Total Lifetime Bank Switching Earnings?

monkeyman613

Interested in what you think you've made in total earnings from taking advantage of bank switching offers? Do you think the offers are becoming less generous now and the opportunity is shrinking? 
Are there any similar type opportunities elsewhere?

Thanks!

eskbanker

https://forums.moneysavingexpert.com/discussion/6431885/bank-switching-question features some tales of serial switchers claiming impressive totals.

WillPS

Somewhere in the region of £7000, over £10k if you include rewards gained when referring someone else who switches. I don't keep records tho, so no doubt I'm forgetting stuff I did 10+ years ago. 

The headline values are more generous now than a decade ago - £100-£125 was the norm then, whereas £175-£200 is typical now. Of course a pound is worth a bit less now too, but even so.

I think there's been more offers in the last 12 months than ever before, and Natwest Group switchers who took part in the first tranche of switches they offered became eligible again with the most recent one. The only player we had regular offers from a decade ago but none in the last years is M&S Bank - because they closed all their current accounts down.

On the flip side LBG in particular seem to be firming up their eligibility requirements - both by introducing a 'group wide' exclusion and by not rolling forward their 'switch incentive since' cut off.

Nasqueron

monkeyman613 said:

Interested in what you think you've made in total earnings from taking advantage of bank switching offers? Do you think the offers are becoming less generous now and the opportunity is shrinking? 
Are there any similar type opportunities elsewhere?

Thanks!

TBH they are mostly getting better, if not equal - Nationwide is now £200, the one I got in August 2022 was £125, Lloyds is £175 now, mine in October 22 was £150, Santander £185 my last in August 22 was £175

I have had £1850 since my first in December 2019 + potentially £120 from Virgin with their novelty high interest account - this is all single accounts, not joint etc. My only downside is that as most of mine are recent ones, the earliest was FD in Feb 22 and most of them are saying 3+ years since last

monkeyman613

Nasqueron said:

monkeyman613 said:

Interested in what you think you've made in total earnings from taking advantage of bank switching offers? Do you think the offers are becoming less generous now and the opportunity is shrinking? 
Are there any similar type opportunities elsewhere?

Thanks!

TBH they are mostly getting better, if not equal - Nationwide is now £200, the one I got in August 2022 was £125, Lloyds is £175 now, mine in October 22 was £150, Santander £185 my last in August 22 was £175

I have had £1850 since my first in December 2019 + potentially £120 from Virgin with their novelty high interest account - this is all single accounts, not joint etc. My only downside is that as most of mine are recent ones, the earliest was FD in Feb 22 and most of them are saying 3+ years since last

Interesting! Looking forward to more £200 offers!

monkeyman613

WillPS said:

Somewhere in the region of £7000, over £10k if you include rewards gained when referring someone else who switches. I don't keep records tho, so no doubt I'm forgetting stuff I did 10+ years ago. 

The headline values are more generous now than a decade ago - £100-£125 was the norm then, whereas £175-£200 is typical now. Of course a pound is worth a bit less now too, but even so.

I think there's been more offers in the last 12 months than ever before, and Natwest Group switchers who took part in the first tranche of switches they offered became eligible again with the most recent one. The only player we had regular offers from a decade ago but none in the last years is M&S Bank - because they closed all their current accounts down.

On the flip side LBG in particular seem to be firming up their eligibility requirements - both by introducing a 'group wide' exclusion and by not rolling forward their 'switch incentive since' cut off.

Wow, very impressive!

monkeyman613

Do you close your accounts straightaway after receiving the switching bonus? Is there any point of keeping them open longer?

simonsmithsays

 eskbanker said:

https://forums.moneysavingexpert.com/discussion/6431885/bank-switching-question features some tales of serial switchers claiming impressive totals.

Maybe the OP might start another thread for the most impressive way institutions have taken away Banking from customers when they've really, really taken the Michael.

WillPS

monkeyman613 said:

Do you close your accounts straightaway after receiving the switching bonus? Is there any point of keeping them open longer?

Not normally - I have occasionally closed accounts to make sure I'm eligible for a future bonus, but more often I'll just use it to switch away.

There's also accounts worth maintaining - Halifax Reward, Club Lloyds, Natwest/RBS Rewards, Santander 123 Lite. Barclays used to be on this list but the Avios -> Nectar conversion nerf killed off the last way I could get any ongoing advantage from this.

Finally there are some accounts which are fairly useless by themselves but allow access to other products worth having - First Direct, Nationwide and Co-op for decent reg savers, for one example. Nationwide have also handed out £100 payments to eligible current account (with £100+ savings or mortgage) customers the last couple of years, but that's a bit more of a punt.

Zanderman

monkeyman613 said:

Do you close your accounts straightaway after receiving the switching bonus? Is there any point of keeping them open longer?

Why would you close them? You keep them until you can switch them to another bank.... 

WillPS

Zanderman said:

monkeyman613 said:

Do you close your accounts straightaway after receiving the switching bonus? Is there any point of keeping them open longer?

Why would you close them? You keep them until you can switch them to another bank.... 

If a switch bonus comes up which requires you not to hold a current account with them in order to benefit (but doesn't specify a date for that).