What do you do once you have used all of the cashback switching offers from banks?

Rer24

Like I’m sure many of you have, once you use up all of The available bank switching Cashback for the time being, what do you do until the next one is available?

I as most banks, don’t let you get cashback again with them for several years,

Are there any other comparison sites that provide cash back incentives for switching bank that isn’t listed on MSE
Or other incentives, if no cashback is available

HillStreetBlues

Sometimes I try it on and apply even when it shouldn't be payable (worked with Nationwide, not with Natwest) but I mostly wait.

PRAISETHESUN

There's a few banks that I've retained accounts with as they offer on-going rewards or decent savings products, but for the rest I tend to close the accounts down if I don't need them (usually by switching away to another bank to bag another incentive). This is both to simplify my life admin, but also because some banks are starting to restrict offers to only "new" accounts, so having existing accounts can make you ineligible again in the future.

kt01

HillStreetBlues said:

Sometimes I try it on and apply even when it shouldn't be payable (worked with Nationwide, not with Natwest) but I mostly wait.

Very interested by this as I had a switch offer in September 2021 (so litterally 1 month after their supposed cut off) but switched away as at the time they weren't really offering any incentive to stay... yet I've missed out on the farer share payment several years now!

boingy

You just wait 3 or 4 years for most of them. I really don't understand why they don't simply exclude anyone who has ever claimed the incentive but most of them allow it again after a few years. There can't be many legitimate customer who sign up, get the incentive, move to another bank then come back again. Not that I'm complaining about the free money.

sgthammer

Boingy: To exclude everyone who's *ever* had a switching bonus would probably require the bank to keep details of closed accounts longer than they're required to by law or want to be bothered with.

grumpy_codger

Rer24 said:

What do you do once you have used all of the cashback switching offers from banks?

Change your name, address (and gender?) 

HedgehogRulez

Chop chop 

grandadgolfer

Keep on opening them I’ve had 3 in last 4 years with one and 3 in last 5 with another 

adamp87

sgthammer said:

Boingy: To exclude everyone who's *ever* had a switching bonus would probably require the bank to keep details of closed accounts longer than they're required to by law or want to be bothered with.

Ehhh. to be honest banks have a lot more freedom to keep information for money laundering reasons and financial reporting than a standard business would - the right to forget also doesn't apply in that case.

Jami74

I think of it as getting paid to try a bank/account. I've never immediately switched away or closed a switched account and have often used it and got additional products (savings accounts, credit cards etc). Although people here talk about the cold hard number of pounds they've made I think it's a minority who just switch and dump. Occasionally there are threads from people who have abused the system and felt the repucussions. It's not loads different I don't think to going to a supermarket that you don't usually shop at and stocking up on their loss leaders. 

The 'get a second job or something' is probably not an applicable suggestion to those with a money saving hobby, the people who need a second job to pay their debts aren't the ones doing the bank switching. It's like charity shop customers, they are not the destitute of society, trying to find a pair of jeans with no holes for next to nothing, they're the better off hoping to find something decent for a fraction of the cost despite being able to afford brand new.