Bank Switch Bonus and (legal) bank bribe

singhini

i'm aware a couple of banks are currently offering "Switch Bonuses"
i also noticed in this weeks MSE email the wording "(legal) bank bribes" in reference to the switch bonus

Are both the bank and MSE referring to different things?
If there referring to the same thing, why is MSE describing something as a "bribe" when its a "bonus"??

p00hsticks

Well the definition of a bribe is when you offer someone money or other inducements in order for them to do something you want them to. So if the money is given to you in return for you switching your account to them, I'd describe it as a bribe. 

Zanderman

MSE have often, over recent years, referred to switching bonuses as 'bribes'.  

They do it, presumably, to draw attention to the offers. 

But it is, for those who regard the word 'bribe' as, usually, a bad thing, unfortunate wording. Even with '(legal)' put in front of it. It also, as this thread shows, confuses people unnecessarily.  

Personally I consider it a poor choice of word which doesn't reflect well on MSE. 

EarthBoy

If you're only, or mainly, switching to get the bonus, then it is indeed a bribe. If you would have switched anyway, without being paid anything, it's just a bonus. 

400ixl

You could look at it as it is to induce and action for money (so a legal bribe) where as a bonus is something you get on top of something already in place.

English language can be used in so many ways.

Either way the result is the same, the banks are enticing you with an offer to take an action and they will pay you as a result of taking that action.

PRAISETHESUN

It's just MSE using clickbait headlines to get attention

born_again

PRAISETHESUN said:

It's just MSE using clickbait headlines to get attention

Even bank staff call them bribes & have a good laugh about them when it is time for the annual bribery & corruption learning.

It is considered a bribe if a customer sends something in for a staff member who has gone over & above (happens quite often) yet we can not have said item, due to regulations that it might be a bribe. Yet bank can happy hand out £££ to get customers to move to them.
Best part is the vast majority that move for the £££ are no longer customers at the end of 12 months🤣

singhini

Interesting responses (some good points raised)
"Bribe"
"Bonus"
Or perhaps........... "incentive" ?

Make life easier calling it an incentive IMHO

EDIT: i just had a thought, the Lifetime ISA (LISA) is a bribe from our Government 🤣