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

torchie

While I agree that anything being offered/given away is definitely worth chasing, I do feel that many are getting over excited about a £200 payout.  This is equivalent to putting £5K into an account for one year that earns just 4%.

Dominic_Blake1

danny13579 said:

Dominic_Blake1 said:

This is all a bit concerning, I think I’m going to abandon my plans!  My Chase switch to Ulster Bank is underway, I think I’m just not going to pursue the £200 incentive.  So close to £600, but can’t risk that happening!  As it is I have over £4,000 in my new RBS account, it would be catastrophic if I suddenly lost access to it!!

Take a deep breath and don't do anything hasty. There are many reasons why people have their accounts frozen, usually related to dodgy transactions or doing things with their accounts that they shouldn't have been doing.

If they were freezing and banning for triple switches then we would have heard all about it on here. Loads of people on here have done the triple switch with no problems whatsoever.

You have consistently been the voice of reason here, however I have this horrible suspicion that it might upset NatWest (as in, Ulster Bank), not to mention Chase, if I switch from the new chase account within 2 minutes of having opened it, having already taken advantage of two NWest offers within 48 hours of each other, in order to secure the third bonus through Ulster Bank  Having said that, what really do the banks expect people to do?  

torchie

Dominic_Blake1 said:

danny13579 said:

Dominic_Blake1 said:

This is all a bit concerning, I think I’m going to abandon my plans!  My Chase switch to Ulster Bank is underway, I think I’m just not going to pursue the £200 incentive.  So close to £600, but can’t risk that happening!  As it is I have over £4,000 in my new RBS account, it would be catastrophic if I suddenly lost access to it!!

Take a deep breath and don't do anything hasty. There are many reasons why people have their accounts frozen, usually related to dodgy transactions or doing things with their accounts that they shouldn't have been doing.

If they were freezing and banning for triple switches then we would have heard all about it on here. Loads of people on here have done the triple switch with no problems whatsoever.

You have consistently been the voice of reason here, however I have this horrible suspicion that it might upset NatWest (as in, Ulster Bank), not to mention Chase, if I switch from the new chase account within 2 minutes of having opened it, having already taken advantage of two NWest offers within 48 hours of each other, in order to secure the third bonus through Ulster Bank  Having said that, what really do the banks expect people to do?  

Perfectly said, "What really do the banks expect us to do?".  They are offering it and we will take it.

danny13579

I don't think the banks really care. They have a marketing budget which covers all this. Each one runs independently. They have a new customer that they can target with profitable products and the statistics are boosted for their next report.
If Chase were bothered then they would stop allowing people to open up to 10 current accounts at the same time.

You have to do what's right for you but at least do it with a clear head, after reading advice on here, rather than after emerging from the Reddit rabbit hole.

masonic

I would be more concerned about Chase if you frequently open and switch accounts from there. But nobody has yet reported issues with this.

Banks have been known to end a relationship with a customer in extreme circumstances (ask the OP of this thread). It is a risk when you are going beyond what 99% of customers would do. But many have scored the RBS Group triple without issue in the past.

Dominic_Blake1

torchie said:

While I agree that anything being offered/given away is definitely worth chasing, I do feel that many are getting over excited about a £200 payout.  This is equivalent to putting £5K into an account for one year that earns just 4%.

Not untrue, although it's not so much £200 in isolation, rather the possibility to generate £600 within a very short space of time through each of the switches having done very little to gain those funds.  In my case, it would be £700 (including the recent £100 from Coop bank).  I suppose from my perspective as a freelancer, it is too tempting not to go for these offers.

Dominic_Blake1

danny13579 said:

I don't think the banks really care. They have a marketing budget which covers all this. Each one runs independently. They have a new customer that they can target with profitable products and the statistics are boosted for their next report.
If Chase were bothered then they would stop allowing people to open up to 10 current accounts at the same time.

You have to do what's right for you but at least do it with a clear head, after reading advice on here, rather than after emerging from the Reddit rabbit hole.

All good points.  The fact is that if I do go for the final incentive, it will be one of the last switches I think I would be eligible to obtain - I am approaching the point of exhaustion now!  I have hope that Santander will introduce a new offer, that really would be the last one I could go for if it emerged.

SickGroove

locky123 said:

SickGroove said:

Hat trick completed 😀 £600 for little work!

Gonna buy my football season ticket tonight.. All paid for by these switches...

Used Chase burner accounts for all 3 switches btw...an absolute breeze!

Have you previously received a reward in the last 3 years?

No, not from any of these 3...

Only started doing the old switch game late last year...

Making up for it now! 😀

danny13579

If the banks want to offer me new products and use me to massage their quarterly statistics, and in return hand me hundreds of pounds of cash for doing so, then I'm going to grab it. I have no qualms about using them and making money out of them like they use us and make money out of us!

superdayold

Dominic_Blake1 said:

danny13579 said:

I don't think the banks really care. They have a marketing budget which covers all this. Each one runs independently. They have a new customer that they can target with profitable products and the statistics are boosted for their next report.
If Chase were bothered then they would stop allowing people to open up to 10 current accounts at the same time.

You have to do what's right for you but at least do it with a clear head, after reading advice on here, rather than after emerging from the Reddit rabbit hole.

All good points.  The fact is that if I do go for the final incentive, it will be one of the last switches I think I would be eligible to obtain - I am approaching the point of exhaustion now!  I have hope that Santander will introduce a new offer, that really would be the last one I could go for if it emerged.

Same here. Only started this last year with Barclays, HSBC and Nationwide. This year have nearly completed a full sweep. So maybe done for a few years. 

It’s got me out a cycle of debt with my credit card and given me breathing space to save for bigger spends instead. 

Santander would be great. 

Virgin money too though? Or Halifax?