Is switching bank/s for the cash bonus/es worth the effort?

[Deleted User]

Just having fond memories of the RBS Group 'holy trinity' switch 12 months ago. That was quite delicious!

mp203

Middle_of_the_Road said:

mp203 said:

PRAISETHESUN said:

I think it's worth it. Once you understand how these offers typically work, it's fairly straightforward to comply with the terms and set yourself up for the next one. I have spare accounts in the wings ready to go each time an offer releases that I'm eligible for.

And as above, there's no need to actually switch your main bank account. Open a secondary account, set that up with a few token DDs and switch that account around instead.

Thanks.
I was about to open a second Virgin Money account, soley for the purposes of a switch; but they are asking (online form) what I'll be paying in etc; I paused it there, thinking if I say I'm not paying in anything of significance they will turn me down (they obviously know I have my primary account with them and all my income (and outgoings) go throught that account.

You're really overthinking this. Opening an additional account is a very common practice, often done to make budgeting easier. They always ask these type of questions, but whatever your answers, it won't cause them to refuse you an account.

Thanks. Just did it. Painless, like you said.

mp203

PRAISETHESUN said:

mp203 said:

Zanderman said:

mp203 said:

I see there are still a few inducements to switch banks (up to £175, with a few other perks). Could you sign up for it, jump through the hoops for however long (a month or two?) then move onto the next one. Then go back to your original bank when you've used up all the offers, if you wanted to.
I wonder what the 'hourly rate' might be for the work involved.
(Provided you weren't concerned about your credit rating at the moment, for a mortgage or whatever).
Would there be any penalty/comeback for signing up only to leave asap? Or are they used to people doing this and therefore expect a percentage of those signing up to do this?

No need to ever leave your original bank. 

Just open a second current account at your original bank and switch that.

PS, yes it is worth it

Thanks, Zanderman.

I didn't know you could open a second current account, until you told me. I just started signing up for a second current account with Virgin Money but paused at the following questions;

What will I be paying in?
How much each month?
Main reason for account?
How much do intend to save each year?

I want to proceed with minimum disruption to my first and primary current account with Virgin (money in each month, money out). Any thoughts?

Just be truthful. If they decline you they decline you, but IMO it's very unlikely they will do so, especially given you're using them for your main bank account.

£0
£0
Additional account
£0

Your primary account will be completely unaffected by having and operating a second current account.

Thanks. I managed to open it online, in 10 minutes. The banks offering the bonus don't seem to be insisting that you pay your salary in; is that correct? You just have to fulfil the criteria listed in the offer (couple of DD, pay £x in, log on to online banking, that kind of thing)?

ThePirates

Exactly! 
My 'plunder' for last year was £1300. Won't be eligible for any more offers for a few years though!

jadex

Effort? What effort? Easy tax free money to be made with top hourly rate for "effort"

PRAISETHESUN

mp203 said:

PRAISETHESUN said:

mp203 said:

Zanderman said:

mp203 said:

I see there are still a few inducements to switch banks (up to £175, with a few other perks). Could you sign up for it, jump through the hoops for however long (a month or two?) then move onto the next one. Then go back to your original bank when you've used up all the offers, if you wanted to.
I wonder what the 'hourly rate' might be for the work involved.
(Provided you weren't concerned about your credit rating at the moment, for a mortgage or whatever).
Would there be any penalty/comeback for signing up only to leave asap? Or are they used to people doing this and therefore expect a percentage of those signing up to do this?

No need to ever leave your original bank. 

Just open a second current account at your original bank and switch that.

PS, yes it is worth it

Thanks, Zanderman.

I didn't know you could open a second current account, until you told me. I just started signing up for a second current account with Virgin Money but paused at the following questions;

What will I be paying in?
How much each month?
Main reason for account?
How much do intend to save each year?

I want to proceed with minimum disruption to my first and primary current account with Virgin (money in each month, money out). Any thoughts?

Just be truthful. If they decline you they decline you, but IMO it's very unlikely they will do so, especially given you're using them for your main bank account.

£0
£0
Additional account
£0

Your primary account will be completely unaffected by having and operating a second current account.

Thanks. I managed to open it online, in 10 minutes. The banks offering the bonus don't seem to be insisting that you pay your salary in; is that correct? You just have to fulfil the criteria listed in the offer (couple of DD, pay £x in, log on to online banking, that kind of thing)?

They might like you to pay in your salary, but there's no way they can enforce that. As long as the minimum amount is paid in then it will meet the criteria. It usually doesn't even need to be in one lump sum either - you could pay in £1000, £500 x 2, £250 x 4, £1 x 1000, etc (adjust amounts depending on total pay in required). For all my accounts I pay money in/out by standing order from another current account with a different bank and this has never been an issue. Also do the required DDs, debit card transactions, app logins, etc.

Nebulous2

I've posted something like this before, but what you have to realise is for many people on here it is a game, a hobby, an amusement to while away some time. As such the hourly rate doesn't come into it. 

You might as well ask what their hourly rate is for walking the dog, or swimming, or going for a Sunday afternoon drive. 

I appreciate that not everyone feels like that, and some will equate it with work, but I think disagreements about whether it is worthwhile often come from failing to realise that people are starting from very different places. 

EssexExile

Nebulous2 said:

I've posted something like this before, but what you have to realise is for many people on here it is a game, a hobby, an amusement to while away some time. As such the hourly rate doesn't come into it. 

You might as well ask what their hourly rate is for walking the dog, or swimming, or going for a Sunday afternoon drive. 

I appreciate that not everyone feels like that, and some will equate it with work, but I think disagreements about whether it is worthwhile often come from failing to realise that people are starting from very different places. 

To be honest reading the replies so far one would be forgiven for thinking that everyone does feel like that. Personally, I can't be bothered.

Rob5342

EssexExile said:

Nebulous2 said:

I've posted something like this before, but what you have to realise is for many people on here it is a game, a hobby, an amusement to while away some time. As such the hourly rate doesn't come into it. 

You might as well ask what their hourly rate is for walking the dog, or swimming, or going for a Sunday afternoon drive. 

I appreciate that not everyone feels like that, and some will equate it with work, but I think disagreements about whether it is worthwhile often come from failing to realise that people are starting from very different places. 

To be honest reading the replies so far one would be forgiven for thinking that everyone does feel like that. Personally, I can't be bothered.

If I offered you £150 for spending 10 minutes typing some details into a website would you tell me you can't be bothered?

The way I see it, its money for nothing and it would be silly to throw hundreds of pounds away by not doing it. 

confederated

Rob5342 said:

If I offered you £150 for spending 10 minutes typing some details into a website would you tell me you can't be bothered?

Absolutely. No friends of mine are prepared to dance a merry tune to earn a few pounds, they don't want the hassle. I know people who order something online, don't like it (or it doesn't fit) and they can't be bothered to return it. Sometimes it's quite an expensive item too. We're all different.