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

bobeschism

danny13579 said:

bobeschism said:

Give it a punt if you have a spare burner account? The worst that can happen is the system will decline and you won't receive the incentive. Nowt to lose.

I have to say I am tempted, need to give it a bit more thought. I might hang on a bit and see if anyone else on here manages to do it and if not, and they give notice of them being about to pull the offer then I may chance it. 

I think it's highly unlikely I would get the incentive though.

He who dares, Rodney

danny13579

bobeschism said:

He who dares, Rodney

It's not not getting the incentive that concerns me, more a ban which would preclude me from any further switch offers. But then, it's going to be years before I become eligible for any again.

Bridlington1

danny13579 said:

bobeschism said:

He who dares, Rodney

It's not not getting the incentive that concerns me, more a ban which would preclude me from any further switch offers. But then, it's going to be years before I become eligible for any again.

I think you'd be wise not to push your luck with RBS. Unless something's changed within the last year I suspect your efforts would be fruitless anyway.

When LBG gave me a lifetime ban last year (I suspect using them for too many short lived donor accounts in a short space of time won't have helped matters) I switched many of my LBG accounts elsewhere just to make life easier in the event that a payment was ever made to any of them after the accounts were closed.

I had already received the £150 switching offer from RBS in 2022 but not bothered with NatWest/Ulster at that time. After accidentally getting £200 each from NatWest/Ulster I decided to try my luck with RBS as I still had LBG accounts I wanted to switch out. RBS never paid me the £200 if this is anything to go by.

Dominic_Blake1

Bridlington1 said:

danny13579 said:

bobeschism said:

He who dares, Rodney

It's not not getting the incentive that concerns me, more a ban which would preclude me from any further switch offers. But then, it's going to be years before I become eligible for any again.

I think you'd be wise not to push your luck with RBS. Unless something's changed within the last year I suspect your efforts would be fruitless anyway.

When LBG gave me a lifetime ban last year (I suspect using them for too many short lived donor accounts in a short space of time won't have helped matters) I switched many of my LBG accounts elsewhere just to make life easier in the event that a payment was ever made to any of them after the accounts were closed.

I had already received the £150 switching offer from RBS in 2022 but not bothered with NatWest/Ulster at that time. After accidentally getting £200 each from NatWest/Ulster I decided to try my luck with RBS as I still had LBG accounts I wanted to switch out. RBS never paid me the £200 if this is anything to go by.

This is my greatest fear at the moment.  Did the lifetime ban LBG level against you negatively impact your credit rating?  Having just set up a Chase account, then within minutes switched to Ulster Bank, I’m kind of terrified!  I feel compelled to do these switches, the money is so useful right now, and yet I fear that the fallout might be so great that it might not be worth pursuing them.  

22225

Hello again
My fixed mortgage deal is coming to an end in January 2025 but in August I want to try and secure a deal. I am with Nationwide and need to do a product transfer as I have another mortgage on our house with them which runs out in 8 years.
Is it unwise to do any more bank switches because of my credit report? I've heard mixed reports eg they dont usually do a credit check for a product transfer... but they do sometimes? ? I asked the nationwide online chat and she said they do do a credit check. Were they correct??? My husband would kill me if I mucked up getting a mortgage deal. Thank you.

masonic

22225 said:

Hello again
My fixed mortgage deal is coming to an end in January 2025 but in August I want to try and secure a deal. I am with Nationwide and need to do a product transfer as I have another mortgage on our house with them which runs out in 8 years.
Is it unwise to do any more bank switches because of my credit report? I've heard mixed reports eg they dont usually do a credit check for a product transfer... but they do sometimes? ? I asked the nationwide online chat and she said they do do a credit check. Were they correct??? My husband would kill me if I mucked up getting a mortgage deal. Thank you.

If they do a credit search, they will see that your other searches are for current account applications and they will also be able to see the new accounts you have opened. This is unlikely to have a significant impact, but depends how busy you have been.

Bazzalona13295

Has anybody succeeded with multiple bonuses whilst NOT putting the £1250s in quite close together?

My 3rd switch is going to be the 11th, other 2 are completed, more than happy to wait (I think its best) but just wondered.

masonic

Bazzalona13295 said:

Has anybody succeeded with multiple bonuses whilst NOT putting the £1250s in quite close together?

My 3rd switch is going to be the 11th, other 2 are completed, more than happy to wait (I think its best) but just wondered.

When I did the double last year, mine were weeks apart. I had to wait until this year for the third as I was initially rejected for the current account.

Bridlington1

Dominic_Blake1 said:

Bridlington1 said:

danny13579 said:

bobeschism said:

He who dares, Rodney

It's not not getting the incentive that concerns me, more a ban which would preclude me from any further switch offers. But then, it's going to be years before I become eligible for any again.

I think you'd be wise not to push your luck with RBS. Unless something's changed within the last year I suspect your efforts would be fruitless anyway.

When LBG gave me a lifetime ban last year (I suspect using them for too many short lived donor accounts in a short space of time won't have helped matters) I switched many of my LBG accounts elsewhere just to make life easier in the event that a payment was ever made to any of them after the accounts were closed.

I had already received the £150 switching offer from RBS in 2022 but not bothered with NatWest/Ulster at that time. After accidentally getting £200 each from NatWest/Ulster I decided to try my luck with RBS as I still had LBG accounts I wanted to switch out. RBS never paid me the £200 if this is anything to go by.

This is my greatest fear at the moment.  Did the lifetime ban LBG level against you negatively impact your credit rating?  Having just set up a Chase account, then within minutes switched to Ulster Bank, I’m kind of terrified!  I feel compelled to do these switches, the money is so useful right now, and yet I fear that the fallout might be so great that it might not be worth pursuing them.  

It has the same impact on your credit reports as closing the accounts by choice, which is very little from what I can gather. Lenders can't see why the accounts were closed, they can just see that the accounts were closed in April/May 2023. It's difficult to gauge if my LBG ban had any impact on my credit reports though as I spent most of 2023 with a default that Barclays had given me in error when they banned me a few months earlier (default was removed in the end and this particular ban was under very different circumstances to my LBG one) and I didn't apply for much credit in 2023 anyway. I currently have access to more credit than I ever have before so it doesn't seem to have had much of an impact in this respect.

The biggest impact the ban has had is the financial cost as I am now unable to benefit from LBG switching offers, reward accounts, regular savers etc in the future. I've already missed out on £135 from the Halifax reward accounts alone since being banned, the total cost to me from missing out on LBG's offerings will likely run into the thousands if not tens of thousands over the rest of my lifetime.

However you can take steps to reduce the risk of lifetime bans. If you were to open one donor account, switch it to get an incentive, then keep switching this account to hoover up the incentives I suspect you'd be much less likely to end up with a lifetime ban than if you opened and switched out half a dozen accounts with one banking group over the space of a year as I did. Another option could be to open donor accounts with multiple banks, set up a couple of DDs on them and leave them a while so they are ready for future switching offers, thereby preventing you switching accounts that have only been open a few weeks.

So are the switching offers worth pursuing? I think so, they are very profitable as a one off and are one of the main advantages of having access to multiple banks for me but just don't take the Michael with them. Switching offers come and go all the time, if you miss out on one another will likely be along soon enough that you can take advantage of so there's no need to rush to get them all at once. 

superdayold

Bazzalona13295 said:

Has anybody succeeded with multiple bonuses whilst NOT putting the £1250s in quite close together?

My 3rd switch is going to be the 11th, other 2 are completed, more than happy to wait (I think it’s best) but just wondered.

I have had the NatWest bonus yesterday and RBS is a day behind, so soon hopefully. 

When I saw people were actually getting paid in multiple, I started the Ulster process (Wednesday 28th I think). So mine won’t be close together.