 said:

Nasqueron said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

I don't think there is any evidence to back up your claim that credit scores are 'fake gimmick's'; while it is true to say that credit agencies act as mechanisms for financial institutions to generate money (and that the scores each agency uses might not relate to one another), the idea that you can ignore your credit score is the worst kind of financial advice which borders on being dangerous. 

I opted to switch banks because generating money is more important to me than having a good credit score right now (I'm not planning to take out a mortgage in the near future, nor do I require any other lines of credit).  However, were I attempting to do any of those things there is no way that I would have opened multiple accounts, each generating hard searches on my credit files in order to gain switch bonuses (accounts which would almost immediately be closed).  

Having had very low credit scores in the past, I know from personal experience how detrimental they can be to your ability to function.  Having also had the best possible credit score (999 with Experian), I know how very different my life was at that time.  Beyond that, as a number of people here and elsewhere have pointed out, banks have been known to withdraw banking services to people engaged in multiple switches.  

I have chosen to do this, however there is no way it is not without risk and we all have to determine whether it is worth taking that risk in the way we approach switching.  But to call credit scores a 'fake gimmick' is kind of the ultimately most arrogant thing to do.

Eh no

The SCORE you see is a gimmick, it is literally never seen by any lender.

I never said to ignore your credit file, so please don't use a strawman or put words into my mouth

When you apply for credit, the CRA(s) send data to the lender who asked for it, the lender puts it through their own internal scoring system (which you will never see) and that is what determines credit.

The 0 or 999 score is meaningless, it has no impact on whether you can get credit or not because it's never seen.

You don't even need to take it from me, think logically - do Experian lend you money? No - so what they score you is moot. Or just go on Experian's site:

https://www.experian.co.uk/consumer/guides/good-credit-score.html

Your credit score gives you an idea of how companies may view you when you apply for credit. 

Note my highlights - an IDEA, how they MAY view you.

Score is meaningless, data on your file isn't