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How long must you wait between switches?

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Jjay
Jjay Posts: 22 Forumite
Fifth Anniversary 10 Posts
in Budgeting & bank accounts
Three months ago my partner and I switched our long standing joint account to Santander and swept up the £185 switch bonus. That's staying where it is - cashback on bills.

At the same time, I changed my personal account with a different bank to Natwest (got the switch cash very quickly) and am in the process of switching again (few months later) to Lloyds (more free cash). I see from the forum that Lloyds pay the switch bonus quickly but Barclays are also now offering cash to switch so was wondering how long you have to wait between switches before going again as I don't want to miss out on the Barclays offer? I assume at least a one round of DD's going out of the Lloyds account?



Comments

  • Nasqueron
    Nasqueron Posts: 10,646 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    You can switch as soon as you get the bonus, provided the terms do not specify a minimum time with the bank - please read and check them as, while I have net seen any that restrict you or try and clawback, that may change

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Jjay
    Jjay Posts: 22 Forumite
    Fifth Anniversary 10 Posts
    Thanks Nasqueron. The T&Cs state that as long as you switch 3 active DDs and apply via the switch method between certain dates, that's all. I'm surprised for admin none of the DD's have to go out before you switch again although imagine this could cause issues in practice. I only have a four DD's for a few £s each for irrelevant things like breakdown cover etc so if they go astray, i'll sort it out. It's not like it's the council tax. As soon as my year's Disney+ subscription and switch cash lands, off I go again! :smiley:
  • Nasqueron
    Nasqueron Posts: 10,646 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I switched to Virgin for the last switch "bonus" (novelty interest rate) and one of my DD is a card I rarely use, hadn't been drawn for a few months!

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Jjay
    Jjay Posts: 22 Forumite
    Fifth Anniversary 10 Posts
    It seems the banks hope that once someone has switched, they won't bother again but it's the easiest money you'll ever make! I'm still surprised however that the criteria isn't more specific. Unfortunately, I think that after this round, i'm done as I've switched to just about everyone in recent years so will no longer qualify for the bonuses for a while. Nice while it lasted though!
  • northwalesd
    northwalesd Posts: 1,316 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Jjay said:
    As soon as my year's Disney+ subscription and switch cash lands, off I go again! :smiley:
    When your Club Lloyds account is closed, you'll no longer have access to Disney. You may count that a blessing 😉
  • Jjay
    Jjay Posts: 22 Forumite
    Fifth Anniversary 10 Posts
    Oo is that right? I thought it was an added bonus but it's the switch cash i'm after. In that case I guess we'll carry on doing a months subscription at a time in rotation with Netflix, Disney, Apple and Now, binge watch what we want while subscribed, then cancel and move onto the next (if there's anything worth watching).
  • Nasqueron
    Nasqueron Posts: 10,646 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Or just open another account and move around anything you need like a direct debit + add some funds and switch and have the best of both worlds

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

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