Are Switching Incentives Coming to an End?

SieIso

I have noticed less switching incentives in recent times and when they do appear there is usually a stipulation that the person can't have had a switch to that bank in approximately four years. Have banks decided that these incentives are no longer profitable and have decided to curtail them?

Nasqueron

Based on the fact Lloyds and NatWest group have them going at the moment - no they are not coming to and end.

However, stipulations on previous switching bonuses or more restrictive criteria are to be expected else you'd just keep bouncing around getting money and making them a loss each time. The two are unrelated

wmb194

SieIso said:

I have noticed less switching incentives in recent times and when they do appear there is usually a stipulation that the person can't have had a switch to that bank in approximately four years. Have banks decided that these incentives are no longer profitable and have decided to curtail them?

*fewer. No, it just seems they’ve decided that they don’t want to keep paying the same people over and over!

grumbler

SieIso said:

...there is usually a stipulation that the person can't have had a switch to that bank in approximately four years. 

Does this really surprise you?

Have banks decided that these incentives are no longer profitable and have decided to curtail them?

It's obvious that serial switchers cannot be profitable. Banks probably noticed that there are much more of them (possibly because of MSE) than they expected and decided to take measures to stop those who abuse incentives.

Zanderman

Short answer, No 

But if you want to read all about such speculation see

https://forums.moneysavingexpert.com/discussion/6499613/account-switching-cash-offers/p1

https://forums.moneysavingexpert.com/discussion/6504142/when-will-there-be-switch-bonuses/p1

WillPS

There've been more available switch offers in the last year than ever I reckon - the only previous participants who haven't done an offer in a while now are Virgin Money (last offer Nov 22) and Metro Bank (who have only done one, brief, £50 refer-a-friend offer back in 2020/1).

The first two weeks of February were notable for having 0 switch bonuses available as a consequence of First Direct pulling their longrunning offer, but it's impossible to draw a conclusion from that period in isolation.

I expect First Direct, Nationwide, Halifax and TSB (at least) will be back for more soon. Could just be a matter of letting a quarterly budget for such activity reset internally.