£175 Nationwide Switch Incentive, starting 25/09/2024

tomxlisa

s71hj said:

tomxlisa said:

s71hj said:

WillPS said:

tomxlisa said:

s71hj said:

PRAISETHESUN said:

tomxlisa said:

Thanks for that, I take it I can’t switch away until the bonus is received?. 

Correct. You need to keep the account open until the incentive is paid.

If you want to engage in multiple switches the easiest approach is if you have a Chase account open additional Chase accounts - this takes moments to do. Then if there is a direct debit requirement for the incentive, just set the necessary ones up via "30 p direct debits" - set up and payout in appx 10 days. The cost of the 30p dds is nothing compared to the incentive gained and the hassle of working out how to set other direct debits avoided.

Yeah that’s definitely something I’m gonna look into as that way you don’t have to keep doing hard searches for new bank accounts too and potentially could have more then one switch in process at the same time if im correct in thinking?.

Yep. Just make sure you keep one current account open, because as things stand switching the last one away closes the door on them altogether; you cannot reapply as a former customer.

The other thing with Chase is that you use the one debit card number for all switches as it is primarily given to identify you and is associated with all of your Chase accounts. Therefore you can have multiple accounts switching from Chase at the same time with the same debit card number having been used, as long as you give the unique Chase sort code and account number in each case.

In regards to the debit card I did want to ask about that when you open additional accounts do you get cards for them as well or do you just remain with the one card for all accounts, if so how does that work with the switching as the card gets blocked/deactivated when you switch doesn’t it, can you clarify how that situation works?.

I've opened and swiftly switched out a couple of Chase current accounts but the debit card remains valid, I assume unless all Chase accounts are closed. Remember your Chase debit card number is not on the physical card too but can be viewed online along with expiry date and cvc.

Thanks for confirming this that the debit card stays valid, definitely seems the way to go than opening other banks all the time as most other banks require hard credit checks and chase doesnt, plus your keeping it all under one roof so less complicated too.

winkowinko

What if you actually want to use your one chase debit card for purchases, but have multiple accounts. How does it know which account you want the money to be taken from? Presumably for this scenario you need more than one card?

northwalesd

winkowinko said:

What if you actually want to use your one chase debit card for purchases, but have multiple accounts. How does it know which account you want the money to be taken from? Presumably for this scenario you need more than one card?

In the Chase app you nominate which account you want associated to the debit card. You can change that whenever you like, but you only get one card no matter how many current accounts you open 

goatfaced

It's called 'spending from', you just choose one account to spend from. It has worked well for me, I've switched three accounts away so far, and left the first one I ever opened as my 'spending from' account. 

s71hj

goatfaced said:

It's called 'spending from', you just choose one account to spend from. It has worked well for me, I've switched three accounts away so far, and left the first one I ever opened as my 'spending from' account. 

Chase to Bank switching is like the old Egg Money account was to snoozing. Like NEVER CLOSE THIS !!!

tomxlisa

I received a text message today saying I’m eligible for the switch offer and I should have it within 10 days, thought I’d check my account and it’s in there already so woohoo to my first switch and money, just feel a little bad as I’m gonna switch to lloyds now, do these banks lose money from us switchers?.

Middle_of_the_Road

tomxlisa said:

I received a text message today saying I’m eligible for the switch offer and I should have it within 10 days, thought I’d check my account and it’s in there already so woohoo to my first switch and money, just feel a little bad as I’m gonna switch to lloyds now, do these banks lose money from us switchers?.

No reason to feel bad, it all goes in circles.
Many will just switch once and stay, so we are the exception, and doing nothing that is against the terms laid out by the banks.

Middle_of_the_Road

tomxlisa said:

I received a text message today saying I’m eligible for the switch offer and I should have it within 10 days, thought I’d check my account and it’s in there already so woohoo to my first switch and money, just feel a little bad as I’m gonna switch to lloyds now, do these banks lose money from us switchers?.

Just to add, I never l switch again straightaway. I make use of the option to open any available regular savers with the bank. What I do though, is open another current account with the bank that's paid out, and subsequently use that for future switches.

s71hj

Middle_of_the_Road said:

tomxlisa said:

I received a text message today saying I’m eligible for the switch offer and I should have it within 10 days, thought I’d check my account and it’s in there already so woohoo to my first switch and money, just feel a little bad as I’m gonna switch to lloyds now, do these banks lose money from us switchers?.

No reason to feel bad, it all goes in circles.
Many will just switch once and stay, so we are the exception, and doing nothing that is against the terms laid out by the banks.

Middle_of_the_Road said:

tomxlisa said:

I received a text message today saying I’m eligible for the switch offer and I should have it within 10 days, thought I’d check my account and it’s in there already so woohoo to my first switch and money, just feel a little bad as I’m gonna switch to lloyds now, do these banks lose money from us switchers?.

No reason to feel bad, it all goes in circles.
Many will just switch once and stay, so we are the exception, and doing nothing that is against the terms laid out by the banks.

The first rule of MSE.com is don't be an average customer. Offers like these work for the banks because enough are the average customer for it to pay them dividends 

danny13579

tomxlisa said:

just feel a little bad as I’m gonna switch to lloyds now, do these banks lose money from us switchers?.

Never feel bad for any bank. Just take a look at their profits and how much they pay themselves in bonuses (it's a lot more than £175!) and you'll definitely not be feeling bad anymore.

Do they lose money? No, as well as what's been mentioned above about average customers, they get to upsell lots of new profitable products to these new customers such as insurance and loans.